In another joint announcement highlighting the urgency of regulatory coordination, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) issued their second statement this week on Sept. 5, 2025. SEC Chair Paul S. Atkins and CFTC Acting Chair Caroline D. Pham positioned the initiative as a continuation of their earlier work, explaining:

Today, we build on our divisions’ joint statement on facilitating trading of certain spot crypto asset products and highlight the innovations that greater harmonization of SEC and CFTC regulatory frameworks can unleash.

The agencies outlined several areas of focus with an emphasis on digital assets. On event-based products, they noted: “The SEC and CFTC should examine opportunities to collaborate to consider where event contracts may be made available to U.S. market participants regardless of where the jurisdictional lines fall.” They also raised the possibility of addressing offshore practices: “The agencies could consider concurrent steps to onshore perpetual contracts that meet investor and customer-protection standards, potentially allowing these products to trade across SEC- and CFTC- regulated platforms.”

With regard to decentralized finance (DeFi), the statement said: “Today’s decentralized finance (DeFi) protocols enable direct peer-to-peer trading without the need for intermediaries. We reaffirm that both agencies are prepared to consider ‘innovation exemptions’ to create safe harbors or exemptions that allow market participants to engage in peer-to-peer trading of spot, leveraged, margined, or other transactions in spot crypto assets, including derivatives such as perpetual contracts, over DeFi protocols. These safe harbors and exemptions would allow market participants to build commercially viable models while the agencies advance longer-term rulemaking.” The regulators added:

The right to self-custody one’s assets is a core American value. While market participants have paths under current law to trade spot crypto on federally regulated venues, the path remains open for peer-to-peer spot crypto trading as well. We encourage market participants to meet with our respective staffs as entrepreneurs onshore trading activity and innovate.

Atkins and Pham concluded by stressing the link between harmonized oversight and U.S. competitiveness: “By harmonizing our regulatory frameworks, leveraging exemptive authorities, and collaborating on innovative products and trading platforms, the two agencies could unlock new opportunities for market participants, foster innovation, and solidify the United States as the global leader in crypto and blockchain technology.” With this second joint statement in one week, the SEC and CFTC underscored their intent to close regulatory gaps, offer clearer pathways for innovation, and reinforce the U.S. role in global digital asset markets.

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