SEC and CFTC Issue Joint Statement on Spot Crypto Asset Trading

On September 2, 2025, the SEC and CFTC jointly released a staff statement addressing the trading of certain spot commodity-type crypto asset products. The statement clarifies that registered national securities exchanges and CFTC-regulated trading venues are not inherently prohibited from facilitating such trading. 

This announcement signals a willingness from both agencies to explore a structured, risk-mitigated market framework for spot crypto instruments within regulated environments. It is particularly relevant for exchanges considering listings of spot crypto assets treated as commodities for specific regulatory purposes. 

Implications for Investment Advisers and Broker-Dealers 

This coordinated regulatory stance suggests registered exchanges may soon support spot commodity-type crypto products, pending further approvals and guidance. Investment Advisers (IAs) and Broker-Dealers (BDs) should anticipate the following implications: 

• Potential expansion of approved trading venues. 

• Greater regulatory clarity potentially reducing barriers to client access. 

• Increased focus on documenting client suitability and risk tolerance. 

• The need to update supervisory procedures regarding product due diligence and valuation. 

• Heightened disclosure requirements. 

• Potential competitive advantages for early adopters. 

For an in-depth review of this and a complete analysis of all regulatory updates in the third quarter of 2025, please download our Regulatory Update.