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U.S. exchanges registered with the SEC or the CFTC receive a regulatory green light to facilitate spot cryptocurrency trading. The shift signals deeper integration of digital assets into supervised market infrastructure and elevates expectations for market surveillance, compliance controls, and investor protections. Allowing overseen venues to handle direct token trades—beyond derivatives or fund wrappers—can broaden access for institutions constrained by mandates that require regulated counterparties. Cross‑agency coordination will be pivotal for custody models, market data standards, and best execution. How individual platforms implement approvals, manage listings, and sequence rollouts will shape liquidity migration and competitive dynamics with offshore venues.