- CFTC and SEC move to enable regulated spot crypto trading on registered exchanges.
- Tokenized collateral and stablecoin rules advance under the CFTC’s Crypto Sprint.
- New cross-border, risk, and oversight updates modernize U.S. digital-asset regulation.
The U.S. derivatives regulator has disclosed a shift in digital-asset oversight, confirming that listed spot crypto trading will be permitted on registered exchanges in coordination with the Securities and Exchange Commission (SEC).
The announcement comes as one of the most detailed updates to date on how federal agencies intend to integrate blockchain-based products into established market structures. The Commodity Futures Trading Commission (CFTC) described its actions as part of an ongoing 12-month “Crypto Sprint,” a program aimed at expanding regulatory clarity for spot trading, tokenized collateral, and the technical modernization of market infrastructure.
Agencies Signal Unified Regulatory Direction
According to the CFTC, its joint work with the SEC forms the first coordinated effort between the agencies in more than a decade. Officials confirmed that both regulators have agreed to align several areas of oversight, including product classifications, reporting standards, and approaches to capital and margin frameworks.
A joint staff statement issued earlier this year stated that U.S. law does not prevent registered securities or derivatives exchanges from listing certain spot crypto products, creating a way for digital assets to trade within existing federal rules for market integrity and investor protection.
The CFTC stated that this system could apply to retail commodity transactions involving leverage, margin, or financing. Under this structure, specified contract markets (DCMs) would host execution, futures commission merchants (FCMs) would provide leverage, and derivatives clearing organizations (DCOs) would manage post-trade processes.
Tokenized Collateral Emerges as a Core Initiative
Beyond spot markets, the CFTC has advanced work on the use of tokenized collateral in derivatives trading. Public consultations were opened on tokenized cash, non-cash assets, and stablecoins, expanding on recommendations made by the agency’s Global Markets Advisory Committee (GMAC). The regulator declared its objective to be supporting real-time collateral mobility and reducing operational bottlenecks associated with traditional settlement processes.
Moreover, the agency confirmed it is assessing how qualified payment stablecoins, defined under the GENIUS Act as dollar-denominated, non-yield-bearing tokens backed by high-quality liquid reserves, should be treated under its margin, settlement, and custody rules.
Updates to Cross-Border and Market Structure Rules
The regulator also highlighted recent actions aimed at reducing regulatory uncertainty. These include interpretative letters on cross-border swaps applications, no-action relief on swap data error notifications, and the withdrawal of several proposed rules viewed as inconsistent with long-standing frameworks.
In parallel, the CFTC issued advisories on market volatility controls, risk-management standards, foreign board of trade (FBOT) access, and compliance expectations for exchanges, clearinghouses, and intermediaries.
As part of its modernization efforts, the agency announced the implementation of the Nasdaq Market Surveillance System to enhance oversight across derivatives markets. It also confirmed that DCOs and FCMs may assess the use of tokenized money market fund shares for margin under existing Part 39 standards, subject to haircut, liquidity, and custody requirements.
Next Steps in the 12-Month Crypto Sprint
The CFTC expects listed spot crypto trading to go live on a DCM before the end of the year. However, a guide on tokenized collateral, including stablecoins, is expected by early next year, followed by a general legislation covering margin, clearing, reporting, and recordkeeping updates.
In addition to this sentiment, the officials pointed out that the combined initiatives are intended to align U.S. oversight with global developments, address gaps created by prior enforcement-driven approaches, and support a clear regulatory pathway for market participants operating inside federal rules.
