SEC and CFTC Issue Joint Crypto Guidance; Could the UK Take Similar Steps?

Staff from two U.S. financial agencies issued a joint statement yesterday (Tuesday). The statement came from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The statement clarifies the staff's view on trading specific crypto products. It notes that exchanges registered with the SEC or CFTC are not banned from facilitating trades in certain spot commodity products, including some crypto assets.

By contrast, UK regulators have taken a more cautious approach. Retail access to spot crypto trading remains limited, and no comprehensive framework exists for mainstream exchange listings, although the FCA is proposing to lift the ban on crypto exchange-traded notes.

Industry Reaction

Nick Jones, Zumo’s Founder and CEO, Source: LinkedIn

Commenting on the announcement, Zumo’s Founder and CEO Nick Jones said: “It’s only right that market participants have the freedom to choose where they trade spot crypto assets – and now they will have access to some of the world’s largest venues, such as the NYSE and Nasdaq.”

He added: “It’s yet another example of the US deliberately and proactively embedding crypto in the mainstream while cementing its leadership in an industry that will come to redefine financial services.”

Jones contrasted the U.S. approach with other major economies: “While UK legislators and regulators shy around taking any proactive crypto position, it's a reminder that those unashamed to demonstrate pro-crypto leadership are cornering this emerging area of innovation and growth.”

Legal Perspective

Legal experts remain cautious about the statement’s implications. Bill Morgan, a digital asset lawyer, questioned its practical impact: “How does this help crypto exchanges? They’re all pretty much still unregulated and not registered with the SEC despite the end of the SEC lawsuits. Not sure but maybe Coinbase has some trading activities registered with the CFTC.”

Market Outlook

Matthew Sigel, VanEck's head of digital assets research, stated on X: “The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more.” The comment reflects expectations that major U.S. exchanges could offer spot trading for leading cryptocurrencies.

Regulatory Leadership Comments

SEC Chairman Paul Atkins described the statement as a “significant step,” noting: “Market participants should have the freedom to choose where they trade spot crypto assets.”

CFTC Acting Chairman Caroline D. Pham said the previous administration sent mixed signals on digital asset regulation: “Today’s joint agency statement is the latest demonstration of our mutual objective of supporting growth and development in these markets, but it will not be the last.”