Exchanges Get the Green Light to Offer Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 4 September 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

The SEC and CFTC have issued long-awaited joint guidance clarifying that regulated exchanges can list spot crypto assets. This marks a turning point in U.S. crypto policy, resolving years of turf wars between the agencies and opening the door for both crypto-native and traditional exchanges like NYSE and NASDAQ to support spot trading. In today’s Breakdown, NLW explores what this means for mainstream adoption, the future of ETFs and treasury companies, and why this guidance represents a major step in legitimizing crypto markets. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.2	What's going on, guys? It is Wednesday, September 3rd, and today we are discussing a big
0:23.2	announcement about exchange regulation. Before we get into that, however, if you are enjoying
0:27.5	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:31.2	deeper into the conversation, come join us on the Breakers Discord. You can find a link in the
0:35.0	show notes or go to bit.ly slash breakdown pod.
0:43.8	All right, friends, kind of a sneaky big one today. The SEC and the CFTC have clarified that crypto can be listed on all regulated exchanges. This is the big piece of guidance that the
0:50.1	crypto industry and exchanges of all stripes have been waiting years for. In their joint
0:54.2	statement, staff of both agencies said that, quote, current law does not prohibit SEC or CFTC
1:00.1	registered exchanges from facilitating trading of these spot crypto asset products. As contemplated by
1:05.7	the president's working group report, the division's coordination will promote trading venue
1:09.7	choice and optionality for market participants within the United States. In line with these goals, the division's coordination will promote trading venue choice and optionality for
1:11.1	market participants within the United States. In line with these goals, the divisions stand
1:15.6	ready to support consideration by their respective agencies of exchange trading in certain spot
1:20.3	crypto asset products. In a less jargon-filled statement, SEC Chair Paul Atkins said,
1:25.9	Today's joint staff statement represents a significant
1:28.1	step forward in bringing innovation in the crypto asset markets back to America.
1:32.1	Market participants should have the freedom to choose where they trade spot crypto assets.
1:36.2	The SEC is committed to working with the CFTC to ensure that our regulatory frameworks
1:40.2	support innovation and competition in these rapidly evolving markets.
1:45.4	The guidance then resolves one of the largest issues with the status of crypto tokens as either commodity or security being a
	...

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