The two major US market regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have issued a joint statement of critical importance for financial markets. The statement, signed by SEC Chairman Paul S. Atkins and CFTC interim Chair Caroline D. Pham, aims to usher in an "era of harmonized regulation," particularly for crypto assets and next-generation financial products.
Regulatory harmonization emphasized
The statement emphasized that the securities and commodity derivatives markets are increasingly intersecting, making it imperative for both institutions to act together. Officials acknowledged that a lack of coordination in the past created "regulatory gaps" and slowed innovation, and announced that this era is now over.
Atkins and Pham stated, "Today is a new beginning. The uncertainties that hindered innovation in US markets are history. The SEC and CFTC will act in concert from now on."
Will a clear roadmap be released for crypto assets?
The two institutions' statement highlighted the joint staff memorandum on spot crypto asset products as a first step. Furthermore, the main areas planned for future harmonized regulation were listed as follows:
24/7 Markets: Expanding trading hours in US markets will be discussed, in addition to assets that are currently traded continuously, such as crypto and foreign exchange.
- Event Contracts: Clarifying investor access to these products, particularly given the growth of prediction markets, is on the agenda.
- Perpetual Contracts: The possibility of offering future-free derivative products, popular on offshore crypto exchanges, under US regulation may be paved.
- Portfolio Collateralization: The plan is to increase capital efficiency by netting participants' positions across different markets.
- DeFi and Innovation Exceptions: Creating safe harbors for decentralized finance protocols is considered critical to keeping innovation in the US.
A joint roundtable meeting will be held on September 29.
The SEC and CFTC will formalize the process with a "compliance and innovation" roundtable meeting to be held on September 29, 2025. At this meeting, both industry representatives and public authorities will discuss the details of harmonized regulation.
The officials aim to re-entice innovative financial products that have been relocated outside the US due to fragmented and contradictory regulations. The statement stated, "For many years, the US was a center of financial innovation. However, recently, products and initiatives have shifted abroad. We are determined to reverse this trend."
Judging by the tone of the statement, the two agencies' shared goal is not only to regulate cryptocurrency markets but also to reassert the US's leadership in global financial innovation. The regulators indicate that a clearer, more predictable, and more innovative framework will be created without compromising investor protection and market integrity.
