Overview

• Regulators said current law does not bar NSEs, DCMs, or FBOTs from facilitating trading of certain spot crypto asset products, and staff invited filings for review.
• The statement outlines operational safeguards including margin, clearing, settlement, and public trade data, with allowances for custodial partnerships and shared reference pricing to bolster surveillance.
• The guidance names no specific tokens and centers on products involving leverage, margin, and financed spot retail commodity transactions.
• SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham backed the move as part of Project Crypto, the Crypto Sprint, and recommendations from the President’s Working Group.
• Observers say major venues such as NYSE, Nasdaq, Cboe, and CME could pursue spot trading for assets like Bitcoin and Ethereum, while critics caution that enforcement authority and detailed rules remain unresolved.