SEC, CFTC vow swift review of filings from exchanges as Congress advances sweeping digital asset bill.
Two of the United States’ financial regulators came together on Tuesday to advise exchanges to facilitate trading of some crypto assets.
According to a joint statement by the Securities and Exchange Commission and the Commodity Futures Trading Commission, the two agencies will promptly review filings and requests from designated contract markets, foreign boards of trade, and national securities exchanges looking to facilitate trading of certain spot crypto asset products.
“Today’s joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America,” said SEC Chairman Paul Atkins. “The SEC is committed to working with the CFTC to ensure that our regulatory frameworks support innovation and competition in these rapidly evolving markets.” The two regulators, however, did not specify any particular crypto asset.
Retail sentiment on Stocktwits Bitcoin was still in the ‘bearish’ territory at the time of writing.
According to a Bloomberg News report, the CFTC in August first proposed the idea of allowing some registered futures exchanges to list leveraged digital assets, suggesting that the agency could use its authority to exempt businesses from rules that limit futures exchanges to listing only derivative products.
The guideline comes after U.S. President Donald Trump passed an executive order to make America a “crypto hub,” directing federal agencies to clear roadblocks to digital assets trading. Separately, the House has already passed a sweeping crypto legislation that would further ease regulatory concerns around the trading of digital assets.
Due to the favorable legal framework, cryptocurrency prices have rallied this year, sparking a wave of digital currency launches. On Monday, the World Liberty tokens, a cryptocurrency backed by U.S. President Donald Trump, made its trading debut. According to CoinGecko data, at current price levels, the coin has a valuation of $6.29 billion, making it the 33rd largest cryptocurrency.
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