Lighter Plans November CFTC Filing With Up to 280 Days of Review

Lighter plans to seek U.S. derivatives market and clearing designations in November, aiming to open its platform to institutional customers through a federal framework for on-chain trading.

Founder and CEO Vladimir Novakovski outlined the plan at a third-quarter investor meeting. The applications would seek Commodity Futures Trading Commission (CFTC) status as a designated contract market and a derivatives clearing organization. Novakovski said Lighter has held preliminary discussions with CFTC staff about applying existing regulatory principles to on-chain trading and clearing.

After a formal filing, the CFTC could take up to 280 days to review the applications. Lighter expects its preparation to help move the process forward.

Robinhood CEO Vlad Tenev previously said the company did not select Lighter for its U.S. perpetual-futures business because of concerns about its regulatory structure. The filing plans prompted renewed community speculation about closer cooperation, but no Robinhood-Lighter partnership has been formally confirmed. Lighter's stated next step is to submit the applications in November 2026.