"SEC and CFTC Unite: Harmonizing Crypto Rules to Clear Path for Innovation"

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will host a joint roundtable on September 29, 2025, to address regulatory harmonization efforts in the digital asset sector. The event, announced in a September 12 statement, will feature executives from cryptocurrency exchanges Kraken and Crypto.com, as well as prediction markets Polymarket and Kalshi. The roundtable aims to align regulatory frameworks between the two agencies, a move that follows recent shifts in leadership and policy at the CFTC, which has seen all but one commissioner depart this year. The SEC and CFTC emphasized the need for “clarity” in markets, stating that harmonization could reduce barriers, enhance efficiency, and foster innovation in U.S. financial systems .

The event will occur amid a broader push for legislative clarity in digital asset markets. The House of Representatives passed the CLARITY Act in July, which seeks to define roles for the SEC and CFTC in regulating cryptocurrencies. However, the Senate has yet to act on a version of the bill. The roundtable’s agenda includes discussions on aligning product definitions, streamlining reporting standards, and coordinating capital and margin frameworks. Panelists will include traditional finance leaders like Intercontinental Exchange CEO Jeff Sprecher and Nasdaq’s Adena Friedman, alongside crypto industry representatives .

Recent regulatory shifts under the Trump administration have signaled a more crypto-friendly approach. The SEC has dropped long-standing investigations against firms like Coinbase and Ripple Labs, while the CFTC has appointed crypto executives to its advisory committees and explored using stablecoins as collateral in derivatives markets. The CFTC’s acting chair, Caroline Pham, and SEC chair, Paul Atkins, described the joint effort as a “long-awaited journey” to strengthen market clarity and competitiveness . These changes follow the signing of the GENIUS Act in July 2025, which established a regulatory framework for stablecoins and prohibited them from offering interest to users .

The roundtable’s timing is significant as both agencies grapple with evolving market dynamics. The CFTC’s leadership vacuum—four of five commissioners have left in 2025—has raised questions about continuity in regulatory priorities. Former CFTC Chair J. Christopher Giancarlo and ex-commissioner Jill Sommers will moderate panel discussions, underscoring the need for experienced guidance during this transition. The event also coincides with growing institutional interest in stablecoins, which have seen increased adoption in cross-border payments and remittances despite lingering concerns about systemic risks and reserve transparency .

Participants highlighted the importance of bridging traditional finance and digital asset ecosystems. For instance, Kraken and Crypto.com executives are expected to address challenges in aligning crypto-specific regulations with existing securities and commodities frameworks. The CFTC’s recent proposal to permit stablecoins as collateral in derivatives markets reflects a broader effort to integrate digital assets into mainstream financial systems. Meanwhile, the SEC’s approval of generic listing standards for crypto ETFs signals a shift toward accommodating market innovation . These developments align with the GENIUS Act’s goal of treating stablecoins as “digital cash” rather than securities, a distinction that has drawn both support and criticism from banking and crypto sectors .

The joint roundtable represents a pivotal step in the U.S. regulatory approach to digital assets. By fostering collaboration between the SEC and CFTC, the event seeks to address fragmentation in oversight and create a cohesive framework for emerging technologies. As stablecoins and tokenized assets gain traction, regulators face the dual challenge of mitigating risks while enabling innovation. The outcomes of this dialogue could influence the trajectory of the CLARITY Act and shape the future of crypto markets in the U.S. .