7th September 2025 > > The US.

tl;dr

The crypto regulatory revolution in the US picks up pace.

Market Snap 

Market Wrap

With 10-years seemingly headed to sub-400 bps in the US (it’s headed the opposite direction for the UK and the EU) loosening of dollar monetary policies once the hapless Jerome Powell steps down is starting to be priced in. Remember, 10-years was as high as 4.33% as recently as 23^rd August, suggesting a more benign background for all risk assets.

Curious Cryptos’ Commentary – US

The crypto regulatory revolution in the US continues apace.

On Tuesday, the SEC and the CFTC issued a joint statement:

https://www.sec.gov/newsroom/press-releases/2025-110-sec-cftc-staff-issue-joint-statement-trading-certain-spot-crypto-asset-products

The key bit is this:

“This Joint Statement clarifies staff’s views that SEC- and CFTC- registered exchanges are not prohibited from facilitating the trading of certain spot commodity products."

Let me translate for you – traditional stock exchanges are allowed to list spot crypto markets, a very welcome development, for it has the potential to onboard millions more investors into the crypto markets, using platforms they are already familiar with.

Paul Atkins, Chair of the SEC, gets it:

“Today's joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America.”

Matthew Sigel, VanEck's head of digital assets research, made this prediction:

"The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more."

The sooner the better.

…

Then on Friday, a further joint statement followed:

https://www.sec.gov/newsroom/press-releases/2025-112-sec-cftc-issue-joint-statement-regulatory-harmonization-efforts-will-co-host-roundtable-sept-29

Never in the history of humankind has there been so much love on show between the two gorillas of the regulatory industry.

Here it is:

“Tuesday’s joint staff statement on spot crypto asset products is only a first step. To the extent possible and appropriate in the public interest under existing statutes, our respective agencies should consider harmonizing product and venue definitions; streamlining reporting and data standards; aligning capital and margin frameworks; and standing up coordinated innovation exemptions using each agency’s existing exemptive authority … Our shared goal is to ensure that America remains the global leader in capital markets.” 

Not uncoincidentally, progress is being made in Senate on the passage of The Responsible Financial Innovation Act of 2025, the main purpose of which is to clarify the responsibilities of both regulators with respect to cryptos:

https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2025/09/05/Market_Structure-Discussion-Draft-9-5-25.pdf

The headline is this:

“To clearly draw the line between digital asset securities and commodities, to impose disclosure requirements for certain transactions involving ancillary assets, and for other purposes.”

The latest draft also addresses the tokenisation of stocks, making it clear that they remain securities, subject to the same regulation, and processes, as non-tokenised stocks. That may sound trivial to you, and far from earth-shattering, but the lack of regulatory clarity has obstructed the growth of the tokenisation industry. Once that problem has been addressed, we will likely see an explosion of tokenisation, powered by the crypto revolution.

Senator Cynthia Lummis makes her ambitions plain:

“We want this on the president’s desk before the end of the year.”

Don’t we all.