Regulators Light Green for Spot Crypto, Signal US Market Boom

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued a staff-level statement affirming that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of certain spot crypto asset products under current law. The initiative, announced on September 2, 2025, aligns with the SEC’s Project Crypto and the CFTC’s Crypto Sprint, which aim to promote regulatory clarity and foster innovation in digital asset markets. This joint effort was highlighted as part of broader U.S. policy goals to solidify the country’s position as a global hub for blockchain and crypto innovation, as outlined in the July 30, 2025, President’s Working Group on Digital Asset Markets report [1].

The joint statement emphasizes that the Commodity Exchange Act (CEA) does not preclude registered exchanges from listing spot crypto products, provided certain conditions are met. It also outlines several key considerations for market participants, including the permissible use of margin, clearing, and settlement arrangements. Notably, the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk have indicated their readiness to support exchanges as they navigate regulatory requirements. The statement further clarifies that sharing reference pricing data between exchanges enhances market surveillance and that public dissemination of trade data by registered exchanges provides valuable transparency to investors [1].

The regulatory shift marks a significant departure from earlier approaches, which were often characterized by ambiguity and conflicting signals between agencies. SEC Chairman Paul Atkins stated that the initiative represents a step forward in bringing crypto innovation back to the U.S. and in supporting a competitive market structure. Similarly, CFTC Acting Chair Caroline Pham emphasized the need to move beyond prior hesitancy and to align with the administration’s vision of positioning America as the leading crypto market. This collaborative stance is expected to streamline the process for exchanges seeking to offer spot crypto listings, reducing the legal and operational uncertainties that have historically hindered market growth [2].

The announcement follows broader legislative developments, including the passage of the GENIUS Act, which established a federal regulatory framework for stablecoins, and the Digital Asset Market Clarity Act (CLARITY Act), which seeks to define jurisdictional boundaries for digital asset regulation. These legislative milestones reflect a growing consensus among lawmakers and regulators that a clearer, more cohesive regulatory environment is necessary to foster innovation while ensuring investor protection and market integrity. The joint statement by the SEC and CFTC complements these efforts by providing immediate clarity for exchanges seeking to enter the spot crypto market [6].

Looking ahead, the joint staff statement sets the stage for further regulatory coordination and potential rulemaking in 2025. The agencies have invited exchanges to engage with their staff regarding questions related to trading, clearing, and surveillance, signaling an openness to adapt to the evolving needs of market participants. As the U.S. continues to refine its approach to digital asset regulation, the combined efforts of the SEC and CFTC are expected to play a critical role in shaping the future of the spot crypto market landscape.

Source:

[1] SEC-CFTC Joint Staff Statement (Project Crypto) (https://www.sec.gov/newsroom/speeches-statements/sec-cftc-project-crypto-090225)

[2] 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)

[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] SEC and CFTC open doors for spot crypto trading on US- (https://cryptobriefing.com/sec-cftc-outline-crypto-framework-on-chain-trading-rules/)

[5] Navigating Divergent US and EU Regulatory Pathways (https://www.bitget.com/news/detail/12560604942024)