Regulators Open Door to Spot Crypto Trading on U.S. Exchanges

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly launched a cross-agency initiative under the banners of the SEC’s “Project Crypto” and the CFTC’s “Crypto Sprint” to address regulatory clarity for spot crypto asset trading. The initiative, announced on September 2, 2025, aims to enable registered exchanges to facilitate trading in certain spot crypto commodities, such as Bitcoin, within the U.S. regulatory framework. The initiative aligns with the President’s Working Group on Digital Asset Markets report, which recommends fostering American leadership in digital financial innovation by clarifying regulatory expectations for crypto markets [1].

According to the joint staff statement, current U.S. laws do not prohibit SEC-registered national securities exchanges or CFTC-registered exchanges from offering spot crypto trading products. This includes leveraged or margined retail transactions in digital assets, which were previously restricted to unregulated platforms under certain statutory provisions. The statement is not a binding rule but reflects the staff-level views of the agencies and provides market participants with guidance on permissible actions under existing regulations. It also emphasizes that exchanges seeking to list such products must still comply with formal regulatory processes, such as filing rule changes or seeking relief [2].

The regulatory effort is part of a broader strategy to promote innovation and competition in the U.S. crypto sector by expanding trading venue options for market participants. SEC Chairman Paul Atkins highlighted the importance of allowing market actors to choose where they trade spot crypto assets and emphasized the commission’s commitment to supporting a regulatory framework that fosters innovation. Similarly, CFTC Acting Chairman Caroline D. Pham noted that the initiative marks a departure from the previous administration’s mixed signals in the digital asset space and aligns with the Trump administration’s goal of positioning the U.S. as the global crypto capital [3].

Regulatory cooperation between the SEC and CFTC is being actively promoted to expedite the review of exchange filings and requests related to spot crypto trading. Market participants are encouraged to engage directly with the agencies for guidance on compliance and operational matters. The joint effort includes a focus on key aspects such as margin and clearing arrangements, market surveillance, and the public dissemination of trade data. Regulators stress the importance of maintaining robust investor protections and market integrity while supporting technological advancements in crypto trading infrastructure [4].

Looking ahead, the joint staff statement is expected to pave the way for major U.S. exchanges to explore the listing of spot crypto products in the coming months. Industry observers suggest that a broader range of crypto assets, beyond Bitcoin and Ether, may gradually become available on regulated platforms as the regulatory framework continues to evolve. The CFTC has already taken steps to solicit public input on listing spot crypto contracts on futures exchanges, signaling further regulatory developments are likely. Market participants are advised to remain engaged with the SEC and CFTC to navigate the evolving landscape and shape a balanced regulatory environment that supports innovation while protecting investors [5].

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 Certain Spot Crypto Asset Products (https://www.sec.gov/newsroom/press-releases/2025-110-sec-cftc-staff-issue-joint-statement-trading-certain-spot-crypto-asset-products)

[3] SEC and CFTC Staff Clear Path for Spot Crypto Trading on Regulated Exchanges (https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/sec-and-cftc-staff-clear-path-for-spot-crypto-trading-on-regulated-exchanges)