The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued a statement for the first time, planning enhanced collaboration to advance areas such as crypto assets, DeFi, prediction markets, and perpetual contracts. The aim is to boost U.S. competitiveness in the global capital markets.

Key objectives include:

• Opening U.S. crypto markets to foreign trading platforms, introducing perpetual contracts, and exploring 24/7 trading.

• Clarifying regulatory rules and coordinating exemptions to reduce compliance costs, improve enforcement efficiency, and attract global liquidity and capital回流.

• Encouraging DeFi and derivatives innovation while strengthening investor protection and risk control to reduce market manipulation.

• This move may propel crypto derivatives, prediction markets, and DeFi into the next wave of U.S. innovation growth, providing pathways for traditional fund institutions to enter the crypto market.

• The two agencies will hold a joint roundtable on September 29 to further discuss regulatory coordination and innovation exemptions.

Summary

Author: Wenser, Odaily

On September 5, the U.S. SEC and CFTC jointly issued two statements.

One statement emphasized increased collaboration to support developments in crypto assets, DeFi, prediction markets, perpetual contracts, and portfolio margining. Future efforts will include coordinating regulatory rules, narrowing regulatory gaps, extending trading hours, and utilizing innovative exemptions to enhance U.S. market competitiveness. The other statement announced a joint roundtable on September 29 to discuss topics such as "coordinating definitions of products and venues, simplifying reporting and data standards, adjusting capital and profit frameworks, and leveraging each agency’s existing exemption authorities to establish coordinated innovation exemptions."

As two critical regulatory bodies in the U.S. economic system, this move by the SEC and CFTC signals impending new actions in U.S. crypto regulation. Odaily provides a brief analysis of this event and its potential impacts.

Core Goal of Joint SEC & CFTC Regulation: Make American Capital Great Again
Both statements highlighted "ensuring U.S. leadership in global capital markets," indicating that the core objective of this joint effort aligns with the Trump administration’s "America First" policy. Specific impacts include:

1. Opening U.S. Markets to Crypto Trading Platforms
   Based on previous information and the joint statement, the CFTC plans to issue guidance clarifying registration rules for foreign trading platforms. Prediction market Polymarket has already received CFTC approval to return to the U.S. market. The SEC and CFTC will also study introducing perpetual contracts to U.S. markets, enabling traders to participate in products previously available primarily overseas. Additionally, they plan to explore 24/7 trading, prediction markets, portfolio margining optimizations, and DeFi innovation exemptions.

   Clearly, under the Trump administration, the U.S. government is reversing its previous "closed-door" stance on crypto, aiming to fully open U.S. markets and attract crypto trading platforms to participate in building the U.S. crypto economy.

2. Further Attracting Global Capital Liquidity
   The CFTC’s plan to clarify registration rules for foreign boards of trade (FBOTs) will not only attract trading platforms and other infrastructure to the U.S. but also facilitate large-scale inflows of funds, capital, and liquidity from U.S. and global crypto users. U.S. crypto market participants like Gemini, Kraken, and Coinbase will also gain access to more users and liquidity worldwide.

   As CFTC Acting Chair Caroline D. Pham stated, "This is a way to 're-shore' crypto activity that had gone offshore due to the enforcement-based regulation of the Biden era, while reaffirming a regulatory framework that has been in place since the 1990s. For U.S. traders, this means legal access to more global liquidity; for the crypto industry, this is another step toward regulatory clarity and part of the Trump administration’s 'crypto sprint strategy.'"

3. Reducing Regulatory Costs and Improving Enforcement Efficiency
   Under U.S. law, the SEC and CFTC are both financial regulators but derive authority from different sources: the SEC primarily enforces the Securities Act of 1933 and the Securities Exchange Act of 1934, while the CFTC operates under the Commodity Exchange Act (CEA). In other words, the SEC focuses on securities markets with an emphasis on investor protection and disclosure, while the CFTC oversees commodity futures and derivatives markets, focusing on risk management and anti-manipulation. Joint regulation will clarify jurisdictional boundaries, reduce compliance burdens for crypto platforms (e.g., margin capital lock-ups), lower regulatory costs, and improve enforcement efficiency—ensuring "God’s things to God, Caesar’s things to Caesar."

After Crypto IPOs, Crypto Derivatives May Become the Next U.S. Innovation Frontier
Following landmark IPOs like Galaxy Digital, Circle, and Bullish, the joint SEC-CFTC statement positions crypto derivatives and DeFi as the next frontier for U.S. crypto innovation.

