U.S. SEC and CFTC Unite to Clear Spot Crypto Trading on Regulated Platforms

The announcement, made on September 2, 2025, signals an unprecedented level of regulatory alignment between the SEC and CFTC. Together, they affirm that national securities exchanges (NSEs), designated contract markets (DCMs), and foreign boards of trade (FBOTs) are not prohibited from listing certain spot crypto assets, provided they satisfy rules on transparency, surveillance, clearing, settlement, and fair price dissemination.

In parallel, CFTC Acting Chair Caroline Pham launched the “Listed Spot Crypto Trading Initiative,” part of the broader “Crypto Sprint.” Announced in early August 2025, the initiative invites public comment on how to enable spot crypto asset contracts to be listed on CFTC-registered futures exchanges using existing authority under Section 2(c)(2)(D) of the Commodity Exchange Act and Part 40 of CFTC rules.

At the core of this collaboration is the SEC’s ambitious policy blueprint, “Project Crypto.” In a speech on July 31, 2025, SEC Chair Paul S. Atkins announced the initiative to modernize securities regulation in the digital age, positioning the U.S. as a global leader in crypto innovation. One of its central goals is to define clear guidelines for classifying crypto assets, establishing whether they should be treated as securities, commodities, stablecoins, or other types.

It also aims to enable the creation of “super-app” platforms that combine trading, staking, and lending under a single regulatory license. Atkins emphasized the need to remove outdated rules that hinder innovation, proposing to use the SEC’s interpretative and exemptive powers to adapt securities law for blockchain-native products.

Atkins framed Project Crypto as a direct implementation of recommendations from the President’s Working Group on Digital Asset Markets. The initiative signals a shift away from an enforcement-heavy stance toward a policy of structured support for blockchain innovation. That change reflects a deliberate effort to provide clarity and legitimacy to market participants who have long complained about regulatory uncertainty in the U.S.

This joint regulatory posture offers several benefits for the market. It clarifies that listing certain spot crypto products on registered exchanges is lawful, removing ambiguity that has hindered institutional participation. It underscores the importance of market integrity by leveraging existing SEC and CFTC mechanisms, with investor protection at the center through enhanced transparency and oversight. It also represents a pivot toward innovation-friendly governance, giving developers and institutions a clearer path to launch compliant products under a structured regime.

The timing of this statement is significant when viewed against the wider U.S. regulatory landscape. The GENIUS Act, which established global standards for stablecoin regulation, and the CLARITY Act, designed to resolve jurisdictional overlaps between the SEC and CFTC, are already reshaping the environment for digital assets. In addition, the Anti-CBDC Surveillance State Act, which resists the creation of a central bank digital currency in favor of decentralized alternatives, highlights how U.S. policy is moving toward building crypto markets while limiting state-controlled digital money. Together, these measures, combined with the SEC and CFTC’s latest posture, accelerate a shift from regulation by enforcement to structured regulatory guidance.

Both agencies are now actively inviting engagement from market participants. The CFTC solicited public input through August 18, 2025, as part of its Listed Spot Crypto Trading Initiative, aimed at refining the approach to listing spot crypto contracts on DCMs. The SEC, through Project Crypto, is preparing rule proposals and interpretative guidance that will shape how digital asset distributions and trading platforms operate in practice. Stakeholders, including issuers, custodians, exchanges, and service providers, are being encouraged to continue engaging with agency staff and preparing for upcoming proposals to influence the policy path ahead.

The collaboration between the SEC and CFTC is therefore more than an administrative alignment. It represents a potential turning point in U.S. crypto policy, one that shifts the conversation from whether regulators will permit crypto innovation to how they will oversee it. The success of this approach will depend on the level of participation from both industry and investors, and on how effectively regulators balance investor protection with the demands of a rapidly evolving market.