Original｜Odaily Planet Daily (@OdailyChina)
On September 5, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released two major statements.
One stated that they would increase collaboration to support the development of areas such as crypto assets, DeFi, prediction markets, perpetual contracts, and portfolio margining; they will also enhance the competitiveness of the U.S. market through regulatory rule coordination, narrowing regulatory gaps, extending trading hours, and utilizing innovative exemption measures. The other announced that both parties would hold a joint roundtable on September 29, planning to discuss topics including "considering coordinated definitions of products and venues, simplifying reporting and data standards, adjusting capital and profit frameworks, and utilizing each agency's existing exemption powers to establish coordinated innovative exemptions."
As two crucial regulatory bodies in the U.S. economic system, the actions of the SEC and CFTC may signal a new movement in U.S. crypto regulation. Odaily Planet Daily will briefly analyze this event and its related impacts in this article.
U.S. SEC & CFTC Joint Regulatory Core Goal: Make American Capital Great Again
In the two statements jointly released by the SEC and CFTC, both mentioned "ensuring the U.S. maintains its leading position in global capital markets," indicating that the core goal of this joint regulation is still part of the Trump administration's "America First" policy. Specifically, the main impacts of joint regulation are reflected in the following aspects:
1. Opening the U.S. market to crypto trading platforms.
According to previous information and the joint statement from the two departments, the CFTC plans to issue guidance on "clear registration rules for foreign trading platforms," and the prediction market Polymarket has received CFTC approval to return to the U.S. market. The SEC and CFTC will study introducing perpetual contracts in the U.S. market, allowing traders to participate in related products that previously existed mainly overseas on domestic platforms. Additionally, both parties plan to explore 24/7 markets, prediction markets, portfolio margin optimization, and DeFi innovative exemptions.
Undoubtedly, after Trump took office, the U.S. government reversed its previous "closed-door" stance towards the cryptocurrency industry and plans to fully open the U.S. market to attract numerous crypto trading platforms to participate in the construction of the U.S. crypto economic system.
2. Further attracting overseas capital liquidity.
The CFTC's plan to clarify registration rules for foreign trading platforms (FBOT) is expected not only to attract trading platforms and other industry infrastructure to the U.S. market but also to facilitate a large influx of funds, capital, and liquidity from U.S. users and global crypto users through this channel. Participants in the U.S. crypto market, including Gemini, Kraken, and Coinbase, will also reach more users and liquidity globally through this.
As CFTC Acting Chair Caroline D. Pham previously stated: "This is a way to 'bring crypto activities back to the U.S.' These activities had previously flowed out due to enforcement regulations during the Biden administration, while also reaffirming the regulatory framework that has existed since the 1990s. For U.S. traders, this means legal access to more global liquidity; for the crypto industry, this is another step towards regulatory clarity and a move in the Trump administration's 'crypto sprint strategy.'"
3. Reducing regulatory costs and improving enforcement efficiency.
Under existing U.S. law, both the SEC and CFTC are financial regulatory agencies, but their sources of power differ: the SEC is primarily established and enforced based on the Securities Act of 1933 and the Securities Exchange Act of 1934, while the CFTC exists and regulates based on the Commodity Exchange Act (CEA). In other words, the SEC mainly regulates the securities market, emphasizing investor protection and disclosure requirements, with penalties including civil fines, injunctions, and criminal referrals; while the CFTC focuses on the commodity futures and derivatives market, emphasizing risk management and anti-manipulation, often involving leveraged trading and high-risk derivatives. Joint regulation will reduce the compliance burden on crypto platforms (such as margin capital lock-up) while further clarifying the boundaries of both parties' powers, thereby reducing regulatory cost inputs and improving enforcement efficiency—truly "render unto God the things that are God's, and unto Caesar the things that are Caesar's."
