On Monday, September 29, 2025, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held a joint roundtable in Washington, D.C., focusing on regulatory harmonization between the two agencies. The event came after a joint statement from SEC Chairman Paul S. Atkins and CFTC Acting Chairman Caroline D. Pham, emphasizing a commitment to aligning regulatory frameworks to reduce investor costs and expand market choice.
“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,” the chairs said in their joint statement. They highlighted the potential benefits of working together, from harmonizing product definitions and streamlining reporting requirements to coordinating innovation exemptions under existing authorities.
The roundtable brought together regulators, industry leaders, and market experts to explore how closer cooperation could tackle longstanding regulatory challenges and enhance market efficiency. One of the panels, moderated by former CFTC Chair J. Christopher Giancarlo and former SEC Commissioner Troy Paredes, featured industry leaders including Stephen Berger (Citadel), Ryan Louvar (WisdomTree), Nick Lundgren (Crypto.com), JB Mackenzie (Robinhood Markets), Dave Olsen (Jump Trading Group), Sonali Theisen (Bank of America), and Brad Tully (J.P. Morgan).
Louvar of WisdomTree underscored the ongoing jurisdictional challenges between the SEC and CFTC, particularly in defining digital assets: “As a registered fund provider with investments in commodity interests, we’ve had to navigate two bifurcated regulatory regimes.
Former CFTC Chairman Giancarlo pointed out the discrepancies in data reporting requirements: “The CFTC wants 132 data fields, the SEC 148, and overseas regulators up to 227—with no alignment whatsoever,” he said. Giancarlo advocated for blockchain-based solutions that could allow regulators to monitor transactions in real time, effectively transforming the post-trade reporting regime into a streamlined, transparent system.
Jump Trading Group’ Olsen highlighted how decentralized finance (DeFi) platforms and oracles—trusted data feeds for smart contracts—are already solving data problems. “Oracles aggregate real-world data to power trading models, and this space is wide open for further development,” he noted.
The panel agreed that U.S. markets need to evolve toward 24/7 trading to keep pace with global markets and emerging digital assets. Lundgren of Crypto.com advocated for the U.S. to embrace 24/7 markets, stating: “If there’s a market for it, people should be able to trade it anytime. Markets like crypto and FX already operate 24/7 efficiently.” Robinhood Markets’s Mackenzie emphasized that market participants today are equipped to handle around-the-clock trading with proper staffing and technology.
Sonali from Bank of America highlighted the importance of sequencing innovation with investor protection. “We need to ensure the ecosystem is ready and aligned to operate safely before moving markets to 24/7 trading,” she said. Louvar pointed out that trading is only half the equation; “settlement must also evolve”. “It’s about immediate settlement too. Blockchain offers a way to settle trades transparently and at low cost, benefiting end investors.”
Olsen added that stablecoins are often viewed as a key solution for settling trades outside traditional Fed wire hours. However, he cautioned against the asymmetry in how stablecoins are treated compared to treasuries, calling for more clarity and regulatory frameworks. Tully from JPMorgan agreed, emphasizing the need for “regulatory wrappers” around extended trading hours and settlement mechanisms, including central bank facilities to manage risk.
Former SEC Commissioner Troy Paredes introduced the concept of harmonization, noting that it can take many forms, from aligning rulebooks and processes to improving interagency communication. Tully suggested reviving joint advisory committees between the SEC and CFTC as a concrete step to foster collaboration and create actionable recommendations. Sonali advocated for formalized public-private partnerships to tackle key issues like blockchain definitions, investor protection, and record keeping. “A punch list of topics prioritized by sequence could help drive focused debate and coordinated action,” she said.
Meanwhile, Mackenzie emphasized the need for deadlines to spur progress: “If there’s never a timeline, the status quo persists. We need to set goals, like moving to 24/7 trading, and let innovators lead the way while bringing incumbents along.” He also noted that international markets are moving quickly, and the U.S. risks losing competitiveness if it lags. Sonali added that while rapid innovation is critical, it must be balanced with safeguards to prevent unintended consequences. “Sequencing is key,” she said.
The discussion highlighted a shared recognition among regulators and market participants that innovation in financial markets is inevitable and accelerating. However, aligning regulatory frameworks—between the SEC, CFTC, and globally—and building infrastructure to support 24/7 trading, immediate settlement, and real-time transparency will require deliberate, coordinated efforts.
This roundtable represented a tangible step toward the vision laid out in the joint statement by Chairman Atkins and Acting Chairman Pham. They framed the initiative as “a pivotal step toward building more coherent and competitive U.S. markets.”
“By working together to align our regulatory frameworks, the SEC and CFTC can reduce unnecessary barriers, enhance market efficiency, and create space for innovation to thrive,” they said.
