TLDR
- SEC and CFTC allow spot crypto trading on regulated U.S. exchanges under existing federal laws.
- Registered platforms can now list standard and leveraged spot crypto asset products.
- Exchanges must ensure investor protection, pricing integrity, and market monitoring.
- Clearinghouses can partner with custodians to manage crypto customer accounts.
U.S. crypto exchanges may soon expand their offerings. In a joint statement, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) confirmed that spot crypto trading can now be offered on registered U.S. exchanges under current law. This joint step comes after years of regulatory uncertainty and is aimed at giving market participants more confidence when offering or trading crypto asset products.
Joint SEC-CFTC Statement Provides Regulatory Path for Spot Crypto Products
The SEC and CFTC issued a coordinated statement confirming that regulated U.S. exchanges can now list certain spot crypto asset products. These include both standard and leveraged retail crypto trades, which had previously faced regulatory hurdles due to unclear policies. The agencies stated that these listings must operate within existing federal laws and requirements.
The joint staff release aims to guide national securities exchanges, futures markets, and clearing organizations. It clarifies that these platforms may offer spot crypto trades without breaching existing rules, provided investor protections are maintained. The agencies encouraged exchanges to consult with their staff directly if questions arise about filings or operations.
This development comes in response to recommendations made by the President’s Working Group on Digital Asset Markets. In its July 2025 report, the group urged U.S. regulators to coordinate their digital asset policies to maintain competitiveness in the global crypto market. The SEC’s Project Crypto and the CFTC’s Crypto Sprint were launched to respond to these policy goals.
Exchange Platforms and Market Participants Receive Direct Regulatory Guidance
The joint announcement brings operational clarity to exchanges and clearinghouses. Platforms registered with the SEC or CFTC may now list eligible spot crypto products. Foreign boards of trade and designated contract markets also fall under this guidance, giving them the option to list similar offerings within the U.S. legal framework.
Exchanges must also focus on investor protections, pricing integrity, and data sharing. The agencies said they expect exchanges to monitor underlying markets for market abuse and price manipulation. They also called for a central reference point for pricing, so all market participants can base trades on a shared data set.
The regulators also addressed custodial practices. Registered clearinghouses may work with third-party custodians to manage customer accounts. However, these arrangements must comply with existing federal rules around custody, reporting, and settlement. The statement encouraged collaboration between clearing platforms and custodians to ensure customer assets are properly protected.
U.S. Regulators Aim to Strengthen Domestic Crypto Market Position
The joint action signals a change in regulatory tone compared to previous years. Past comments from the SEC and CFTC often warned of risks in the crypto sector. The current message focuses more on compliance and market development. By outlining a legal path for spot trading, regulators want to make it easier for U.S. exchanges to compete globally.
SEC Chair Paul Atkins said, “Market participants will now be able to decide how and where to trade these assets, with rules in place.” This supports the agencies’ wider efforts to support blockchain innovation while maintaining legal oversight. CFTC leaders made similar comments, noting that innovation should occur under proper supervision.
The timing of this decision also matters. Global exchanges have expanded crypto services, and some U.S. platforms have shifted operations overseas due to unclear rules. The new joint framework may encourage them to return to or grow within the U.S. market. The regulators invited further dialogue, signaling that they are open to reviewing future filings promptly.
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