4. Encouraging innovation while strengthening risk control.
The introduction of multiple potential policies and favorable measures will further encourage innovative development among U.S. domestic crypto companies, especially innovations in 24/7 trading, portfolio margining, and DeFi exemptions, which are expected to inject new momentum into the development of DeFi in the U.S. financial sector. Additionally, both departments emphasized "meeting investor and customer protection standards," and related policies may be introduced to further strengthen risk control and reduce market manipulation. In the long run, this move may effectively reduce the occurrence of chaotic price manipulation and speculation events currently present in the crypto market.
After Crypto IPOs, Crypto Derivatives May Become the New Innovation Hub in the U.S.
Following the completion of IPO events for crypto industry benchmarks such as "crypto asset management giant" Galaxy, "the first stock of stablecoins" Circle, and crypto trading platform Bullish, the joint regulatory statement from the SEC and CFTC may make crypto derivatives and DeFi the next innovation hub in the U.S. crypto space.
In the past, due to the high-pressure regulatory environment in the U.S., many cryptocurrency exchanges and projects avoided the U.S. user market. However, the joint statement from the SEC and CFTC serves as a signal for a new round of regulatory direction: encouraging rapid development and prosperity in the U.S. crypto financial market, launching more innovative products that meet exemption requirements based on risk control and investor protection.
On one hand, "U.S. domestic crypto projects" such as WLFI, Uniswap, Solana, and Moonpay may welcome a new round of expansion and favorable regulatory policies;
On the other hand, participants in the U.S. crypto market, including Coinbase, Gemini, Kraken, Kalshi, Polymarket, as well as Bitcoin spot ETFs, Ethereum spot ETFs, and other cryptocurrency index funds and related assets, will see more active traders and a new wave of liquidity.
It is worth mentioning that this joint regulation may open up imaginative space for the U.S. financial market to activate traditional financial market liquidity through the crypto economic system, including traditional index funds, state pension funds, university endowment funds, and other traditional fund institutions that are expected to engage in more crypto asset allocation.
Considering Nasdaq's previous statement about tightening regulatory measures related to companies establishing cryptocurrency reserves, it is becoming increasingly difficult to achieve the "dual listing" effect purely through "coin-holding strategies" via shell companies, and one can only hope for more standardized and innovative crypto financial product innovations and liquidity introduction.
Additionally, although the "BTC holding first stock" Strategy meets all the hard requirements of S&P 500 component stocks, it was not selected for the S&P 500. However, CFTC Acting Chair Caroline Pham previously described this matter as the "Uberization" process of Bitcoin, indicating that digital assets are becoming increasingly integrated into the U.S. economic system, highlighting the CFTC's emphasis on crypto concept stocks.
Unlike the internet economy, which has permeated various aspects of people's lives, the cryptocurrency industry currently remains focused on financial investment. However, with the development of different tracks such as PayFi, DeFi, prediction markets, and the tokenization of U.S. stocks, the crypto economy is expected to further achieve mainstreaming based on ETF funds.
Additional Timeline of CFTC Regulatory Measures:
On August 21, CFTC Acting Chair Caroline D. Pham announced that the CFTC would initiate the next phase of the crypto sprint plan to implement the recommendations in the President's Digital Asset Market Working Group report. This plan focuses on advancing federal-level digital asset spot trading and coordinating with the SEC's "Crypto Project" activities, echoing President Trump's call for the U.S. to achieve a leadership position in the crypto space.
On September 5, the CFTC and SEC jointly released a statement proposing to promote joint regulation of crypto and derivatives.
On September 29, the CFTC and SEC joint roundtable will be held at the SEC headquarters located at 100 NE F Street, Washington, D.C., and will be open to the public for in-person attendance, with a live stream on the SEC website; the recording of the roundtable will be published on the SEC's official website, with details of the agenda and participants available here.
According to previous statements by CFTC Acting Chair Caroline D. Pham in earlier remarks, the CFTC will widely solicit opinions from stakeholders covering topics such as leverage, margin, and retail trading financing, and will open a public comment channel before October 20.
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