Oh, so now they allow it. After all the hand-wringing, the stern pronouncements, the general air of disapproval…the Securities and Exchange Commission and the Commodity Futures Trading Commission have, in a joint statement – a joint statement, mind you, as if agreeing on anything were a feat of Herculean proportions – decided that exchanges may, under existing law, allow the trading of certain…spot crypto assets. One almost expects a shrug to accompany the news.
Apparently, these “certain spot crypto products” – a rather vague stipulation, one notes – and those complicated leveraged, margin retail transactions (for the truly reckless among us) are now permissible on platforms that have managed to navigate the bureaucratic labyrinth of registration. It’s all part of a grand plan, you see, to make America the hub of blockchain innovation. As if innovation requires permission slips. 🙄
Today the SEC and @CFTC issued a Joint Statement clarifying staff’s views that SEC- and CFTC- registered exchanges are not prohibited from facilitating the trading of certain spot commodity products:
The exchanges, bless their corporate hearts, are now permitted to discuss these things without fear of…what, exactly? A strongly worded letter? Apparently, that was a real concern. They’ve even extended an invitation for exchanges to consult with them directly. How…generous. Like a stern schoolmaster offering extra help to a particularly slow student.
Transparency and Growth, They Say
Naturally, there’s a great emphasis on “transparency” and “market growth.” Clearinghouses will work with custodians (who undoubtedly charge exorbitant fees), and trade data will be “shared.” Because sharing is caring, even in the cutthroat world of finance. They’re also focused on “market surveillance” and a “common reference price”, implying, quite subtly, that things were rather…unregulated before. 🧐
Mr. Paul Atkins, chairman of the SEC, declared that market participants “should have the freedom to choose where they trade spot crypto assets.” A remarkable statement, wouldn’t you agree? As though this freedom was previously withheld by some malicious force. It suggests a change of heart, or perhaps merely a belated recognition of the inevitable.
The timing, of course, is significant. Global exchanges are, you see, “competing” for liquidity and “innovation.” One suspects the United States doesn’t want to be left behind, looking rather foolish on the world stage. It’s always about appearances, isn’t it?
And so, this “joint guidance” promises “clarity,” “investor protection,” and a path to “expansion.” One can only hope it doesn’t turn out to be another tangled web of regulations, leaving everyone more confused than before. Perhaps a small glass of tea is in order. ☕
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2025-09-03 10:24