Registered cryptocurrency exchanges authorized by the SEC and CFTC granted approval for direct cryptocurrency transaction facilitation.
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have made a significant move in the crypto industry, announcing a joint statement that allows registered exchanges to facilitate trading of some spot crypto products.
The joint statement covers crypto products focused on leverage, margin, and financed spot retail commodity transactions. Notably, the regulators invite market participants to engage with SEC or CFTC staff, as needed, and encourage the sharing of reference pricing venues by National Stock Exchanges (NSEs), Designated Contract Markets (DCMs), and Foreign Boards of Trade (FBOTs) to improve market surveillance.
However, the joint statement does not provide clear answers or regulations regarding spot commodities trading on securities exchanges, raising concerns from industry experts such as Amanda Fischer. Fischer expresses her worries about the statement's vagueness and the absence of regulation, stating that the exchange and the SEC will have very little to no legal authority to set rules, examine, or enforce trading or customer rules around spot commodities trading on securities exchanges.
In a statement on the social media platform X, Acting CFTC Chairman Caroline Pham wrote that she is proud to work with the SEC to deliver regulatory clarity on trading crypto safely on registered exchanges. The SEC and CFTC did not mention specific digital assets in the joint statement, but the absence of prohibition could pave the way for major equity exchanges, including the NYSE and the Nasdaq, to soon offer spot trading for Bitcoin (BTC), Ethereum (ETH), and other digital assets, according to VanEck Head of Digital Assets Research Matthew Sigel.
The joint statement is among the latest evidence of the improving regulatory environment for digital assets under the Trump administration. On September 2, 2025, U.S. government officials jointly declared that designated contract markets, foreign exchanges, and crypto transactions conducted on a security exchange registered with the U.S. Securities and Exchange Commission would not be prohibited from trading certain crypto products involving leverage, margin, and financed spot trading. However, the exact names of these officials are not provided in the available search results.
Applicable rules will permit clearinghouses to partner with a custodian to maintain customer accounts, providing a framework for the safe and secure handling of digital assets on registered exchanges. The SEC and CFTC have repeatedly signaled their willingness to work with the crypto industry, which supported Trump's 2024 campaign.
As the crypto industry continues to evolve, the joint statement represents a significant step forward in the regulatory acceptance and integration of digital assets into the U.S. financial market.
