Crypto Currents: U.S. clarifies spot trading rules as Figure files IPO

A landmark joint statement from the SEC and CFTC has cleared a path for spot crypto trading on registered U.S. exchanges, signaling a new era of regulatory cooperation. As the lines between digital assets and traditional finance continue to blur, blockchain lender Figure Technologies is seeking a valuation of over $4B in a Nasdaq IPO, while major institutions like JPMorgan and Coinbase roll out new blockchain-based financial products. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

U.S. REGULATORS CLEAR PATH FOR SPOT CRYPTO TRADING: In a joint statement, the staff of the SEC and the CFTC have clarified that nothing in current law prevents registered U.S. exchanges from listing and trading certain spot crypto asset products. The move, part of the SEC’s “Project Crypto” and the CFTC’s “Crypto Sprint,” was hailed as a “significant step forward” by SEC Chairman Paul Atkins. The guidance applies to SEC-registered national securities exchanges, like the NYSE and Nasdaq, and CFTC-registered designated contract markets. CFTC Acting Chairman Caroline Pham added that the era of “mixed signals” is over as the agencies work together to make America the “crypto capital of the world”.

FIGURE TECHNOLOGIES TARGETS $4.1B VALUATION IN NASDAQ IPO: Blockchain lending firm Figure Technologies (FIGR) is aiming for a valuation of up to $4.13B in its upcoming initial public offering. According to SEC filings, the company founded by SoFi (SOFI) co-founder Mike Cagney seeks to raise as much as $526M. The shares are set to trade on the Nasdaq under the ticker “FIGR”, with Goldman Sachs, Jefferies, and BofA Securities leading the underwriting syndicate. Bank of America (BAC) recently published a report highlighting the potential for tokenized real-world assets, a sector where Figure is a dominant player, originating over $16B in home equity lines of credit using its Provenance blockchain.

COINBASE TO LAUNCH FUTURES PRODUCT BLENDING MAG7 STOCKS AND CRYPTO: In an announcement posted to the company’s website, Coinbase (COIN) is set to launch a novel futures product on September 22 that tracks a mix of top U.S. technology stocks, crypto ETFs, and its own shares in a single contract. The “Mag7 + Crypto Equity Index Futures” will provide exposure to the “Magnificent 7” tech stocks—including Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA)—alongside BlackRock’s (BLK) iShares Bitcoin Trust, iShares Ethereum Trust, and Coinbase’s own stock. Each of the ten components will be equally weighted at 10%

JPMORGAN BLOCKCHAIN PLATFORM SPEEDS UP PAYMENTS FOR TRIMONT: Bloomberg reports that global commercial real estate loan servicer Trimont LLC is now using JPMorgan Chase & Co.’s (JPM) blockchain platform, Kinexys Digital Payments, to automate and accelerate loan payments. Trimont, which manages around $730B in loans, used the system to reduce the time for processing payments from approximately two days to just minutes. The platform, which handles $3B in daily transactions, allows Trimont to automatically identify payments, verify amounts, and distribute funds to lenders.

RAY DALIO SAYS CRYPTO COULD OUTSHINE DEBT-LADEN FIAT CURRENCIES: In a social media post made to X, billionaire investor Ray Dalio stated that crypto could become an attractive alternative to the dollar and other fiat currencies burdened by large debts. The founder of Bridgewater Associates argued that the mounting debt loads of the U.S. and other reserve-currency issuers undermine their appeal as stores of wealth, contributing to rising prices for assets like gold and crypto. He also dismissed concerns that well-regulated stablecoins pose a systemic risk, suggesting the real issue is the declining purchasing power of the U.S. Treasuries that back them.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $112,297.37, while ethereum (ETH-USD) was trading at $4,471.96, according to price data provided by CoinDesk.