The Securities and Exchange Commission and the Commodity Futures Trade Commission are hosting a joint roundtable on regulatory harmony of digital assets, streamed on Sec.gov, from 1pm to 5:30pm ET.
opening remarks Coming from SEC Chair Paul S. Atkins and CFTC acting chair Caroline D. Fam, the closing remarks and agenda from SEC Commissioner Hester M. Perth bring executives from the InterContinental Exchange, CME Group and Nasdaq along with Kraken, Polymeruk and Karshi.
In a joint statement earlier this month, Atkins and Fam framed the effort as a move to clarify to the market, saying, “It’s a new day at the SEC and CFTC, and today we’re embarking on the long-awaited journey to provide the market with the clarity they deserve.”
This session places a long-term boundary between securities and goods under a single camera feed. This is important about where assets can be traded, where disclosures apply, and how monitoring is adjusted.
According to the SEC agenda, discussions block the centre of jurisdictional testing, listings and exchange supervision, with time reserved for public market plumbing, such as data sharing and surveillance cooperation.
At the same time, CFTC is moving forward with tokenized collateral and last week announced an initiative to obtain comments on the use of stablecoins and other tokenized assets for margins in the derivatives market.
Practical Stakes
First, the scope of the securities test for exchange-selling digital assets and whether standardized listings and disclosure templates can expand beyond Bitcoin and ether. Panelists will consider templates and data sharing mechanisms. This could directly affect the speed at which a large cap token moves to a registered venue.
Second, the location of spot market monitoring, including whether CFTC is obtaining clearer lanes in the digital goods cash market, through a topic placed on the table by CFTC, a more distinct lane than the digital goods cash market, through a coordinated SRO-style framework.
Third, it is treated as an event contract venue. Polymarket plans to re-enter the US through CFTC-molten exchanges and acquisition of Clearinghouse.
Immediate results
The flow and market structure bring immediate results to the roundtable. The US Spot Bitcoin ETF continues to draw or drop hundreds of millions of dollars per day, providing a high-frequency barometer for regulated demand.
For each far side investor, net flow swings were led by the largest amount of funds this month, from modest outflows to large daily inflows across the cohort.
If the SEC and CFTC converge on the template and surveillance expectations of the list, the next wave of products will move beyond the single asset ETF to basket or sector exposure, and the registered exchange may process the underlying cash transactions.
This redirects liquidity to venues with monitoring and clear disclosure obligations, strengthening the relationship between ETF primary markets, reference pricing and cash market integrity.
The Stablecoin policy is a hinge of collateral and settlement. Defillama’s dashboard shows the total market for the Stablecoin market, which is close to the high $280-$290 billion band in September, and will change as issuer stocks reset and regulatory regimes evolve.
CFTC’s request for comments on tokenized collateral could provide a cash-confined free balance sheet, if guidance on recognizing high-quality stable coins in margins, and could increase capital efficiency for futures committee merchants and clear members.
Because margin policies determine the risks that capital companies can deploy at a specific volatility level, margin policies determine whether tokenized incidental movements between custody, liquidation, and settlement without manual breaks.
The forecast market tests how institutions draw a line between protected speech, event risk transfer and gambling laws. The agenda includes Polymarket and Kalshi. This gives the committee a platform to discuss contract categories, event definitions, election-related guardrails, and operational monitoring standards.
Following the SEC agenda, the format is designed to map actual monitoring questions to existing statutory tools rather than publishing new rules on-site. The value of readers is in the direction of travelling through these categories.
How far will the template and adjustment go?
A template-driven approach of lists, coupled with CFTC recognition for specific tokenized collateral, increases the regulated market share of spots and derivatives, while also formalizing spot market mandates by leaving room for state or federal law.
The limited results of ETF approvals exceeding exchange permits continue to concentrate flows on fund rappers that rely on robust cash market reference prices and bilateral data sharing.
The fragmented outcome will continue to divide liquidity with changes in case-by-case exemptions and national care for event contracts, leading market participants to arbitrate venue rules rather than price discovery.
To ground these paths numerically, the table below summarizes the extent to which data-driven newsrooms can track against the cited baseline using ETF flow volatility, stub coin floats, and collateral policies as main levers.
| 12 months scenario |
Policy outcome | Market impact scope |
|---|---|---|
| Structured transparency | The SEC list template is expanded and CFTC provides an overview of the adjustment of tokenized collateral parameters and spot surveillance | US regulated spot share +5 to +15% points, derivatives rise 15-30% from current baseline, with Stablecoin Float 330B-$36 billion |
| ETF-first | Product approvals will be broadened and replacement approval will be delayed | ETF AUM and primary market activities dominate new exposures in the net, with derivatives increasing 5-15% in hedge demand |
| Fragmented Federalism | No clear spot mandate, no state divergence of event contracts | Liquidity split continues, growing forecast markets surrounded by contract restrictions and state regulations |
Kraken and other exchanges are poised to argue that trading on many tokens can be overseen under existing exchange rules without treating these assets as securities.
Polymarket argues that, under the supervision of the CFTC, information markets can contribute to price discovery of citizen and economic topics if restrictions and KYC controls are explicit.
These positions, which violate the committee’s statutory restrictions, defined whether short-term clarity would arrive through guidance and staff templates or remain bound by case-specific relief.
Headline results to mark on the calendar
First, SEC staff publishes draft templates or FAQs that codify the list of assets beyond Bitcoin and ether and disclosure expectations in an explicit surveillance language.
Second, whether the CFTC complies with a request for comment with guidance recognizing stubcoins as criteria defined by the derivative clearing organization’s defined criteria, and whether that guidance refers to interagency monitoring or data sharing.
Third, whether or not the committee opens comments on event contract categories that can be listed without litigation is a step that gives the platform a predictable path to scaling.
The Round Table page hosts live streams and materials, including the complete agenda, panel timing, speaker lists and more.