A coordinated staff statement from the SEC and CFTC has created a clear path for spot cryptocurrency trading to launch on U.S. regulated exchanges. While the guidance is not a new rule, it signals regulators are willing to let SEC- or CFTC-registered exchanges list certain spot crypto products — including likely Bitcoin and Ether — if specific safeguards are met.
The joint statement makes two key points: first, current law does not categorically bar registered U.S. exchanges from facilitating trading in some spot crypto products; second, exchanges are invited to submit filings or requests for relief so regulators can evaluate proposed market structures.
What exchanges will be evaluated on: the staff outlined practical criteria exchanges should satisfy, including robust margin, clearing and settlement arrangements, meaningful surveillance of underlying markets, and transparent public trade-data dissemination. These checks are aimed at aligning spot crypto listings with the standards applied to other listed securities and derivatives.
Who could list first: SEC-registered national securities exchanges (like NYSE, Nasdaq and Cboe) and CFTC-registered venues (such as the CME) are now explicitly on the table — subject to case-by-case approvals.
Why it matters: This is a major step toward mainstream, regulated crypto trading in the U.S. Investors and institutions could soon access spot and derivatives trading under one regulated roof, which should reduce market fragmentation, narrow spreads, and improve settlement and custody practices. For market participants, that means more venue choice and potentially lower trading costs.
Risks and caveats: The guidance is staff-level and not a rule change — exchanges still must satisfy compliance and risk-management conditions. Market participants should expect a review process focused on custody, surveillance, and operational resilience. Until approvals are granted, listings remain speculative and subject to regulatory review.
Bottom line: Project Crypto and the CFTC’s Crypto Sprint are producing concrete steps toward regulated spot trading in the U.S. — a shift from enforcement-first messaging to a coordination-first approach that could bring BTC and ETH trading onto major U.S. exchanges.
Source: Decrypt. Read the original coverage for full details.
