The Commodity Futures Trading Commission (CFTC) has long regulated futures, swaps, and forex. With crypto markets maturing, and with the Digital Asset Market CLARITY Act of 2025 gaining momentum, digital asset firms can no longer avoid the futures industry’s compliance framework.

Crypto firms dealing in Bitcoin, Ether, or other “digital commodities” will increasingly face obligations that are anticipated to largely mirror those already in place for traditional Commodity Pool Operators (CPOs), Commodity Trading Advisors (CTAs), Introducing Brokers (IBs), and Futures Commission Merchants (FCMs).

Put simply: if your firm or business engages in crypto trading, crypto custody, crypto market making, or other pooled crypto asset investments, you very likely will be in the CFTC and NFA’s orbit in the near future.

What the CLARITY Could Do

The CLARITY Act, was passed by the House in July 2025 and, as of the date of this article, is now before the Senate. If adopted the Act would, among other things:

  • Expand CPO and CTA definitions to explicitly cover digital commodities.
  • Create new categories for digital commodity exchanges, brokers, and dealers.
  • Strengthen the CFTC’s enforcement reach over digital asset markets.
  • Clarify obligations for foreign crypto platforms seeking U.S. customers via FBOT registration.

CFTC Pushing for Digital Asset Regulation Change

In 2023, Caroline Pham (current CFTC Commissioner) proposed a pilot program for “compliant digital asset markets and tokenization.” With her Wall Street background in digital assets, her leadership of the CFTC’s Global Markets Advisory Committee, and her current role at the Commission, she is uniquely positioned to continue championing this initiative. Her work aligns closely with the CLARITY Act, which aims to establish a more defined regulatory framework for digital assets and raises key questions about where the legislation stands in shaping the industry’s future.

Turnkey’s position as a leading CFTC and NFA derivatives consulting firm uniquely qualifies us to observe how the industry responds to new regulatory proposals. Overwhelmingly feedback provided to Turnkey suggests that the current administration is widely viewed as being more receptive to cryptocurrency.  Customers of Turnkey’s within this space are expressing that they would welcome a CFTC regulatory framework to end legal ambiguity. Turnkey agrees. Regulation being established would help the Digital Asset landscape evolve with fewer regulatory hurdles both specific to crypto assets and across the broader financial landscape as it relates to financial innovation. Turnkey has seen an explosion of interest from non-traditional derivatives players in potential registration. We’ve fielded calls from a wide range of industries looking to take advantage of tokenization, binary options, and event contracts in wildly new and innovative ways. The CLARITY Act is being viewed more as a potential “Gold Rush” opportunity than a restrictive piece of regulatory legislation as other proposed frameworks have been in the past.

NFA Membership for Crypto and Digital Asset Firms

The National Futures Association (NFA) is the frontline regulator for would be CFTC registrants. For crypto firms, this means:

  • Mandatory NFA membership if registered as an FCM, IB, CPO, or CTA.
  • Potential Forex and Swap firm regulatory approvals required for firms transacting in those products until a new registration category is developed.
  • The potential for a new proficiency requirement in the future if an additional “series” exam or testing obligation is developed. Until then either the traditional Series 3 license obligation or NFA’s internal Swap Proficiency training modules.

While new regulations would be welcome, Crypto firms accustomed to lighter-touch regulatory regimes be warned. Although the current administration is favorable to the digital asset space and innovative finance, many may find NFA exams, disclosure requirements, and ongoing compliance obligations to be rigorous. Turnkey has observed several industries evolve from the unregulated space to the regulated space. The change can be dramatic and painful for those who are not properly prepared or advised.

SEC vs. CFTC: The Regulatory Crossroads

The landscape of U.S. cryptocurrency regulation is currently defined by a power struggle:

  • CFTC sees digital assets as commodities, positioning itself to regulate much like it does forex and futures. Backed by a pro-innovation administration and leaders like Pham, the agency has momentum.
  • SEC maintains a securities-law stance, particularly around stablecoins used in capital raising. Under the SEC’s view, these offerings would almost certainly be deemed securities, triggering costly registration and disclosure akin to private fund raising under Regulation D.

This clash could evolve into a harmonized approach, but for now, the CFTC’s assertive commodity-focused framework seems to be gaining traction.

Register with the CFTC – NOW

History often shows that regulation drives consolidation. Turnkey has observed this with the passage of Dodd Frank, various Forex regulations, and more recently with how the US has implemented oversight over Swaps. Regulation and rules based upon established traditions tend to favor larger, well-capitalized, and compliant players. For crypto, this means first movers who embrace the CFTC framework will likely gain institutional credibility, attract capital, and build competitive advantage. That has been true in Turnkey’s experience each time sweeping new regulation has been implemented in the financial services space over the last 20 years.

Our Team has been on the phone daily with crypto firms looking to get registered with the CFTC. Turnkey Trading Partners is already guiding:

Turnkey is at the forefront of the move toward regulation in the CFTC sector. Our experience in this area is the tip of the spear for what some of the most innovative firms in digital finance are attempting to accomplish. Our industry connections and strategic relationships are enabling us to work with the CFTC and NFA to gain regulatory approvals and registrations.

The Turnkey Advantage

Turnkey Trading Partners has spent years guiding firms through futures, forex and CFTC swap registration. The crypto compliance wave is following the same pattern — only faster. Acting now positions your firm ahead of competitors, with credibility for investors, counterparties, and regulators. Let us help you to futureproof your business. Registration is no longer a question of “if” but rather “when” it is required.  With the CLARITY Act advancing, CFTC registration and NFA membership are becoming unavoidable for crypto and digital asset innovation firms. Industry participants that prepare today will lead tomorrow.