Exchanges registered with the SEC and CFTC will be allowed to facilitate trading in certain spot crypto products, the two regulators said Tuesday in a joint statement — a step viewed as another sign of a more open U.S. regulatory environment under the Trump administration.
The agencies did not name specific tokens but said the guidance applies to products tied to leverage, margin, and financed spot retail commodity transactions.
Regulatory Clarity Push
The announcement follows recommendations from the President’s Working Group on Digital Asset Markets, which earlier this year urged regulators to bring greater clarity to crypto rules.
“Under the law, registered exchanges are not prohibited from facilitating trading of those spot crypto asset products,” the statement said. “As contemplated by the PWG Report, the divisions’ coordination will promote trading venue choice and optionality for market participants within the U.S.”
The move also signals coordination between the agencies: SEC-registered securities exchanges and CFTC-registered designated contract markets (DCMs) or foreign boards of trade (FBOTs) will not be barred from listing spot crypto assets.
Political and Market Backdrop
In the eight months since Donald Trump took office, regulators have dropped multiple lawsuits against crypto firms and repeatedly hinted at working with the industry.
“Proud to work together with @SECPaulSAtkins to deliver another win on regulatory clarity to trade crypto how you want and where you want, safely on registered exchanges,” Acting CFTC Chair Caroline Pham posted on X.
Market observers see this as a pivotal moment. VanEck’s Matthew Sigel suggested the statement could open the door for NYSE and Nasdaq to list spot markets for Bitcoin, Ethereum, and more.
Still, not everyone is convinced. Former SEC chief of staff Amanda Fischer criticized the guidance for its vagueness:
“There’s a lot of fanfare, but this statement doesn’t actually answer any questions. The SEC and the exchanges will have little authority to set rules, examine, or enforce spot commodity trading.”
Industry Implications
The regulators said exchanges and clearinghouses can partner with custodians to hold customer assets and urged platforms to share reference pricing venues to strengthen surveillance.
Meanwhile, crypto exchanges are positioning to take advantage of the friendlier climate. The Winklevoss twins’ Gemini is preparing for a public offering that could value the exchange at $2.3 billion, underscoring investor interest as regulatory clarity improves.
Bottom Line
The joint statement gives registered U.S. exchanges a green light to pursue spot crypto trading, though many details remain unsettled. For now, it reflects a clear shift: Washington is moving toward enabling — rather than restricting — digital asset markets.