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source:United Statement by Paul S. Atkins, President of the US SEC and Caroline D. Pham, Acting Chairman of the US CFTC;Compiled: bitchain vision
With the increasing integration of securities and non-securities markets, we are pleased to open a new chapter in coordination among U.S. market regulators.The work of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has never been so closely intertwined, and the wave of innovation we face has never been so dependent on the depth of our collaboration.Coordination among U.S. market regulators is crucial to the feasibility of various innovative products.Today, we are based on our various departmentsJoint Statement on Promoting Transactions in Certain Spot Crypto Asset Products, highlighting the innovation that further coordination of the SEC and CFTC regulatory frameworks can lead to.
The legal jurisdictions of securities and commodity derivatives regulatory systems vary, but to promote innovation in new markets and new products, U.S. regulators must be flexible and agile.The US SEC and CFTC must be coordinated to ensure that there will be no regulatory “no man’s land” due to inaction by one or both parties.Coordination failure and the resulting regulatory uncertainty, even if these products were originally permitted under federal law, inhibited productive economic activity.This has become history.
The US SEC and CFTC have ushered in a new day, and today we reiterate that it is necessary to ensure that regulation does not become a barrier to progress.By being in line with one step, our two institutions are able to transform our unique regulatory structure into a source of strength for market participants, investors and the entire American people.
Joint Statement on Spot Crypto Asset Products on September 3Just the first step.Under existing regulations, our respective institutions should consider the premise of being in line with the public interest.Coordinate the definition of products and places; streamline reporting and data standards; coordinate capital and margin frameworks; and use their respective existing immunities to establish a coordinated and innovative exemption mechanism.Through cooperation, agencies can consider how to develop reliable programs for innovators and investors to enhance U.S. competitiveness and market integrity while in line with our statutory responsibilities.We look forward to the future, the compatibility between our regulations is no longer a friction point, but a clear source.
Next step – bringing novel and innovative products back to the United States
Today, we announceThe joint roundtable meeting of the US SEC and the US CFTC will be held on September 29, 2025 to discuss regulatory coordination issues.
As stated in the President’s Digital Asset Markets Task Force on Strengthening U.S. Digital Fintech Leadership, we are committed to leveraging existing powers to develop practical regulatory regulations for innovative products and trading platforms.The United States has long been the birthplace of financial innovation, but in recent years,Some new products have been forced to flow overseas due to regulatory fragmentation and legal uncertainty.The US SEC and CFTC should reverse this trend by coordinating the way product provision, expanding market options, and protecting investors through a clear, predictable and innovative regulatory framework.
We list the following priorities as areas of coordination that may be discussed at the Joint Roundtable.
24/7 Market
In order to expand the scale of on-chain finance, the US SEC and the US CFTC should cooperate to consider the possibility of further extending transaction time, where appropriate.Factors related to this may include operational feasibility and liquidity consistent with investor and customer protection.Certain markets, including Forex, Gold and crypto assets, have achieved continuous trading.Further extending trading hours can enable the U.S. market to better adapt to the reality of the continued online development of the global economy.Extending trading hours may be more feasible in some asset classes than others, so there may not be a one-size-fits-all solution for all products.
Event contract
The forecast market has been around the world for decades, but its growth rate is still growing rapidly as demand from market operators and the public continues to grow.We should work together to provide clear guidance to innovators who want to responsibly launch event contracts in the forecast market, including securities-based contracts.The US SEC and the US CFTC should explore opportunities for cooperation to explore under which circumstances can be provided to US market participants, regardless of where their jurisdiction lies.
Perpetual contract
Perpetual contracts, i.e. derivatives without a clear expiration date, are common in offshore cryptocurrency markets.Jurisdiction and definitional restrictions limit their use in the United States.Relevant institutions may consider taking measures simultaneously to enable onshore perpetual contracts that meet investor and customer protection standards to trade across platforms regulated by the US SEC and CFTC.This move will capture economic activity currently only flowing to foreign platformsand enable U.S. traders to obtain products with transparent leverage restrictions and robust risk management.
Portfolio Margin
The United States SEC and CFTC coordinated portfolio margin framework can potentially reduce capital inefficiency by identifying offset positions across product categories.Currently, inconsistent requirements and structural inefficiency often force market participants to provide collateral to SEC and CFTC registries, respectively, even if their positions hedge against each other under actual economic conditions.By considering the coordinated margin requirements, the two institutions can enable brokerage proprietors, futures commissioners and liquidation members to net exposure more effectively.This will reduce the cost of holding hedging positions, free up balance sheet capacity, and lower the threshold for institutions and retail investors to participate in cross-market strategies.
Both institutions should consider taking action to allow clearing agencies to provide portfolio-based margins in their respective product lines, thereby maintaining market resilience and avoiding repeated registrations or compliance burden conflicts.By reducing capital lockdown while maintaining robust risk control, the two institutions can promote liquidity, narrow interest rate spreads, and encourage market structure innovation.This collaborative simplified process can significantly enhance market resilience andMake the US market better participate in international competition.
Innovation waivers and DeFi
Today’s decentralized finance (DeFi) protocols support direct peer-to-peer transactions without the need for intermediaries.We reiterate,Both institutions are ready to consider “innovation waivers” to create a safe harbor or exemption clause that allows market participants to conduct peer-to-peer transactions of spot, leverage, margin or other cryptocurrency assets, including derivatives such as perpetual contracts, through the DeFi agreement.These safe harbors and exemptions will enable market participants to build commercially viable trading models while the two institutions advance long-term rulemaking.
The right to self-save assets is the core value of the United States.While market participants can conduct spot trading of cryptocurrency in federally regulated venues under current laws, spot trading of peer-to-peer cryptocurrency remains unimpeded.Market participants are encouraged to meet with our respective employees as entrepreneurs, conduct domestic trading activities and innovate.
in conclusion
Today, we are ready to readjust the attitude of regulatory cooperation and usher in a new era of innovation.By coordinating regulatory frameworks, leveraging immunities, and collaborating on innovative products and trading platforms, the two institutions can unlock new opportunities for market participants, promote innovation, and consolidate the U.S.’s global leadership in cryptocurrency and blockchain technology, by coordinating its global leadership in cryptocurrency and blockchain technology..
Based on the recommendations of the PWG report, we can work hard to create a regulatory environment that will help U.S. businesses flourish, innovate and lead the global market.Working together, we can ensure that a new chapter of financial innovation is written in the United States and that the United States continues to be the first choice for global entrepreneurship, development of breakthrough technologies and participation in capital markets.
