Market participants said U.S. regulators allowing registered exchanges a facilitate the trading of certain spot commodity products shows that crypto trading is going mainstream, and will unlock capital efficiencies and modernized infrastruture.

Staff of the Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint statement clarifying that SEC- and CFTC- registered exchanges are not prohibited from facilitating the trading of certain spot commodity products, including those with margin, leverage or financing.

Caroline Pham, acting chairman of the CFTC, said:

Proud to work together with @SECPaulSAtkins to deliver another win on regulatory clarity to trade crypto how you want and where you want to, safely on registered exchanges 🇺🇸 @SECGov #ProjectCrypto @CFTC #CryptoSprint https://t.co/yPChP5TEji

— Caroline D. Pham (@CarolineDPham) September 2, 2025

“Market participants should have the freedom to choose where they trade spot crypto assets. The SEC is committed to working with the CFTC to ensure that our regulatory frameworks support innovation and competition in these rapidly evolving markets,” said SEC Chairman Paul Atkins

— U.S. Securities and Exchange Commission (@SECGov) September 2, 2025

Nate Geraci, president of NovaDius Wealth Management, said:

Joint statement from SEC & CFTC today on trading of spot crypto assets…

Main takeaway? Crypto trading going mainstream.

Will be on world’s largest venues.

Think NYSE, Nasdaq, etc.

Next stop after that?

Every major traditional brokerage.

I know you're paying attention now. pic.twitter.com/yybp5MNGcW

— Nate Geraci (@NateGeraci) September 3, 2025

Gerald Gallagher, general counsel at Sei Labs, which builds open sourced technology for the high-performance Sei Blockchain, said:

4/
Clearing & custody: Clearinghouses can partner with custodians to manage customer accounts.

Market surveillance: Exchanges can share reference pricing venues to improve oversight.

— Gerald Gallagher (@thatgerald) September 2, 2025

6/
Why bullish for the Sei protocol?

The U.S. is now signaling regulatory permission for spot crypto products on registered venues.

— Gerald Gallagher (@thatgerald) September 2, 2025

8/
Bottom Line:

The turf wars are ending.
The SEC & CFTC are rowing in the same direction.

The U.S. just validated the importance of building high-performance crypto trading infrastructure.

That’s exactly why Sei exists.

— Gerald Gallagher (@thatgerald) September 2, 2025

Thomas Uhm, chief commercial officer at Jito Foundation, the organization that oversees ecosystem growth and adoption of Jito protocols, said:

2) there was a wave of M&A between CEXes and DCMs in 2021 (FTX + LedgerX, Coinbase + FairX, https://t.co/2GmNcnqQ2I + Nadex) to get more capital efficient between spot and deriv holdings. Instead of funding up/downs between CB and CME, you could now cross-margin

— Thomas Uhm (@ThomasUhm) September 3, 2025

4) The other back end unlock is the ecosystem of infrastructure providers that this drags along – clearinghouses, DTCC, monitoring, market data – with robust standards around fair and orderly markets and investor protection. Clarity allows for future planning, you have that now!

— Thomas Uhm (@ThomasUhm) September 3, 2025

6) can we take a moment to give it up to @CarolineDPham tho? I hear only great things about @BrianQuintenz, but Acting Commissioner Pham has delivered relentlessly over the last eight months. The agency and the industry is better for it. Kudos to @PaulAtkinsGOV for pushing early

— Thomas Uhm (@ThomasUhm) September 3, 2025

Katherine Kirkpatrick Bos, general counsel of StarkWare, the developer of a cryptographic zero-knowledge proof, said:

I am formerly the CLO of a DCM & a DCO (a CFTC registered exchange & clearinghouse, respectively, for futures & options). Futures & options = derivatives. For more info on derivatives (& perps), listen to this: https://t.co/IBjPaD98FB /2

— Katherine Kirkpatrick Bos (@kkirkbos) September 2, 2025

Some of the spot trading also happens on tradfi platforms (e.g. Robinhood), and other licenses are often involved (BitLicense, MSB, etc.) But the CFTC's primary auth is over derivatives markets – it does not have broad auth over spot/commodity trading. 4/

— Katherine Kirkpatrick Bos (@kkirkbos) September 2, 2025

But now, the SEC and CFTC staff are saying that DCMs CAN facilitate the trading of (certain) spot crypto products, & these two regulators who have not traditionally always seen eye to eye or been the best at coordinating are working together to provide more guidance. /6

— Katherine Kirkpatrick Bos (@kkirkbos) September 2, 2025

I like this path forward so far. One of the biggest issues with spot crypto under Gensler was HOW to trade these products, where, & who was regulating them. So clarity here is massive for crypto trading. Also, frankly, dealing with all the state MTLs is a mess. /8

— Katherine Kirkpatrick Bos (@kkirkbos) September 2, 2025