How US Brokerages Launch Spot Crypto Trading in 2026

Frequently Asked Questions

01.Can a US brokerage legally offer spot bitcoin and ether trading in 2026?

Yes. Following the SEC and CFTC joint interpretation issued in March 2026, major assets such as bitcoin and ether are treated as digital commodities rather than securities, and the rescission of SAB 121 removed the accounting barrier that previously made custody uneconomic for regulated institutions. A brokerage still needs a money transmission or trust pathway, a qualified custodian, and a surveillance program before going live.

02.Should a brokerage build a crypto trading stack in-house or buy a white-label platform?

Most brokerages launching their first spot crypto product reach production faster by integrating a regulated custodian and a liquidity venue through APIs rather than building matching and custody from scratch. A white-label or integration path typically ships in three to five months, while a full in-house build of custody, execution, and surveillance runs nine to fourteen months and a much larger budget. The build path makes sense only at high expected volume where per-trade economics justify owned infrastructure.

03.What does spot crypto custody require for a broker-dealer after SAB 122?

After SAB 122 replaced SAB 121 in January 2025, custodians assess potential liabilities for safeguarded crypto rather than booking the full value as a balance-sheet liability. A brokerage offering spot crypto needs a qualified custodian with cold-storage key management, segregated client accounts, proof-of-reserves reporting, and an incident-response plan. Most US brokerages partner with a chartered trust company for custody rather than holding keys directly in the first phase of launch.