SEC and CFTC Issue Vague Crypto Statement, But Lawyers Say Nothing Has Changed

• The SEC and CFTC issued a joint statement permitting registered exchanges to trade “certain spot commodity” cryptos
• However, crypto lawyer Bill Morgan called it a “nothingburger,” as crypto exchanges remain unregulated
• The statement fails to define “commodity,” leaving the core “security vs. commodity” debate unresolved

The SEC and CFTC issued a new joint statement on crypto, but prominent crypto lawyers are already calling it a “nothingburger.” 

While regulators are celebrating the move as a major step forward, legal experts like Bill Morgan argue it does little to solve the core uncertainty facing the U.S. crypto industry, as it fails to provide a clear regulatory framework. 

How does this help crypto exchanges? They’re all pretty much still unregulated and not registered with the SEC despite the end of the SEC lawsuits. Not sure but maybe Coinbase has some trading activities registered with the CFTC https://t.co/siRNb2Rr0L

— bill morgan (@Belisarius2020) September 2, 2025

The Official Statement: What Did the Regulators Actually Say?

The joint statement, issued on September 2, appears to be a move to clarify the roles of the two agencies, but it…

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