The U.S. Commodity Futures Trading Commission plans to issue an advisory clarifying its Foreign Board of Trade registration rules, creating a formal pathway for non-U.S. crypto exchanges to serve American customers. The forthcoming guidance will spell out how offshore platforms can obtain FBOT status and legally offer their order books to U.S. users. Acting Chair Caroline D. Pham said the measure is intended to bring digital-asset activity back onshore after it migrated overseas amid regulatory uncertainty. Exchanges such as Binance, Bybit and OKX are expected to be among the firms that could apply for the designation, provided they submit to CFTC oversight and meet reporting and compliance obligations. The move signals a shift from the agency’s previous enforcement-driven stance toward a rules-based framework and aligns with the Trump administration’s broader bid to foster domestic growth in the crypto sector. Market participants say the change could deepen liquidity and narrow price gaps between U.S. and foreign trading venues.