Previously, due to stringent U.S. regulations, many crypto exchanges and projects avoided the U.S. market. This joint statement signals a shift in regulatory风向: encouraging rapid development to繁荣 the U.S. crypto financial market, introducing innovative products that meet exemption criteria while ensuring risk control and investor protection.

On one hand, U.S.-based crypto projects like WLFI, Uniswap, Solana, and Moonpay may benefit from expansion opportunities and favorable policies.

On the other hand, Coinbase, Gemini, Kraken, Kalshi, Polymarket, Bitcoin spot ETFs, Ethereum spot ETFs, and other crypto index funds will attract more active traders and new liquidity.

Notably, this joint regulation opens想象空间 for traditional financial markets to activate liquidity through the crypto economy. Traditional index funds, state pension funds, and university endowments may increase their crypto asset allocations.

Given Nasdaq’s recent move to tighten regulations on listed companies establishing crypto reserves, shell companies relying solely on "hoarding strategies" for stock-crypto synergies will face greater challenges. Instead, hope lies in more standardized and innovative crypto financial products and liquidity引入.

Additionally, while MicroStrategy (the "BTC hoarding stock") met all hard requirements for S&P 500 inclusion but was not selected, CFTC Acting Chair Caroline Pham likened this to "Bitcoin’s 'Uberization' process"—where digital assets integrate into the U.S. economy to an inextricable extent—highlighting the CFTC’s attention to crypto-concept stocks.

Unlike the internet economy, which permeates all aspects of daily life, the crypto industry remains largely confined to financial investments. However, with developments in PayFi, DeFi, prediction markets, and tokenized U.S. stock markets, the crypto economy will advance further into the mainstream beyond ETFs.

Additional Timeline for CFTC Regulatory Actions

• August 21: CFTC Acting Chair Caroline D. Pham announced the next phase of the crypto sprint plan to implement recommendations from the President’s Working Group on Financial Markets. The plan focuses on federal-level digital asset spot trading and synergizes with the SEC’s "Crypto Project," echoing President Trump’s call for U.S. leadership in crypto.

• September 5: Joint SEC-CFTC statement on advancing crypto and derivatives regulation.

• September 29: Joint roundtable in Washington, D.C., open to the public both in-person and via webcast on the SEC website. Recordings will be posted on the SEC site, with agenda and participant details available here.

• According to Acting Chair Pham, the CFTC will solicit stakeholder input on leverage, margin, and retail trading issues, with a public comment period open until October 20.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued a statement for the first time, planning enhanced collaboration to advance areas such as crypto assets, DeFi, prediction markets, and perpetual contracts. The aim is to boost U.S. competitiveness in the global capital markets.

Key objectives include:

• Opening U.S. crypto markets to foreign trading platforms, introducing perpetual contracts, and exploring 24/7 trading.

• Clarifying regulatory rules and coordinating exemptions to reduce compliance costs, improve enforcement efficiency, and attract global liquidity and capital回流.

• Encouraging DeFi and derivatives innovation while strengthening investor protection and risk control to reduce market manipulation.

• This move may propel crypto derivatives, prediction markets, and DeFi into the next wave of U.S. innovation growth, providing pathways for traditional fund institutions to enter the crypto market.

• The two agencies will hold a joint roundtable on September 29 to further discuss regulatory coordination and innovation exemptions.

Summary

Author: Wenser, Odaily

On September 5, the U.S. SEC and CFTC jointly issued two statements.

One statement emphasized increased collaboration to support developments in crypto assets, DeFi, prediction markets, perpetual contracts, and portfolio margining. Future efforts will include coordinating regulatory rules, narrowing regulatory gaps, extending trading hours, and utilizing innovative exemptions to enhance U.S. market competitiveness. The other statement announced a joint roundtable on September 29 to discuss topics such as "coordinating definitions of products and venues, simplifying reporting and data standards, adjusting capital and profit frameworks, and leveraging each agency’s existing exemption authorities to establish coordinated innovation exemptions."

As two critical regulatory bodies in the U.S. economic system, this move by the SEC and CFTC signals impending new actions in U.S. crypto regulation. Odaily provides a brief analysis of this event and its potential impacts.

Core Goal of Joint SEC & CFTC Regulation: Make American Capital Great Again
Both statements highlighted "ensuring U.S. leadership in global capital markets," indicating that the core objective of this joint effort aligns with the Trump administration’s "America First" policy. Specific impacts include:

1. Opening U.S. Markets to Crypto Trading Platforms
   Based on previous information and the joint statement, the CFTC plans to issue guidance clarifying registration rules for foreign trading platforms. Prediction market Polymarket has already received CFTC approval to return to the U.S. market. The SEC and CFTC will also study introducing perpetual contracts to U.S. markets, enabling traders to participate in products previously available primarily overseas. Additionally, they plan to explore 24/7 trading, prediction markets, portfolio margining optimizations, and DeFi innovation exemptions.

