Regulators Aim to Unify Rules and Spark U.S. Crypto Leadership

U.S. regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced plans to host a joint roundtable on September 29, 2025, to discuss regulatory harmonization in the digital asset sector [1]. The event, part of a broader effort to coordinate oversight, aims to address longstanding issues of regulatory fragmentation and uncertainty that have hindered innovation and driven some crypto activity overseas [4]. SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham emphasized the importance of aligning regulatory frameworks to foster a more coherent and competitive U.S. market [2].

The agencies identified several key areas for discussion, including the potential expansion of trading hours to align with global 24/7 markets, the onboarding of perpetual contracts that are currently traded exclusively offshore, and the development of coordinated exemptions for decentralized finance (DeFi) projects [3]. The regulators highlighted that such measures could improve liquidity, reduce capital inefficiencies, and create clearer pathways for peer-to-peer trading without compromising investor protections [4]. Portfolio margining was also flagged as a potential area for collaboration, with the goal of allowing firms to recognize offsetting positions across product classes, thereby reducing the need for duplicate collateral postings [1].

The joint staff statement released earlier this week was described as a foundational step in the effort to harmonize definitions, reporting standards, and capital and margin requirements [2]. Both agencies reaffirmed their commitment to using existing statutory authorities to create a regulatory environment that supports innovation while maintaining market integrity. The joint statement also outlined a broader vision of a regulatory system that adapts to the evolving nature of on-chain finance and digital assets [1]. By doing so, the SEC and CFTC aim to position the U.S. as a global leader in financial innovation, reversing the recent trend of novel products being developed and traded overseas [4].

The focus on perpetual contracts and prediction markets underscores the regulators’ willingness to adapt to market demands. While prediction markets have gained traction globally, their adoption in the U.S. has been limited due to jurisdictional and definitional constraints [2]. The agencies plan to explore how event contracts—derivatives tied to the outcome of specific events—can be made available to U.S. market participants without creating regulatory conflicts [1]. This approach aligns with broader efforts to streamline regulatory processes and reduce unnecessary barriers that have historically hindered innovation in the crypto space [4].

The roundtable comes amid a broader shift in the SEC’s approach to crypto regulation. Recent statements from SEC Chair Paul Atkins indicate a departure from the enforcement-heavy policies of the previous administration, emphasizing instead the need for regulatory clarity and support for market growth [5]. The agency is currently developing a set of modernized rules that would allow cryptocurrency trading on national exchanges and alternative trading systems for the first time [6]. These reforms aim to rationalize disclosure requirements, reduce compliance burdens, and provide greater certainty for market participants, potentially unlocking increased institutional participation and liquidity in crypto markets [5].

As the U.S. financial regulatory landscape continues to evolve, the joint roundtable represents a critical step in ensuring that the nation remains at the forefront of global financial innovation. The collaborative efforts of the SEC and CFTC to harmonize their approaches signal a commitment to creating a more coherent and efficient regulatory environment that can adapt to the dynamic nature of digital assets [1]. The success of these initiatives will depend on their ability to strike a balance between fostering innovation and maintaining the necessary safeguards to protect investors and uphold market integrity [4].

Source:

[1] Joint Statement from the Chairman of the SEC and Acting (https://www.sec.gov/newsroom/speeches-statements/joint-statement-atkins-pham-090525)

[2] SEC and CFTC To Host Roundtable To Harmonize ... (https://coingape.com/sec-and-cftc-to-host-roundtable-to-harmonize-regulatory-frameworks-for-crypto/)

[3] The U.S. SEC and CFTC will hold a joint roundtable on ... (https://www.chaincatcher.com/en/article/2203653)

[4] SEC and CFTC join forces to strengthen US crypto oversight (https://cryptoslate.com/sec-and-cftc-aim-to-harmonize-crypto-rules-boost-us-market-leadership/)

[5] SEC Chair Atkins Announces Sweeping Changes To ... (https://yellow.com/news/sec-chair-atkins-announces-sweeping-changes-to-crypto-oversight)

[6] SEC's Crypto Agenda 2025: New Rules for Digital Assets (https://coinpaper.com/10901/sec-moves-to-reform-crypto-oversight-key-changes-explained)