The U.S. regulatory authorities have taken a significant step in supporting the domestic crypto market by allowing trading of certain crypto assets.
Joint Regulators' Statement
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement confirming that registered exchanges can offer certain spot crypto assets under existing U.S. law. The statement indicates that some spot crypto products may be allowed for trading on SEC or CFTC registered platforms.
Focus on Transparency and Market Growth
The regulators also emphasized the importance of market transparency, mentioning opportunities for clearinghouses to collaborate with custodians to manage customer accounts. The data sharing on trades is expected to enhance overall transparency and fairness in trading operations. This will enable national exchanges, designated contract markets, and foreign trading platforms to discuss trading of certain products more openly.
Comment from SEC Chairman
SEC Chairman Paul Atkins remarked that 'market participants should have the freedom to choose where they trade spot crypto assets,' highlighting a shift in tone compared to previous warnings. This statement is part of a broader strategy to strengthen the U.S. as a hub for blockchain innovations.
The joint SEC-CFTC guidance brings clarity and protects investors, opening new opportunities for U.S. crypto exchanges to expand offerings, which may promote the growth of domestic blockchain.
