In a rare show of unified regulatory direction, staff from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a Joint Statement clarifying that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of certain spot crypto asset products.
The statement, released under reference SEC Press Release 2025-110, is being hailed as a milestone for U.S. digital asset markets. It underscores a coordinated effort to provide trading venue choice and optionality for institutional and retail market participants alike.
A Turning Point for U.S. Crypto Regulation
“Today’s joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America,” said SEC Chairman Paul Atkins. He emphasized that the SEC is committed to ensuring its regulatory framework supports “innovation and competition” in markets that are rapidly evolving.
CFTC Acting Chairman Caroline D. Pham echoed these sentiments, contrasting the approach to previous years:
“Under the prior administration, our agencies sent mixed signals about regulation and compliance in digital asset markets, but the message was clear: innovation was not welcome. That chapter is over.”
Pham framed the collaboration as part of a broader White House strategy, citing President Trump’s emphasis on making America the “crypto capital of the world.”
Building on “Project Crypto” and “Crypto Sprint”
The Joint Statement draws together ongoing initiatives from both agencies:
- SEC’s Project Crypto – focused on harmonizing securities oversight with the realities of digital assets.
- CFTC’s Crypto Sprint – a program designed to accelerate regulatory clarity in commodities-based digital products.
These efforts also align with the President’s Working Group on Digital Asset Markets and its 2024 report, Strengthening American Leadership in Digital Financial Technology, which called for an integrated approach to oversight and innovation.
The relevant SEC and CFTC divisions – Trading and Markets, Market Oversight, and Clearing and Risk – confirmed they are coordinating to enable exchange trading of approved spot crypto asset products.
Industry Implications
This joint approach signals an attempt to stabilize regulatory expectations in the U.S. crypto sector, after years of uncertainty over whether oversight of spot crypto products fell within the remit of securities or commodities law.
Market participants are explicitly invited to engage with the SEC and CFTC staff to discuss questions and compliance paths, a sign regulators are seeking dialogue rather than confrontation.
What Comes Next
The move is likely to have broad market implications:
- Exchange Operators – SEC- and CFTC-registered venues may now expand offerings beyond derivatives into select spot crypto markets.
- Institutional Investors – With added regulatory clarity, more funds may be encouraged to enter the U.S. digital asset space.
- Global Competition – The U.S. is positioning itself against regulatory hubs in Europe and Asia, where spot crypto products have already gained traction.
While the statement does not yet open the floodgates for all digital assets, it sets a clear direction: the U.S. intends to reclaim leadership in crypto market innovation.
References:
- U.S. Securities and Exchange Commission, Press Release 2025-110: SEC and CFTC Staff Issue Joint Statement on Trading of Certain Spot Crypto Asset Products (SEC.gov)
- Commodity Futures Trading Commission – Digital Asset Markets Initiatives
