On 5 September 2025, the United States Securities and Exchange Commission (US SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement committing to harmonization of regulatory frameworks. The agencies announced a public roundtable to be held on 29 September 2025 at the US SEC headquarters in Washington, D.C. The statement, delivered by US SEC Chairman Paul S. Atkins and US CFTC Acting Chairman Caroline D. Pham, highlighted a shared vision to align oversight of financial markets, streamline reporting standards, and coordinate innovation exemptions. The agencies emphasised that this step builds on their recent joint staff statement on spot crypto asset products and reflects a broader effort to reduce regulatory fragmentation. The roundtable will address priorities including capital frameworks, data reporting, and venue definitions, and will be webcast live for public access. This marks a significant milestone in cross-agency cooperation aimed at enhancing market efficiency and investor protection.
On 3 September 2025, the agencies issued a joint staff statement on spot crypto asset products, signalling coordinated regulatory engagement. On 5 September 2025, the agencies issued Joint Statement No. 2025-112, announcing harmonization efforts and scheduling the joint roundtable. On 29 September 2025, US SEC and US CFTC will co-host the public roundtable.
This joint statement is more than symbolic. For decades, market participants have navigated overlapping US SEC and US CFTC rules, often leading to duplication, uncertainty, and regulatory gaps. By aligning definitions, reporting, and capital standards, the agencies aim to lower compliance costs while enhancing market stability.
The mention of “coordinated innovation exemptions” is particularly notable: it signals a willingness to let new financial and digital products develop under structured, temporary relief instead of immediate enforcement.
US SEC Chairman Paul S. Atkins and US CFTC Acting Chairman Caroline D. Pham said in their statement stated: “It is a new day at the SEC and the CFTC, and today we begin a long-awaited journey to provide markets the clarity they deserve. Our respective agencies should consider harmonizing product and venue definitions; streamlining reporting and data standards; aligning capital and margin frameworks; and standing up coordinated innovation exemptions using each agency’s existing exemptive authority.”
Regulatory Action and Objectives
The joint statement outlines four areas of potential harmonization:
- Product and venue definitions: ensuring consistent treatment across markets.
- Reporting and data standards: reducing duplication and enhancing clarity.
- Capital and margin frameworks: aligning risk safeguards for market participants.
- Innovation exemptions: coordinating the use of exemptive powers to foster new products responsibly.
The roundtable agenda will be published on the US SEC’s event webpage in advance on a later date. Please register for in-person attendance. A recording of the roundtable will be posted on the US SEC website.
