SEC and CFTC Target Perpetual Contracts and 24/7 Trading in Major Crypto Market Harmonization Push

Securities and Exchange Commission Chairman Paul S. Atkins and Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued a joint statement September 5, announcing unprecedented regulatory coordination to introduce perpetual contracts and 24/7 trading to US crypto markets . The agencies declared their intention to eliminate regulatory gaps that have driven innovative financial products overseas due to fragmented oversight and legal uncertainty.

The regulators specifically outlined plans to consider introducing perpetual contracts—derivatives without fixed expiration dates—to US markets, enabling American traders to access products currently available only on offshore crypto platforms. Perpetual contracts account for 68% of all Bitcoin trading volume in crypto markets so far in 2025, up from 66% in 2024, according to market data firm Kaiko . The agencies also committed to exploring expanded 24/7 trading hours, prediction markets, portfolio margin optimization, and decentralized finance innovation exemptions.

Atkins leads the SEC under the current administration, while Pham serves as acting chairman of the CFTC, the federal agency overseeing commodity derivatives markets. Both agencies have historically maintained separate jurisdictions over securities and commodities respectively, but acknowledged their work has become increasingly intertwined as traditional market boundaries blur.

The move comes as crypto derivatives markets have grown substantially, with current estimates ranging from $20 trillion to $28 trillion in 2024, though these products are not centrally regulated and reported . Physical crypto exchange Bitnomial listed the first US-regulated perpetual futures contracts in April 2025, marking an initial step toward bringing these products to American markets .

The joint initiative builds on a September 2 staff statement that facilitated trading of certain spot crypto asset products. The agencies plan to host a joint roundtable on regulatory harmonization September 29, to discuss specific coordination priorities including streamlined reporting standards, aligned capital frameworks, and coordinated innovation exemptions .

For 24/7 markets, the regulators noted that certain markets including foreign exchange, gold, and crypto assets already trade continuously. The agencies stated that expanding trading hours could better align US markets with the evolving reality of a global, always-on economy, though they acknowledged this may be more viable in some asset classes than others .

For portfolio margining, the agencies proposed allowing clearinghouses to offer cross-product margin calculations that recognize offsetting positions across SEC and CFTC-regulated platforms. Current unharmonized requirements force market participants to post separate collateral even when positions economically hedge each other, creating capital inefficiencies.

The statement emphasized support for decentralized finance protocols that enable peer-to-peer trading without intermediaries. Both agencies indicated readiness to consider innovation exemptions creating safe harbors for market participants engaging in spot, leveraged, or derivative transactions over DeFi protocols while advancing longer-term rulemaking .