SEC, CFTC staff offer path to register spot crypto asset trades

Signalling their readiness to help further open US markets to digital assets, two of Wall Street’s top regulators told operators of federally registered exchanges that listing certain spot crypto products isn’t prohibited.

In a joint statement Tuesday, staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission said the agencies will “promptly” review requests and answer questions from designated contract markets, foreign boards of trade, and national securities exchanges seeking to trade certain spot crypto assets.

The guidance, which doesn’t have the same heft as formal rules or regulations, follows a push from the White House for the agencies to clear regulatory roadblocks for crypto markets using authority they already have — without waiting for Congress. The House passed a sweeping crypto market regulation bill in July, but it has yet to clear the Senate.

“Today’s joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America,” SEC Chairman Paul Atkins said in a statement.

Acting CFTC Chairman Caroline Pham added that the staff statement would support growth and development in crypto markets.

US commodities laws require certain leveraged, margined or financed retail commodity transactions be conducted on a CFTC-registered designated contract market or on a CFTC-registered foreign board of trade. One exception is for retail commodity transactions listed on an SEC-registered exchange, the guidance said.

The CFTC in August floated the idea of letting some registered futures exchanges list leveraged digital assets, suggesting the agency could use its authority to exempt businesses from rules that limit futures exchanges to only listing derivatives products.

“While I don’t think it’s anything brand new, it’s the approach and attitude that it’s different,” said Elizabeth Davis, a partner at Davis Wright Tremaine and former CFTC attorney. “It signals they’re open for business: come in and register, but this time without the threat of a potential enforcement action.”

© 2025 Bloomberg

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