The U.S. Securities and Exchange Commission (U.S. SEC) and the U.S. Commodity Futures Trading Commission (CFTC) recently announced that they will hold a joint roundtable meeting on September 29, 2025. This meeting aims to further strengthen the collaboration between the two major regulatory agencies in the field of cross-market regulation to address the regulatory challenges posed by the increasingly complex product intersections and risk transmission in the current financial market.
As the core institution of the U.S. financial regulatory system, the SEC is mainly responsible for regulating securities issuance, trading, and related market participants, while the CFTC focuses on the regulation of commodity futures, options, and derivatives markets. In recent years, with the rapid development of cross-sector financial products such as crypto assets and structured derivatives, issues such as the definition of product attributes and the delineation of regulatory boundaries have gradually become prominent— for example, some crypto assets may be classified as 'securities' (under SEC jurisdiction) or as 'commodities' (regulated by the CFTC). Such cross-cutting issues often lead to regulatory overlap or gaps, causing compliance and risk prevention challenges for market participants.
According to informed sources, this roundtable meeting will invite representatives from financial institutions, derivatives traders, practitioners in the cryptocurrency industry, and experts from the fields of law and finance to participate in discussions focused on three main topics: first, clarifying the regulatory ownership and collaborative rules for cross-sectional products such as cryptocurrency assets and synthetic derivatives; second, optimizing cross-market risk monitoring mechanisms, especially in terms of information sharing and emergency response processes during extreme market fluctuations; third, identifying existing connection gaps in the current regulatory framework and exploring the feasibility of revising relevant regulations.
In fact, the regulatory coordination between the SEC and CFTC is not the first of its kind. After the 2008 financial crisis, the two agencies strengthened the collaborative regulation of the derivatives market through the Dodd-Frank Act, but as financial innovation accelerated, the old coordination mechanisms have become difficult to fully cover new scenarios. This joint roundtable meeting is seen by the industry as an important measure for the two agencies to adapt to market changes and improve regulatory efficiency, and it is expected to lay the groundwork for clearer cross-sector regulatory guidelines in the future, thus providing a more solid institutional guarantee for investor protection and market stability.#CFTC
