The Commodity Futures Trading Commission (CFTC) is set to issue an advisory that will clarify foreign board of trade (FBOT) registration rules, providing non-U.S. exchanges a clear path to allow American traders on their platforms. Acting Chair Caroline D. Pham described this move as a strategy to bring back crypto activity that had moved offshore due to regulatory enforcement during the Biden administration. This advisory aims to reaffirm a regulatory framework that has been in place since the 1990s, potentially increasing legal access to global liquidity for U.S. traders. The initiative is seen as a step towards greater regulatory clarity in the crypto space and aligns with efforts from the Trump administration's "crypto sprint" to enhance the U.S. position in the global crypto market.