SEC and CFTC Propose 24/7 Markets and Expanded Crypto Access for U.S. Exchanges
The heads of the SEC and CFTC have proposed reforms to U.S. financial markets, including 24/7 trading and expanded access for crypto assets, aligning with the growing influence of digital assets.
Fact Check
Multiple credible news sources (Yahoo Finance, Cointelegraph) explicitly state that the SEC and CFTC have proposed a shift to 24/7 markets. This is corroborated by evidence of earlier public comment periods on the topic by the CFTC. The evidence also confirms that recent joint statements from the agencies address harmonizing rules for crypto assets and discuss allowing them to trade directly on U.S. exchanges, which constitutes a move toward expanded access.
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Summary
SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham proposed several reforms, including 24/7 trading for U.S. markets, easing restrictions on prediction markets, and introducing innovation exemptions for DeFi protocols. These reforms align with the Trump administration's push for crypto-friendly policies. The agencies plan a roundtable discussion on September 29 to discuss the proposals further.
Terms & Concepts
- Super-App: A digital platform that integrates multiple financial services, such as trading securities, crypto, and lending, into a single interface, allowing users to manage all activities under one roof.
- Perpetual Derivatives Contracts: Financial contracts that allow investors to trade cryptocurrency without an expiration date, common in offshore markets but currently restricted in the U.S.
- DeFi Protocols: Decentralized financial systems built on blockchain technology that allow users to trade assets, borrow, lend, and earn interest without relying on centralized intermediaries.