The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a joint staff statement on September 2, 2025, announcing a coordinated effort to oversee and enable spot crypto trading in the United States. The agencies clarified that existing law does not prevent regulated U.S. or foreign exchanges—including national securities exchanges (NSEs), designated contract markets (DCMs), and foreign boards of trade (FBOTs)—from listing spot crypto products, even those with leverage and margin features.
The move aligns with recommendations from the President’s Working Group on Digital Asset Markets, which urged regulators to provide clarity and retain blockchain innovation within the U.S. In their statement, the agencies emphasized, "Today, the Divisions provide their view that DCMs, FBOTs, and NSEs are not prohibited from facilitating the trading of certain spot crypto asset products." They invited market participants to engage with SEC or CFTC staff regarding proposals, custody, clearing, and compliance with transparency, surveillance, and investor protection standards.
While this statement reflects the staff's view and doesn’t change existing law, it signals a significant step toward regulatory clarity. The agencies are developing comprehensive consumer protection guidelines, including rules on leverage and margin, to safeguard investors. This initiative aims to enhance market legitimacy, boost investor confidence, and pave the way for greater institutional adoption by reducing regulatory ambiguity.