SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham on Friday proposed a set of pro-crypto rules. They want U.S. securities markets to trade around the clock and to ease limits on crypto-linked products.
The move came in a joint statement from Washington. They aim to bring U.S. market rules closer to the reality of always-active digital asset trading. They said the change would help markets that never stop, such as crypto and some foreign exchanges.
A push for 24/7 markets
Atkins and Pham floated a “24/7 Markets” idea, and under it, securities exchanges could stay open all day, every day. That would be a major break from the long-standing schedule Wall Street uses.
For many years, U.S. markets have mostly traded only during weekday business hours. The regulators said those hours may no longer match how global markets and digital assets operate.
They added that a single rule may not fit all assets, and some trading types might move to full-time hours more easily than others. The chairs said they are weighing those differences as they plan next steps.
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New trading products on the table
The pair also suggested letting spot crypto trade directly on U.S. securities and commodities exchanges. They want to make it simpler for innovators to list event contracts on prediction markets.
They pushed to allow perpetual derivatives, which are common offshore but now limited in the U.S. Another idea is to give temporary “innovation exemptions” to decentralised finance projects that offer spot crypto and perpetual derivatives.
These proposals follow a broader push from the administration. A July report urged regulators to relax many limits on crypto trading. The agencies said the ideas they released this week fit that direction.
Concerns from industry voices
Fischer, who served as chief of staff to former SEC Chair Gary Gensler, warned that the changes could be risky. She said the reforms could take years to finish because they are complex.
Fischer added that new rules might give crypto-native firms an edge over traditional finance firms across markets. She warned that combining many product types in one platform could create trouble for customers.
Atkins has used the term “super-apps” to describe firms that would offer many services under one roof.
He has argued that brokers with alternative trading systems should be able to offer trading in non-security crypto assets, crypto asset securities, and traditional securities in the same place. He said this should happen without forcing firms to get many state or federal licenses.
Practical and legal questions
Observers say legal and technical hurdles remain, and exchanges, clearing houses, and market data systems would need upgrades to run 24/7. Rules around custody, margin, and market surveillance would also need to change.
Some assets face more complex oversight than others, and the regulators noted those limits and suggested a tailored approach rather than a single blanket rule.
Next steps and timeline
The SEC and CFTC plan to hold a joint roundtable on September 29 to discuss the ideas. That event will likely gather market firms, tech firms, legal experts, and consumer groups. The chairs said the goal is to collect feedback and weigh risks and benefits.
The proposals aim to modernise U.S. markets and make them more in sync with global trading patterns. They would expand the kinds of products available to U.S. traders.
But the changes will face technical, legal, and political tests, and if regulators move forward, the shift could reshape how and when Americans trade many types of assets. The final rules, if any, will likely take time and debate before they arrive.
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