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In a rare show of unity, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly announced that registered exchanges will be permitted to organize trading in certain spot cryptocurrency products. The statement, released on September 2, 2025, marked an important milestone in regulating the domestic digital asset market.
The announcement was based on recommendations made in July by the President’s Working Group on Digital Asset Markets, which called on U.S. regulators to establish clearer rules for blockchain finance and strengthen America’s competitive position. As part of this initiative, the SEC launched “Project Crypto,” while the CFTC introduced “Crypto Sprint.” Together, the agencies are now coordinating efforts to clarify conditions for trading spot crypto products involving leverage, margin, or financing.
According to the statement, national securities exchanges, registered contract markets, and foreign trading venues are not restricted under current law from listing such products. Regulators emphasized that this approach is designed to expand trading venue options, enhance transparency, and preserve the United States’ role as a hub of blockchain innovation. Both commissions invited market participants to seek guidance and promised to promptly review applications from exchanges aiming to list new spot crypto assets.
The guidance also addressed operational matters. Clearinghouses will be allowed to work with custodians to manage client accounts, while data sharing between exchanges was recommended to strengthen market oversight. Regulators also stressed the importance of publicly disclosing trading data and adhering to principles of fair and orderly markets.
SEC Chair Paul Atkins described the decision as a turning point: “Today’s joint statement is an important step toward bringing innovation back to America’s cryptoasset markets. Market participants should be free to choose where to buy and sell spot crypto assets.” CFTC Acting Chair Caroline Pham echoed this view, calling it another “win for regulatory clarity.”
Reactions were mixed. Industry representatives welcomed the potential for regulated spot markets on major U.S. exchanges, and some analysts suggested that Bitcoin and Ethereum products could soon appear on Nasdaq or the NYSE. Others, however, voiced concerns that the statement leaves unresolved questions about oversight authority and investor protection.
Nevertheless, for the U.S. crypto market competing with overseas venues, the joint declaration marks a crucial step toward regulatory clarity and expanded opportunities.
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