SEC and CFTC Issue Joint Statement Allowing Certain Spot Crypto Products

On September 2, 2025, the Securities and Exchange Commission’s Division of Trading and Markets and the Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk jointly released a statement expressing their belief that current regulations do not prevent SEC-registered national securities exchanges or CFTC-registered exchanges from supporting the trading of specific spot crypto commodity products. This statement aims to encourage more engagement on the listing of crypto asset products on major exchanges by promptly reviewing filings and requests from these exchanges looking to enable the trading of spot crypto products.

The statement addresses the existing uncertainty surrounding exchanges and clearinghouses seeking to list spot crypto products. According to the Commodity Exchange Act’s Section 2(c)(2)(D), certain leveraged, margined, or financed “retail commodity transactions” that are not physically delivered within 28 days must adhere to certain provisions of the CEA similar to futures contracts. These transactions must take place on a CFTC-registered designated contract market (DCM) or foreign board of trade (FBOT). Nonetheless, retail commodity transactions may also be listed on an SEC-registered national securities exchange (NSE). Previously, due to limitations on platforms suitable for retail commodity transactions and ambiguity regarding the legal status of crypto assets, trading of spot crypto products had been primarily concentrated outside the United States.

The statement does not introduce new exemptions or change existing law but aims to clarify that there is a permissible pathway for certain leveraged transactions involving spot retail commodity transactions on crypto assets to occur domestically under regulated conditions within statutory limitations. However, platforms that support spot trading for crypto assets but do not fall under DCMs, FBOTs, or NSEs are not covered by the statement.

Furthermore, the statement actively encourages engagement on the listing of crypto asset products on major exchanges by inviting DCMs, FBOTs, and NSEs to seek approval to facilitate trading of spot crypto products. The SEC and CFTC highlight the benefits of this engagement for investors, including promoting market surveillance, educating the public through transaction dissemination, and enhancing trading opportunities and competition among participants. While not creating new regulatory exemptions, this statement may expand access to crypto asset products for a broader range of platforms and investors while ensuring regulatory safeguards when trading in spot crypto transitions to registered venues.

The joint statement aligns with the White House’s policy goals regarding crypto asset products and reflects the SEC’s and CFTC’s commitment to accelerating domestic leadership in this sector. It may prompt existing spot crypto platforms to consider registration. This joint effort between the SEC and CFTC indicates a growing cooperation between the two agencies and suggests potential further regulatory initiatives to enhance access to crypto asset products. Market participants, especially trading platform operators, should anticipate additional guidance and rulemaking from both the SEC and CFTC in this area, coupled with increased market activity in the United States, driven by proactive support from financial regulators.