SEC and CFTC open doors for spot crypto trading on US-registered exchanges

Key Takeaways

The SEC and CFTC issued a joint staff statement clarifying that registered US exchanges are not prohibited from listing certain spot crypto products.
Agency leaders framed the move as a reversal from past mixed signals, part of efforts to make the US a global hub for blockchain innovation.

Share this article

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint staff statement clearing the way for US-registered exchanges to list and facilitate trading of certain spot crypto asset products.

The statement signals that US regulators are ready to bring spot crypto into the registered exchange framework, noting that current law does not bar SEC- or CFTC-registered platforms from listing such products if requirements are met.

SEC Chair Paul Atkins called the statement a major step in bringing crypto innovation back to the US. CFTC Acting Chair Caroline Pham said it marked a turning point from past policies and aligned with efforts to make America the crypto capital of the world.

The Divisions of Trading and Markets (SEC) and Market Oversight, Clearing and Risk (CFTC) outlined several considerations for exchanges seeking to offer spot crypto products, including margin, clearing, settlement, and public dissemination of trade data.

The initiative builds on the SEC’s Project Crypto and the CFTC’s Crypto Sprint, as well as recommendations from the President’s Working Group on Digital Asset Markets.

Matthew Sigel, head of digital assets research at VanEck, commented on the announcement, saying, “The NYSE, Nasdaq, Cboe, CME and others to soon offer spot trading for BTC, ETH, and more,” highlighting the potential for major US exchanges to expand directly into crypto markets.

The agencies said their staff stand ready to review filings from national securities exchanges (NSEs), designated contract markets (DCMs), and foreign boards of trade (FBOTs) looking to list spot crypto products.

Share this article