KEYTAKEAWAYS
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The SEC and CFTC launched a joint initiative to coordinate spot crypto asset trading rules, building on earlier projects to enhance U.S. regulatory clarity.
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The statement highlights five priorities: margin, monitoring, public data, fair markets, and innovation, aiming to balance market growth with investor and customer protection.
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Cross-agency collaboration offers market participants clearer guidance, more flexibility, and faster reviews, reinforcing U.S. ambitions to lead global blockchain and digital finance innovation.
CONTENT
September 2, 2025, Washington — The U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets, together with the Commodity Futures Trading Commission (CFTC) Division of Market Oversight and Division of Clearing and Risk (collectively, “the Divisions”), issued a joint statement announcing a cross-agency initiative. This effort builds on the SEC’s “Crypto Project” and the CFTC’s “Crypto Sprint” to coordinate the process for enabling trading of certain spot crypto asset products.
BACKGROUND: RESPONDING TO THE NEED FOR REGULATORY CLARITY
The President’s Working Group on Digital Asset Markets’ report, “Strengthening American Leadership in Digital Financial Technology” (PWG Report), urges the SEC and CFTC to work together to make the U.S. a global leader in blockchain innovation and crypto asset markets.
The report suggests both agencies use their existing powers to provide “regulatory clarity” to keep blockchain innovation in the U.S. As part of this, the Divisions are coordinating to issue guidance on listing leveraged, margined, or financed retail commodity transactions for digital assets.
CROSS-AGENCY COLLABORATION: OFFERING FLEXIBILITY TO MARKET PARTICIPANTS
The statement confirms that current laws do not prevent SEC-registered national securities exchanges (NSEs) or CFTC-registered designated contract markets (DCMs) and foreign boards of trade (FBOTs) from facilitating trading of certain spot crypto asset products.
The Divisions will work together to give market participants more trading venue options and flexibility. They are ready to quickly review filings or requests from DCMs, FBOTs, and NSEs and provide regulatory guidance. Market participants are invited to contact SEC or CFTC staff with any questions.
KEY REGULATORY CONSIDERATIONS
The statement outlines five key areas for market participants operating spot crypto asset markets:
1. Margin, Clearing, and Settlement The Divisions state that current rules allow clearinghouses to partner with custodians to manage customer accounts. The SEC’s Division of Trading and Markets will assist registered clearing agencies. The CFTC’s Division of Clearing and Risk will support registered derivatives clearing organizations (DCOs). Both are ready to address regulatory issues related to commercial relationships between DCOs and NSEs.
2. Market Monitoring The Divisions believe that sharing reference pricing venues among NSEs, DCMs, and FBOTs improves market oversight. They will help with questions about information sharing to ensure market transparency and stability.
3. Public Trade Data Publicly sharing NSE and DCM transaction data provides valuable information to the public. The Divisions will answer questions about making spot crypto asset market data public.
4. Fair and Orderly Markets Efficient trade execution and transparency promote trading opportunities and competition. The Divisions will work with trading venues to apply fair and orderly market principles. 5. Innovation and Protection The Divisions encourage market participants to innovate in markets and trading while ensuring investor and customer protection.
STAFF SUPPORT AND CROSS-AGENCY COORDINATION
The statement does not detail the SEC or CFTC staff size or roles but suggests both agencies have expert teams for this initiative. The SEC’s Division of Trading and Markets likely includes lawyers, financial analysts, and market experts with knowledge of digital assets, securities law, and market operations. The CFTC’s Divisions of Market Oversight and Clearing and Risk have regulatory analysts, risk management experts, and legal staff, some likely part of the Crypto Sprint task force. Cross-agency collaboration may involve joint teams to ensure consistent regulations.
MARKET RESPONSE AND FUTURE OUTLOOK
Industry experts see this SEC-CFTC initiative as a major step for U.S. crypto asset market regulation. The statement clarifies the legality of spot crypto asset trading and offers a clear regulatory path through coordination. This supports blockchain innovation in the U.S. and gives investors and market participants more options.
The Divisions will continue to communicate with market participants, answering regulatory and technical questions to balance innovation and protection. Market participants can contact SEC or CFTC staff for guidance on registrations, proposals, or regulatory exemptions.
As blockchain and crypto asset markets grow, the SEC and CFTC’s joint initiative marks a key step in the U.S.’s digital finance strategy. By offering regulatory clarity and supporting innovation, the U.S. aims to strengthen its global leadership in digital financial technology. Ongoing collaboration and market participant engagement will lay a strong foundation for the U.S. crypto asset market’s growth.
For more information, market participants can visit the SEC website (sec.gov) or CFTC website (cftc.gov) to contact staff.
