Release Number 9149-25

Acting Chairman Pham Announces Regulatory Clarity for U.S. Access to Markets

December 09, 2025

WASHINGTON  — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced the Market Participants Division, Division of Clearing and Risk, and Division of Market Oversight issued a no-action letter to harmonize three separate definitions of “U.S. person,” among other things, under the CFTC’s Dodd-Frank Act cross-border swap framework. The letter simplifies and consolidates existing no-action positions that address almost 15 years of regulatory uncertainty and promotes harmonization with Securities and Exchange Commission regulations. 

 

-CFTC-