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. 

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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