In a significant development for the cryptocurrency market, exchanges registered with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been granted the authority to facilitate the trading of certain spot crypto products. This announcement, made in a joint statement on September 2, 2025, marks a pivotal moment in the evolving regulatory landscape for digital assets, as both agencies aim to provide clearer guidelines for market participants.
The SEC and CFTC, the primary regulators overseeing asset markets, did not specify which digital assets would be included in this initiative. However, they indicated that their joint staff statement pertains to crypto products focused on “leverage, margin, and financed spot retail commodity transactions.” Earlier in the year, a report titled “Strengthening American Leadership in Digital Financial Technology,” released by the President’s Working Group on Digital Asset Markets, called for enhanced regulatory clarity on these assets.
According to the joint statement, registered exchanges are not prohibited from facilitating the trading of these spot crypto products under existing laws. The statement emphasized that coordination between the two divisions would enhance trading venue choice and options for market participants within the United States. “As contemplated by the PWG Report, the Divisions’ coordination will promote trading venue choice and optionality for market participants within the U.S.,” the statement noted.
This recent development is part of a broader trend indicating an improving regulatory environment for digital assets. Since the onset of the Trump administration, the SEC and CFTC have withdrawn several lawsuits against prominent crypto organizations and have shown a willingness to engage with an industry that has supported Trump’s 2024 campaign. Caroline Pham, the Acting CFTC Chairman, expressed her enthusiasm on social media, stating,
“Proud to work together with @SECPaulSAtkins to deliver another win on regulatory clarity to trade crypto how you want and where you want to, safely on registered exchanges.”
The regulatory framework also allows CFTC-registered designated contract markets and foreign boards of trade to facilitate the trading of certain spot crypto asset products. The agencies encouraged market participants to engage with SEC or CFTC staff as needed for guidance. Additionally, they highlighted that applicable regulations would permit clearinghouses to collaborate with custodians to manage customer accounts securely.
Matthew Sigel, Head of Digital Assets Research at VanEck, commented that the statement suggests that major equity exchanges, such as the NYSE and Nasdaq, may soon offer spot trading for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). However, Amanda Fischer, a former SEC chief of staff, expressed skepticism regarding the statement’s clarity and the associated regulatory framework. She voiced concerns that the vague nature of the statement does not adequately address critical questions regarding the enforcement of trading or customer rules around spot commodities trading on securities exchanges.
This development underscores the ongoing evolution of the cryptocurrency landscape in 2025, as regulatory bodies strive to balance innovation with investor protection. The engagement between the SEC and CFTC signifies a proactive approach to adapt to the rapidly changing digital asset environment, potentially paving the way for greater acceptance and integration of cryptocurrencies in mainstream finance.
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