SEC and CFTC Align Crypto Rules to Cement U.S. Global Leadership

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will co-host a roundtable on September 29, 2025, to advance regulatory harmonization efforts for digital assets, with executives from cryptocurrency platforms Kraken, Crypto.com, Kalshi, and Polymarket participating as panelists. The event, announced in a joint statement by SEC Chair Paul S. Atkins and CFTC Acting Chair Caroline Pham, aims to align regulatory frameworks to foster market clarity and innovation in the digital asset sectortitle1^[1]. The roundtable will be held at the SEC’s headquarters in Washington, D.C., and will be open to the public via live webcasttitle3^[3].

The initiative follows significant leadership changes at both agencies since the inauguration of President Donald Trump, including the resignation of former SEC Chair Gary Gensler and CFTC Chair Rostin Behnam. The SEC has since dropped long-standing investigations against crypto firms like Coinbase, Ripple Labs, and Kraken, while the CFTC has shifted toward a more industry-friendly stance, including proposals to allow stablecoins as collateral in derivatives marketstitle1^[1]. The CFTC’s Global Markets Advisory Committee, which now includes several crypto industry representatives, has also been tasked with exploring regulatory updates to support tokenized assetstitle1^[1].

The roundtable will address cross-cutting issues such as the classification of digital assets, cross-border enforcement challenges, and the need for standardized reporting and margin frameworks. Panel discussions will include traditional finance leaders like Intercontinental Exchange’s Jeff Sprecher, CME Group’s Terry Duffy, and Nasdaq’s Adena Friedman, alongside crypto representativestitle2^[2]. The event aligns with broader efforts to draft federal legislation, such as the House-passed CLARITY Act, which seeks to define the SEC and CFTC’s roles in crypto regulationtitle1^[1].

The joint agenda reflects a strategic pivot toward innovation, with both agencies emphasizing the importance of harmonizing product definitions, streamlining data standards, and creating “innovation exemptions” to enable peer-to-peer trading of spot crypto assetstitle3^[3]. The CFTC’s recent advisory reaffirmed its foreign board of trade (FBOT) framework, which could facilitate onshore trading of digital assets by non-U.S. exchangestitle3^[3]. Additionally, the agencies have outlined regulatory modernization priorities, including rule changes to address digital asset custody, trading on alternative systems, and distributed ledger technology applicationstitle3^[3].

Market participants are closely watching the outcome of these efforts, as they could influence the approval of cryptocurrency exchange-traded funds (ETFs) and the structure of future market infrastructure. The SEC’s recent approval of generic listing standards for crypto ETFstitle1^[1] and the CFTC’s exploration of perpetual derivatives on U.S. exchangestitle3^[3] suggest a regulatory environment increasingly open to crypto integration. However, challenges remain, particularly in reconciling the agencies’ overlapping jurisdictions and ensuring consistent enforcement across traditional and digital asset marketstitle1^[1].

The roundtable represents a pivotal step in the Trump administration’s broader strategy to position the U.S. as a global leader in digital asset innovation. By fostering collaboration between the SEC and CFTC, regulators aim to reduce regulatory friction, enhance market efficiency, and create a framework that supports both investor protection and technological advancementtitle3^[3]. The event’s outcomes could shape legislative and policy developments in 2025, particularly as Congress weighs finalizing the CLARITY Act and addressing gaps in the current regulatory landscapetitle1^[1].