Today in crypto: The US Commodity Futures Trading Commission approved spot cryptocurrency products for trading on regulated futures exchanges. The European Commission moved to expand ESMA’s oversight of MiCA-regulated crypto firms and trading venues, and Ethereum’s Fusaka upgrade went live.
CFTC greenlights spot crypto trading on US exchanges
The US Commodity Futures Trading Commission has given approval for spot cryptocurrency products to trade on federally regulated futures exchanges.
In a Thursday notice, Acting CFTC Chair Caroline Pham said the move was in response to policy directives from US President Donald Trump. She added that the approval followed recommendations by the President’s Working Group on Digital Asset Markets, engagement with the US Securities and Exchange Commission and consultations from the CFTC’s “Crypto Sprint” initiative.
“[F]or the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years, with the customer protections and market integrity that Americans deserve,” said Pham.
Pham, who became acting CFTC chair in January amid Trump’s taking office, is expected to step down once the US Senate confirms a replacement. The nomination of Michael Selig, an SEC official whom Trump nominated to chair the CFTC, is expected to head to the Senate floor for a vote soon after moving out of committee.
EU plan boosts ESMA powers over crypto and capital markets
The European Commission has proposed expanding the powers of the European Securities and Markets Authority (ESMA) over crypto and broader financial markets in a bid to narrow the competitive gap with the United States.
Published Thursday, the package would transfer “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties, to the ESMA and strengthen its coordination role in the asset management sector.
The proposal still needs approval from the European Parliament and the Council, where it is under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission.
In September, France became the third European country to call for the Paris-based ESMA to take over supervision of major crypto firms, joining Austrian and Italian securities regulators.
The move followed growing criticism of Malta’s crypto licensing regime. In July, the ESMA released a peer review of the Malta Financial Services Authority’s authorization of a crypto service provider, saying that the regulator only “partially met expectations.”
Fusaka goes live on Ethereum mainnet
Ethereum’s second major upgrade of the year, Fusaka, went live on the Ethereum mainnet at 9:49 pm UTC on Wednesday, bringing forward supercharged data capacity, reduced transaction costs and enhanced usability.
The Ethereum Foundation said earlier in the week that Fusaka brings Ethereum a step closer to providing “near-instant transactions,” with the increased speed resulting in a more seamless user experience.
Fusaka is live on Ethereum mainnet!
– PeerDAS now unlocks 8x data throughput for rollups
– UX improvements via the R1 curve & pre-confirmatons
– Prep for scaling the L1 with gas limit increase & moreCommunity members will continue to monitor for issues over the next 24 hrs.
— Ethereum (@ethereum) December 3, 2025
The upgrade will also “unlock up to 8x data throughput” for layer 2s and rollups with lower fees, as nodes now download and upload less data, enabling them to process information faster, and allowing L2s to interact with the Ethereum mainnet more efficiently.
Ether (ETH) rose 3.5% on the day, slightly cooling from a top of over $3,200, with many analysts expecting further upside for the token due to the host of under-the-hood enhancements Fusaka will provide.