SEC-CFTC Collaboration Aims to Harmonize Rules, Boost U.S. Crypto Leadership

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced a joint roundtable on regulatory harmonization, scheduled for September 29, 2025, at the SEC’s headquarters in Washington, D.C. The event, open to the public and webcast live, aims to align regulatory frameworks for digital assets and traditional financial markets. SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham emphasized the initiative as a step toward “providing markets the clarity they deserve” and fostering innovation while reducing unnecessary barriersSEC and CFTC Issue Joint Statement on Regulatory …^[1]. The roundtable follows a joint staff statement on spot crypto asset products, signaling a coordinated effort to streamline definitions, reporting standards, and capital frameworksSEC and CFTC Issue Joint Statement on Regulatory …^[1].

The agenda includes three panels, with participation from industry leaders such as Kraken’s Arjun Sethi, Crypto.com’s Nick Lundgren, and traditional exchanges like Nasdaq, CME Group, and Intercontinental Exchange (ICE). The first panel, moderated by former CFTC Chair J. Christopher Giancarlo, will examine the history of SEC-CFTC collaboration. The second panel, focusing on platforms, will explore how harmonization could unlock economic value for exchanges while protecting investorsAgenda, Panelists for SEC-CFTC Roundtable on Regulatory …^[2]. Panelists include CME Group’s Terry Duffy, Nasdaq’s Adena Friedman, and Kraken’s Sethi, alongside regulators like SEC Commissioner Mark Uyeda. The final panel will address market participants, with discussions on expanding trading hours, portfolio margining, and the role of decentralized finance (DeFi) protocolsAgenda, Panelists for SEC-CFTC Roundtable on Regulatory …^[2].

The regulatory push reflects broader efforts to position the U.S. as a global leader in digital asset innovation. The joint statement highlights the potential for “innovation exemptions” to allow peer-to-peer trading of spot crypto assets and derivatives over DeFi platforms. It also underscores the importance of streamlining cross-border frameworks, such as recognizing EU’s MiCA regulation, to facilitate U.S. market access for foreign exchangesCrypto: SEC and CFTC Announce Harmonization Efforts, Joint …^[4]. The CFTC’s recent advisory reaffirmed its foreign board of trade (FBOT) registration framework, which could enable U.S. traders to access global digital asset marketsCrypto: SEC and CFTC Announce Harmonization Efforts, Joint …^[4].

Industry stakeholders have welcomed the roundtable as a pivotal moment for regulatory clarity. Eleanor Terrett of Bloomberg noted that the inclusion of Kraken, Crypto.com, and traditional exchanges like Nasdaq signifies the growing integration of crypto platforms into mainstream financial oversight. The SEC’s “Spring Sprint Toward Crypto Clarity” initiative, including prior roundtables on custody and trading rules, has laid the groundwork for this collaboration. The upcoming event builds on earlier discussions involving firms like Uniswap Labs and Coinbase, which were previously under SEC scrutiny.

Analysts suggest that harmonized regulations could reduce compliance costs and enhance market efficiency. For instance, aligning portfolio margining across product classes and expanding trading hours could attract institutional investors and foster 24/7 liquidityKraken, Crypto.com Join SEC Talks as CFTC Weighs Oversight^[5]. The joint statement also addresses perpetual derivative contracts, which have been limited in the U.S. due to regulatory restrictions. By onshoring these contracts to SEC- and CFTC-regulated exchanges, the agencies aim to compete with offshore platformsSEC and CFTC Issue Joint Statement on Regulatory …^[1].

The roundtable’s outcomes may influence future policy developments, including the SEC’s Spring 2025 regulatory agenda, which includes proposed rule changes for digital asset custody and trading systemsCrypto: SEC and CFTC Announce Harmonization Efforts, Joint …^[4]. While the CFTC’s agenda focuses on cost-reduction measures under the Dodd-Frank Act, both agencies have signaled a shift toward collaboration over enforcement. This aligns with the Trump administration’s executive order on digital assets, which prioritizes U.S. leadership in blockchain technologyCrypto: SEC and CFTC Announce Harmonization Efforts, Joint …^[4].