The Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) together announced a historic regulatory reform that permits licensed U.S. exchanges to list and enable trading of specific digital tokens.
On September 2, 2025, the historic partnership went public. It offers much-needed clarification and permits spot trading of specific cryptocurrency asset products on reputable, SEC- and CFTC-registered platforms.
Favorable Regulatory Environment Drives SEC and CFTC Initiative
For many years, ambiguity and disjointed regulation hindered innovation and delayed the widespread acceptance of cryptocurrency in the United States. The CFTC, which is often more receptive to new asset classes, and the SEC, which has a history of caution, frequently gave the industry conflicting signals.
It is being heralded as a historic moment that puts regulatory ambiguity to rest and promotes American innovation in the industry because of the new, coordinated strategy taken by both agencies.
Platforms registered with either regulator, including national securities exchanges (NSEs) and designated contract markets (DCMs), can now enable spot trading in qualifying tokens, according to a statement released by the SEC’s Division of Trading and Markets and the CFTC’s Divisions of Market Oversight and Clearing and Risk. This action guarantees strong investor safeguards, simplifies regulatory expectations, and enables coordinated oversight between the two agencies.
In addition to the suggestions outlined in the report “Strengthening American Leadership in Digital Financial Technology” by the President’s Working Group on Digital Assets, the joint statement is the result of continuing initiatives such as the CFTC’s “Crypto Sprint” and the SEC’s “Project Crypto.” Both organisations have stated that they are ready to collaborate directly with market players and exchange operators to promote implementation, answer enquiries, and allay regulatory worries.
Although the joint statement doesn’t say which tokens will be eligible at first, it does signal the start of a more liberal and innovative regulatory period, with more asset and product approvals anticipated in the future.
Underscoring a dedication to market expansion and investor choice, SEC Chairman Paul Atkins referred to the change as “a significant step forward in bringing innovation in the crypto asset markets back to America.”
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