SEC Reveals Agenda for September 29 Roundtable with CFTC - Regulatory Showdown Looms

Regulators finally show their cards—and the crypto industry braces for impact.

The September 29 meeting marks the first joint public discussion between America's two financial watchdogs since the 2023 market turmoil. SEC Chair Gary Gensler and CFTC Chairman Rostin Behnam will share the stage for what insiders call a 'jurisdictional clarity exercise.'

What's actually on the table?

Digital asset classification takes center stage—the eternal debate over what constitutes a security versus a commodity. Market structure proposals could reshape how cryptocurrencies trade on American exchanges. And enforcement coordination between agencies might finally create consistent rules instead of the current regulatory whack-a-mole.

Watch for subtle tensions between the agencies. The SEC wants broader authority over digital assets it considers securities, while the CFTC fights for expanded commodity jurisdiction. Both agencies face pressure from lawmakers who can't decide whether to embrace innovation or protect traditional finance—so they're trying to do both simultaneously.

The timing couldn't be more symbolic. Four days before the meeting, Wall Street veterans will gather for their annual regulatory compliance conferences—where they'll undoubtedly complain about blockchain disrupting their carefully constructed monopolies. Because nothing says 'financial innovation' like three-hour panels about paperwork requirements.

This roundtable either creates regulatory certainty that unleashes institutional capital—or becomes another talking shop that changes nothing. Place your bets accordingly.

What’s on the Agenda

According to the press release, the program will begin at 1.p.m with opening remarks from SEC Chair Paul Atkins, CFTC Acting Chair Caroline Pham, and SEC Commissioner Caroline Crenshaw. 

The first panel, “How We Got Here,” will explore the history of both agencies working together. Former CFTC Chairman J. Christopher Giancarlo will moderate, with panelists including Kenneth Bentsen Jr. of SIFMA, Craig Lewis of Vanderbilt University, Scott Litvinoff of Interactive Brokers, Walt Lukken of FIA, Scott O’Malia of ISDA, and Jim Overdahl of Delta Strategy Group.

At 2:10 p.m., this second panel will begin. This session will discuss trading platforms, and better rules for them that can help them grow while keeping investors safe.

Moderators Jill Sommers, a former CFTC Commissioner, and Jamie Selway, SEC Director of Trading and Markets, will lead the session with with Shayne Coplan of Polymarket, Craig Donohue of Cboe Global Markets, Terrence Duffy of CME Group, Adena Friedman of Nasdaq, Tarek Mansour of Kalshi, Arjun Sethi of Kraken, Jeffrey Sprecher of Intercontinental Exchange, and Don Wilson of DRW Holdings. SEC Commissioner Mark Uyeda will follow with remarks at 3:25 p.m.

After a short break, the third panel, “Participants,” will begin at 4 p.m and will look at how some common rules give investors more choices and lower their costs. For this part, Moderators Giancarlo and former SEC Commissioner Troy Paredes will guide a discussion on it.

Panelists include Stephen Berger of Citadel, Ryan Louvar of WisdomTree, Nick Lundgren of Crypto.com, JB Mackenzie of Robinhood Markets, Dave Olsen of Jump Trading Group, Sonali Theisen of Bank of America, and Brad Tulley of J.P. Morgan. Closing remarks at 5:20 p.m. will come from SEC Commissioner Hester Peirce.

Atkins Clears the Air

Meanwhile, in another report. SEC Chair Paul Atkins has denied reports that he could step in as CFTC chair. “Thanks but no thanks,” Atkins said in an interview. He said he wants to focus on cooperation between the two agencies, rather than taking on another role. 

“The Howey test is very vague,” he added. He also criticized the decades-old method of determining what counts as a security. “It’s a ‘you know it when you see it’ problem. Guidance from Congress would be very helpful.” He also said the SEC should not become the “Securities and Everything Commission.”

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