Staff at the SEC and CFTC said they will work with federally registered venues that want to list certain spot crypto assets, offering a clearer way to bring cash crypto trading onto regulated markets.

Coinbase Derivatives is set to launch an equity index futures contract on Sept. 22 that bundles leading U.S. tech stocks with crypto exchange-traded funds in one trade. 

Crypto exchange Gemini aims to raise as much as $317 million in a U.S. initial public offering (IPO) that would value the crypto exchange at $2.22 billion. 

Top stories in the Crypto Roundup today:

• SEC, CFTC Staff Outline Path for Registered Exchanges to List Spot Crypto Products
• Coinbase to List 'Mag7 + Crypto' Equity Futures Mixing Big Tech, Bitcoin and Ether ETFs
• Gemini Targets $2.22B Valuation in U.S. IPO, Sets $17–$19 Range to Raise $317M

SEC, CFTC Staff Outline Path for Registered Exchanges to List Spot Crypto Products

Staff at the SEC and CFTC said they will work with federally registered venues that want to list certain spot crypto assets, offering a clearer way to bring cash crypto trading onto regulated markets.

In a joint staff statement, the agencies said they will review and answer requests from designated contract markets, foreign boards of trade and national securities exchanges that seek to trade spot crypto products. 

The guidance is not a formal rule, but it gives exchanges a route to engage while broader legislation remains pending. The House passed a crypto market bill in July; the Senate has not taken it up.

The statement also sketches how current law applies to retail trades that use leverage or margin, and it notes an exception for transactions listed on an SEC-registered exchange. In August, the CFTC floated exemptive relief to let some futures exchanges list leveraged digital assets.

Coinbase to List 'Mag7 + Crypto' Equity Futures Mixing Big Tech, Bitcoin and Ether ETFs

Coinbase Derivatives is set to launch an equity index futures contract on Sept. 22 that bundles leading U.S. tech stocks with crypto exchange-traded funds in one trade. 

Branded “Mag7 + Crypto,” the index holds Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla, Coinbase, plus BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), each at 10%. MarketVector is the index provider.

The contracts are monthly and cash-settled. Each is worth $1 times the index level. The basket will rebalance each quarter to restore equal weights.

Coinbase says this is the first U.S.-listed derivatives product to combine equities and crypto ETFs in a single instrument. If it trades well, it could give funds a simple way to manage risk across both tech and crypto without running two books.

Gemini Targets $2.22B Valuation in U.S. IPO, Sets $17–$19 Range to Raise $317M

Crypto exchange Gemini aims to raise as much as $317 million in a U.S. initial public offering (IPO) that would value the crypto exchange at $2.22 billion. 

The company plans to sell 16.67 million shares at $17 to $19 each and trade under the ticker GEMI.

Founded by Cameron and Tyler Winklevoss, the New York firm filed its S-1 with the SEC in June as listings for crypto-linked companies return. Banks leading the deal are Goldman Sachs, Citigroup, Morgan Stanley and Cantor.

Financials in the filing show $142.2 million in 2024 revenue, up from $98.1 million a year earlier.

State of the Crypto by Top Tier Exchange Volume

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