The leaders of the US asset markets, the SEC and CFTC, recently winked at spot cryptocurrency trading. On Tuesday, they released a joint statement saying that registered exchanges can start trading some spot crypto products. There were no specific coins mentioned, but the focus is on things like leverage, margin, and financed retail commodity transactions.
The Push for Clarity
This all goes back to a fancy report from the President's Working Group on Digital Asset Markets that came out earlier this year and was charmingly called "Strengthening American Leadership in Digital Financial Technology." It basically told the SEC and CFTC to stop wasting time and bring some "regulatory clarity" to the crypto world. And you know what? The law is fine with registered exchanges helping with these trades, there are no bans!
The statement is all about giving people in the market more options. It says,
"As the PWG Report suggests, the Divisions' coordination will give U.S. market participants more options and choices when it comes to trading venues."
In other words, you can trade crypto anywhere and in any way you want, as long as it's on a real exchange. The agencies are ready to talk to their teams about how to make this happen.
Trump's Friendly Attitude Toward Crypto
This is just the latest show of strength from the Trump administration, which has been friendly to crypto since day one. Since Donald Trump became president eight months ago, the SEC and CFTC have dropped several lawsuits against major crypto companies and welcomed an industry that supported Trump's 2024 campaign. Digital assets are really starting to shine!
Caroline Pham, the acting chair of the CFTC, couldn't hide her excitement when she posted on X:
"Proud to work together with @SECPaulSAtkins to deliver another win on regulatory clarity to trade crypto how you want and where you want to, safely on registered exchanges "
She wants to make the US the world's crypto capital.
What's going on?
The statement makes it clear that designated contract markets, foreign boards of trade, and national securities exchanges that are registered with the SEC can still handle these spot crypto products. Plus, clearinghouses can work with custodians to handle customer accounts, and the agencies are pushing for shared pricing data to keep an eye on the markets.
Different Reactions in Crypto Land
Matthew Sigel, VanEck's Head of Digital Assets Research, got really excited on X when he said that big exchanges like the NYSE and Nasdaq might soon let people trade BTC, ETH, and other cryptocurrencies. But not everyone is celebrating. Amanda Fischer, who used to be Gary Gensler's chief of staff at the SEC, said, "There's a lot of fanfare, but this statement doesn't really answer any questions." She is concerned that the SEC and exchanges don't have the legal power to enforce rules for trading spot commodities. Theater!
A quick thread on this:
— Amanda Fischer (@amandalfischer) September 2, 2025
It's funny that all the regulators are falling over themselves to be maximally solicitous of crypto and undercutting any rationale for legislation. https://t.co/BHJKbw1T6W
The regulators are leaving the door open and telling people in the market to ask SEC or CFTC staff questions. This move shows that Trump is more pro-crypto, but Fischer's doubts suggest that things won't go smoothly. For now, you can trade crypto, but don't expect everything to be in a neat package.
Roman Zaika
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