   Clearly, under the Trump administration, the U.S. government is reversing its previous "closed-door" stance on crypto, aiming to fully open U.S. markets and attract crypto trading platforms to participate in building the U.S. crypto economy.

2. Further Attracting Global Capital Liquidity
   The CFTC’s plan to clarify registration rules for foreign boards of trade (FBOTs) will not only attract trading platforms and other infrastructure to the U.S. but also facilitate large-scale inflows of funds, capital, and liquidity from U.S. and global crypto users. U.S. crypto market participants like Gemini, Kraken, and Coinbase will also gain access to more users and liquidity worldwide.

   As CFTC Acting Chair Caroline D. Pham stated, "This is a way to 're-shore' crypto activity that had gone offshore due to the enforcement-based regulation of the Biden era, while reaffirming a regulatory framework that has been in place since the 1990s. For U.S. traders, this means legal access to more global liquidity; for the crypto industry, this is another step toward regulatory clarity and part of the Trump administration’s 'crypto sprint strategy.'"

3. Reducing Regulatory Costs and Improving Enforcement Efficiency
   Under U.S. law, the SEC and CFTC are both financial regulators but derive authority from different sources: the SEC primarily enforces the Securities Act of 1933 and the Securities Exchange Act of 1934, while the CFTC operates under the Commodity Exchange Act (CEA). In other words, the SEC focuses on securities markets with an emphasis on investor protection and disclosure, while the CFTC oversees commodity futures and derivatives markets, focusing on risk management and anti-manipulation. Joint regulation will clarify jurisdictional boundaries, reduce compliance burdens for crypto platforms (e.g., margin capital lock-ups), lower regulatory costs, and improve enforcement efficiency—ensuring "God’s things to God, Caesar’s things to Caesar."

After Crypto IPOs, Crypto Derivatives May Become the Next U.S. Innovation Frontier
Following landmark IPOs like Galaxy Digital, Circle, and Bullish, the joint SEC-CFTC statement positions crypto derivatives and DeFi as the next frontier for U.S. crypto innovation.

Previously, due to stringent U.S. regulations, many crypto exchanges and projects avoided the U.S. market. This joint statement signals a shift in regulatory风向: encouraging rapid development to繁荣 the U.S. crypto financial market, introducing innovative products that meet exemption criteria while ensuring risk control and investor protection.

On one hand, U.S.-based crypto projects like WLFI, Uniswap, Solana, and Moonpay may benefit from expansion opportunities and favorable policies.

On the other hand, Coinbase, Gemini, Kraken, Kalshi, Polymarket, Bitcoin spot ETFs, Ethereum spot ETFs, and other crypto index funds will attract more active traders and new liquidity.

Notably, this joint regulation opens想象空间 for traditional financial markets to activate liquidity through the crypto economy. Traditional index funds, state pension funds, and university endowments may increase their crypto asset allocations.

Given Nasdaq’s recent move to tighten regulations on listed companies establishing crypto reserves, shell companies relying solely on "hoarding strategies" for stock-crypto synergies will face greater challenges. Instead, hope lies in more standardized and innovative crypto financial products and liquidity引入.

Additionally, while MicroStrategy (the "BTC hoarding stock") met all hard requirements for S&P 500 inclusion but was not selected, CFTC Acting Chair Caroline Pham likened this to "Bitcoin’s 'Uberization' process"—where digital assets integrate into the U.S. economy to an inextricable extent—highlighting the CFTC’s attention to crypto-concept stocks.

Unlike the internet economy, which permeates all aspects of daily life, the crypto industry remains largely confined to financial investments. However, with developments in PayFi, DeFi, prediction markets, and tokenized U.S. stock markets, the crypto economy will advance further into the mainstream beyond ETFs.

Additional Timeline for CFTC Regulatory Actions

• August 21: CFTC Acting Chair Caroline D. Pham announced the next phase of the crypto sprint plan to implement recommendations from the President’s Working Group on Financial Markets. The plan focuses on federal-level digital asset spot trading and synergizes with the SEC’s "Crypto Project," echoing President Trump’s call for U.S. leadership in crypto.

• September 5: Joint SEC-CFTC statement on advancing crypto and derivatives regulation.

• September 29: Joint roundtable in Washington, D.C., open to the public both in-person and via webcast on the SEC website. Recordings will be posted on the SEC site, with agenda and participant details available here.

• According to Acting Chair Pham, the CFTC will solicit stakeholder input on leverage, margin, and retail trading issues, with a public comment period open until October 20.