SEC and CFTC Joint Statement on September 2 Clears Path for Spot Crypto Trading on Regulated Exchanges

Washington D.C. – The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a landmark joint statement on September 2, 2025, clarifying that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of certain spot crypto asset products. This collaborative effort signals a significant shift in U.S. digital asset regulation, aiming to foster innovation and provide clearer pathways for market participants. The move has been widely praised, with industry leaders like Emilie Choi, Chief Operating Officer of Coinbase, remarking on the newfound regulatory alignment.

The joint statement, a product of the SEC’s "Project Crypto" and the CFTC’s "Crypto Sprint," directly responds to recommendations from the President’s Working Group on Digital Asset Markets report, "Strengthening American Leadership in Digital Financial Technology." It explicitly states that current law does not prevent regulated exchanges from listing and trading spot crypto assets, a long-sought clarity by the industry. This initiative is designed to promote greater choice for trading venues and enhance optionality for market participants within the United States, encouraging the "onshoring" of digital asset innovation.

SEC Chairman Paul Atkins emphasized the commitment to innovation, stating, "Market participants should have the freedom to choose where they trade spot crypto assets." CFTC Acting Chairman Caroline D. Pham echoed this sentiment, adding, "Under the prior administration, our agencies sent mixed signals about regulation and compliance in digital asset markets, but the message was clear: innovation was not welcome. That chapter is over." This marks a distinct and intentional departure from previous regulatory approaches characterized by uncertainty and often conflicting jurisdictional claims, which had previously driven some novel products overseas.

The joint declaration has been met with significant enthusiasm across the digital asset sector, viewed as a "green light" for major U.S. exchanges. Emilie Choi, a prominent voice in the cryptocurrency space, expressed her positive outlook on the development. > "Incredible to see the SEC and CFTC working together instead of the ridiculous turf wars we saw during the last administration," Choi stated in a tweet, highlighting the perceived historical friction between the two agencies. Looking ahead, the two agencies have scheduled a joint roundtable on regulatory harmonization for September 29, 2025, where they will discuss further coordination on critical topics such as 24/7 markets, perpetual contracts, and innovation exemptions for decentralized finance (DeFi), seeking to establish a reliable playbook for innovators.