SEC and CFTC Issue Joint Guidance Clearing Path for Traditional Exchanges to List Spot Crypto Products

The US Securities and Exchange Commission and Commodity Futures Trading Commission announced coordinated regulatory guidance Tuesday that opens the door for traditional financial exchanges to list spot cryptocurrency trading products. The joint staff statement clarifies that existing regulations do not prohibit national securities exchanges, designated contract markets, and foreign boards of trade from offering spot crypto products, including those with leverage and margin features.

The guidance represents a significant shift in US crypto policy under the Trump administration, following recommendations from the President's Working Group on Digital Asset Markets to provide regulatory clarity and keep blockchain innovation within American borders. Major regulated venues like Nasdaq, the New York Stock Exchange, CME Group, and Cboe Global Markets may now be eligible to list spot crypto products alongside existing crypto exchanges like Coinbase and Kraken.

Regulators emphasized their readiness to review exchange filings and address questions on custody, clearing, and market standards while ensuring new spot markets meet requirements for transparency, surveillance, and investor protection. Market participants have been invited to contact SEC or CFTC staff with proposals and questions about implementing these new trading options.

The Commodity Futures Trading Commission announced a month ago that it will allow spot cryptocurrency trading on its regulated exchanges for the first time, marking a significant expansion of federal access to digital assets as part of President Trump's broader crypto integration strategy. CFTC Acting Chairman Caroline Pham unveiled the initiative as part of the agency's "crypto sprint" program, which would enable Designated Contract Markets—exchanges currently authorized only for futures trading—to offer immediate cryptocurrency transactions for assets like Bitcoin and Ethereum. 

The announcement comes amid broader congressional efforts to establish clearer crypto market structure, including the House-passed CLARITY Act awaiting Senate consideration. This regulatory development signals the administration's commitment to maintaining US competitiveness in the global digital asset market while ensuring appropriate oversight and consumer protection measures remain in place.