SEC and CFTC Chairs Propose Coordinated Onshore Activity for Perpetual Crypto Contracts
According to a joint SEC and CFTC statement, U.S. regulators plan a roundtable to explore perpetual contracts, DeFi frameworks, and safe harbor options aimed at restoring innovation to domestic markets.
The SEC and CFTC announced a joint regulatory harmonization roundtable scheduled for September 29 to consider measures including perpetual contracts, expanded trading hours, prediction markets, and DeFi frameworks. SEC Chairman Paul Atkins and CFTC Acting Chairman Caroline Pham emphasized cooperation to provide clarity for U.S. markets. The agencies also released guidance allowing U.S.-registered exchanges to offer spot trading of specific crypto tokens. Additional topics include portfolio margining and potential safe harbors for peer-to-peer crypto and derivatives trading, with regulators reaffirming the principle of self-custody as a core value.
- Perpetual Contracts: Derivative contracts with no expiration date, maintained via funding-rate mechanisms to align with spot market prices.
- Decentralized Finance (DeFi): Blockchain-based financial applications enabling peer-to-peer trading, lending, and other services without centralized intermediaries.
- Spot Crypto Trading: The purchase or sale of cryptocurrency for immediate settlement, as opposed to derivatives or futures contracts.