SEC and CFTC Joint Guidance Marks Milestone for U.S. Crypto Adoption

For the first time, the SEC and CFTC have jointly clarified that registered U.S. exchanges can facilitate spot trading of certain crypto assets. This alignment between the two top regulators is being hailed as a major step toward mainstream adoption.

• SEC and CFTC jointly clarified spot crypto trading is allowed on registered U.S. exchanges
• Applies to SEC-registered NSEs, CFTC DCMs, and FBOTs
• Part of SEC’s Project Crypto and CFTC’s Crypto Sprint initiatives
• Opens the door for traditional exchanges like NYSE and Nasdaq to list BTC, ETH, and more
• Seen as reducing regulatory turf wars and boosting U.S. crypto innovation
• Market participants encouraged to engage with regulators on next steps

In a landmark move, the SEC and CFTC issued joint guidance stating that nothing in existing law prevents U.S. registered exchanges from listing and facilitating trading of certain spot crypto asset products. The statement applies to SEC-registered national securities exchanges (NSEs), CFTC-registered designated contract markets (DCMs), and foreign boards of trade (FBOTs).

The announcement builds on recommendations from the President’s Working Group on Digital Asset Markets report and falls under the SEC’s Project Crypto and the CFTC’s Crypto Sprint. According to SEC Chairman Paul Atkins, the move “brings innovation in the crypto asset markets back to America,” while ensuring regulatory frameworks foster both innovation and competition.

Industry leaders quickly welcomed the development. Alexander Blume, CEO of Two Prime Digital Assets, described the statement as “opening the door for even more mainstream adoption” by allowing leading U.S. exchanges to directly offer spot crypto trading. Matthew Sigel of VanEck added that NYSE, Nasdaq, CBOE, and CME could soon list Bitcoin, Ethereum, and other assets alongside traditional products.

This alignment also signals an end to years of regulatory friction. Gerald Gallagher, general counsel at Sei protocol, summarized it simply: “The turf wars are ending. The SEC and CFTC are rowing in the same direction.”

While crypto-native platforms like Coinbase and Kraken already offer spot trading, they operate outside the federal market structure of NSEs and DCMs. By enabling traditional exchanges to step in, the new guidance paves the way for crypto assets to be traded at venues handling trillions of dollars in capital.

The move follows a series of policy advances under the Trump administration, including the signing of the first federal stablecoin regulation into law earlier this summer. Lawmakers are now pushing forward a broader crypto market structure bill that could cement the U.S. as a global leader in digital assets.

Final Thought

The joint SEC-CFTC guidance represents a turning point in U.S. crypto regulation. By clearing the path for mainstream exchanges to list spot crypto assets, regulators are not just reducing uncertainty—they are validating crypto’s role in the future of financial markets.