In a rare joint move, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) confirmed that registered platforms can now facilitate spot crypto asset trading with the agencies’ approval — even before Congress finalizes a comprehensive crypto market bill.
U.S. Regulators Align on Crypto Spot Trading
In a joint statement, the two leading U.S. market watchdogs clarified that CFTC-designated contract markets (DCMs), foreign boards of trade (FBOTs), and SEC-registered national securities exchanges (NSEs) are permitted to support the trading of certain spot crypto products.
The agencies invited registered entities to directly engage with staff to discuss compliance and operational requirements.
“Market participants should have the freedom to choose where they trade spot crypto assets,” said SEC Chairman Paul Atkins.
Acting CFTC Chairman Caroline Pham added: “This is the latest demonstration of our shared objective to support growth in these markets — and it won’t be the last.”
A Policy Shift Toward Crypto
The announcement signals a notable shift away from the risk-averse stance of previous regulators. Under initiatives like the SEC’s “Project Crypto” and the CFTC’s “crypto sprint,” both agencies are working to position the U.S. as a global hub for digital assets, in line with directives from the Trump administration.
While the joint statement did not specify which cryptocurrencies qualify as “spot crypto asset products,” it emphasized the regulators’ intent to apply fair and orderly market principles as these trading venues expand.
Congress Still Working on Market Structure Bill
Meanwhile, U.S. lawmakers are drafting a sweeping crypto market structure bill aimed at establishing a long-term regulatory framework. However, its timeline remains uncertain.
Historically, one of the biggest regulatory gaps has been the CFTC’s limited authority over the spot crypto market — where actual digital assets are exchanged. The new joint approach may fill that gap temporarily, offering registered firms a clearer path forward until Congress finalizes legislation.
