The two main US regulators, the SEC and CFTC, jointly announced that exchanges like NYSE and Nasdaq can begin trading certain spot crypto assets.
Regulators' Position on Cryptocurrencies
According to a joint statement from the SEC and CFTC, registered traders can now support the direct trading of cryptocurrencies such as Bitcoin and Ethereum. The regulators note that this is a significant step in bringing crypto innovation back to the United States. SEC Chairman Paul Atkins stated:
"Market participants should have the freedom to choose where they trade spot crypto assets."
CFTC Acting Chair Caroline D. Pham added that the time of mixed signals is over. She emphasized that such cooperation will strengthen American innovation and help make the US the crypto capital of the world.
Future Plans
The SEC and CFTC intend to coordinate their efforts on trading and clearing to ensure that exchanges can smoothly roll out spot crypto markets. Both agencies have invited exchanges and market participants to reach out with questions as they prepare new products. This initiative is part of broader projects, SEC's "Project Crypto" and CFTC's "Crypto Sprint," aimed at accelerating the US leadership in digital finance.
Impact on ETFs
Although the statement did not directly mention ETFs, the timing of this move is significant. Over 90 spot crypto ETF applications are currently pending at the SEC. Now that exchanges have a clear green light for spot trading, ETF approvals may follow swiftly, allowing regulated spot ETFs for Bitcoin and Ethereum to enter the US market.
In conclusion, the cooperation between SEC and CFTC on cryptocurrency trading opens new opportunities for the US market and may lead to significant changes in the financial sector.
