3-9-2025 – The Securities and Exchange Commission and Commodity Futures Trading Commission issued a joint staff statement clearing the path for spot cryptocurrency trading on registered U.S. exchanges. The guidance confirms that national securities exchanges and designated contract markets can list certain spot crypto products, including leveraged retail transactions, under existing regulatory frameworks.
The landmark statement represents a significant shift from previous cautionary approaches, directly addressing regulatory uncertainty that has hampered U.S. crypto market development. Both agencies launched dedicated initiatives—the SEC’s “Project Crypto” and CFTC’s “Crypto Sprint”—following recommendations from the President’s Working Group on Digital Asset Markets to strengthen American blockchain leadership against overseas competition.
The guidance provides operational clarity for market infrastructure, allowing clearinghouses to collaborate with custodians on customer account management and encouraging enhanced trade data distribution for transparency. Regulators emphasized requirements for underlying market surveillance and standardized reference pricing to ensure fair monitoring across platforms.
SEC Chair Paul Atkins, quoted by Fox Business journalist Eleanor Terrett, stressed that market participants now have freedom to determine where to trade spot crypto assets. The agencies invited exchanges to contact staff with questions and pledged prompt review of product filings, signaling a cooperative regulatory stance.
