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📖 Day 1 · Quiz (Single Choic
The U.S. SEC and CFTC proposed that the TradFi market be open for trading 24/7.
[The U.S. SEC and CFTC Propose "24/7" Round-the-Clock Trading in Traditional Financial Markets] The Chairman of the SEC (SEC), Paul Atkins, and the Acting Chair of the CFTC (CFTC), Caroline Pham, in a joint statement, proposed several more proactive measures to support Crypto Assets, including a proposal for a "24/7 round-the-clock market" in traditional financial markets, aimed at adapting the U.S. economy to the pace of the digital asset market. This policy will enable exchanges to maintain continuous online trading. For the 154 years since Wall Street introduced continuous trading, such markets have adhered to a strict trading schedule, only open during specific business hours on weekdays since 1985. However, the two chairmen indicated that this policy may need to be adjusted to keep pace with continuously active markets such as Crypto Assets, gold, and foreign exchange. The two chairpersons also proposed to relax the permissions for "innovators" to launch event contracts on prediction markets and to allow perpetual derivative contracts (which are common in the offshore crypto market but are currently heavily restricted in the U.S.) to be traded freely between securities and commodities exchanges. Another proposal would create an "innovation exemption" for DeFi protocols that provide spot crypto asset and perpetual derivative contract trading. The chairpersons stated that these proposals align with a report released by the Trump administration in July, which instructed agencies to ease numerous restrictions on cryptocurrency trading in the U.S.