Regulators Greenlight Path for Exchanges to Trade Spot Crypto

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint staff statement affirming that registered exchanges are not prohibited from facilitating the trading of certain spot crypto asset products. This marks a significant step toward enhancing regulatory clarity and promoting innovation in the U.S. digital asset markets. The joint effort is part of the SEC’s Project Crypto and the CFTC’s Crypto Sprint, both initiatives aimed at adapting existing regulatory frameworks to better accommodate the growing crypto industry. The move also aligns with the recommendations of the President’s Working Group on Digital Asset Markets, which emphasizes collaboration between the SEC and CFTC to strengthen U.S. leadership in digital financial technology [1].

The statement clarifies that under current law, SEC-registered national securities exchanges (NSEs), CFTC-registered designated contract markets (DCMs), and foreign boards of trade (FBOTs) are permitted to facilitate trading of these products. The agencies emphasized that this guidance is not a rule, regulation, or binding legal authority, but rather a statement of staff views aimed at supporting innovation and market competition. Market participants are encouraged to engage with either agency to address questions or concerns regarding the listing and trading of spot crypto assets [2].

A key focus of the joint initiative is to enable greater trading venue choice for market participants. The Divisions of Trading and Markets at the SEC and the Divisions of Market Oversight and Clearing and Risk at the CFTC will coordinate to review filings and requests from exchanges seeking to facilitate spot crypto asset trading. This includes considerations related to margining, clearing, settlement, and information sharing between exchanges. The agencies also highlighted the importance of public dissemination of trade data and the application of fair and orderly market principles to ensure transparency and competition in trading venues [3].

Industry participants have welcomed the development as a step toward mainstream adoption of cryptocurrencies. Alexander Blume, CEO of Two Prime Digital Assets, noted that the statement provides a green light for major U.S. exchanges to offer spot trading in leading digital assets, opening the door to broader access for institutional and retail investors. Matthew Sigel, head of digital assets research at VanEck, added that traditional exchanges like Nasdaq and the New York Stock Exchange are now positioned to offer spot trading in Bitcoin, Ethereum, and other major assets [4].

The joint effort reflects a broader policy push by the Trump administration to position the U.S. as a global leader in the crypto industry. This includes the recent signing of a bill regulating stablecoins and ongoing legislative efforts to establish a comprehensive regulatory framework for crypto markets. The administration has also taken a pro-industry stance in recent months, with the SEC and CFTC working together to streamline regulatory processes for digital assets. Acting CFTC Chair Caroline Pham emphasized that the initiative is part of a long-term strategy to foster growth and development in the sector, while SEC Chairman Paul Atkins highlighted the importance of regulatory frameworks that support innovation and competition [5].

Source: [1] SEC and CFTC Staff Issue Joint Statement On Trading ... (https://www.sec.gov/newsroom/press-releases/2025-110-sec-cftc-staff-issue-joint-statement-trading-certain-spot-crypto-asset-products) [2] SEC-CFTC Joint Staff Statement (Project Crypto- ... (https://www.sec.gov/newsroom/speeches-statements/sec-cftc-project-crypto-090225) [3] U.S. SEC, CFTC Combine Forces to Clear Registered ... (https://www.coindesk.com/policy/2025/09/02/u-s-sec-cftc-combine-forces-to-clear-registered-firms-trading-of-spot-crypto) [4] Trump's Crypto Advisors Push SEC And CFTC To Unite And ... (https://finance.yahoo.com/news/trumps-crypto-advisors-push-sec-073540124.html) [5] SEC and CFTC clear path for US exchanges to trade spot crypto (https://blockchaintechnology-news.com/news/sec-and-cftc-clear-path-for-us-exchanges-to-trade-spot-crypto/)