The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement on Friday, exploring the possibility of transitioning to a 24/7 capital market and the regulation of crypto derivatives.
The regulators stated in the announcement that expanding on-chain finance requires a 24/7 trading environment across asset classes.
Establishing regulatory clarity for event contracts and perpetual futures—futures contracts without an expiration date—is also a priority. However, these agencies clarified:
The potential shift to an "around-the-clock" financial market would increase the speed of capital flow but also heighten the risks for traders, exposing their overnight and long-term positions to market participants in different time zones, who may kick them out of trades while they are asleep.
The administration of U.S. President Donald Trump released a crypto report in July outlining inter-agency policy recommendations to create a comprehensive framework for the digital economy.
The report directed the SEC and CFTC to establish cooperative regulation of the crypto industry, with the CFTC having "clear authority" to regulate the spot crypto market, while the SEC would be responsible for regulating tokenized securities.
In August, the CFTC announced a pathway for overseas crypto exchanges to serve U.S. customers through the Foreign Board of Trade (FBOT) framework.
FBOT registration allows regulated overseas exchanges across all asset classes to apply for licenses to operate in the U.S., a framework that has existed since the 1990s.
The Trump administration's crypto report in July also recommended developing quantum-resistant architectures to protect crypto protocols from attacks by quantum computers, which may potentially break modern encryption standards in the future.
The SEC's Crypto Assets Working Group is currently reviewing a proposal to provide quantum protection for digital assets before current encryption standards protecting banking, financial, and military applications are compromised by quantum devices.
Related: Wintermute urges the SEC to exclude network tokens from securities rules
Original: “SEC and CFTC Issue Joint Statement Hinting at Shift to 24/7 Capital Markets”
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