Could European Crypto Rules Open U.S. Markets?

Acting Chair Pham hints at major regulatory harmonization between U.S. and EU crypto frameworks.

September 11, 2025

📩 Fintech Forward | Bridging Crypto Regulation Across the Atlantic

Could Europe’s crypto rules unlock the U.S. market for global platforms? The CFTC thinks so.

In a potentially game-changing moment for global crypto markets, Acting CFTC Chair Caroline D. Pham revealed that the U.S. Commodity Futures Trading Commission is actively exploring whether platforms authorized under Europe’s new Markets in Crypto-Assets (MiCA) regulation could be granted access to U.S. markets under existing cross-border rules.

Speaking before the UK Parliament’s All-Party Parliamentary Group on Blockchain Technologies, Pham indicated that the CFTC is considering MiCA as a credible framework that might satisfy the CFTC’s requirements for foreign platform recognition.

“The CFTC will also explore whether trading platforms authorised under the EU Markets in Crypto-Assets Regulation (MiCA), or similar virtual asset or crypto asset regimes, would also qualify under the CFTC’s current cross-border frameworks,” Pham stated, according to Finance Magnates.

🇪🇺➡️🇺🇸 MiCA as a Bridge?

For years, U.S.-based crypto firms have been operating in a fog of regulatory ambiguity—many choosing to set up shop in jurisdictions with more clearly defined crypto laws. Now, MiCA could offer a standardized, comprehensive rulebook that U.S. regulators may deem robust enough to serve American participants indirectly.

Pham emphasized that Europe’s MiCA regulation could be the first real gateway for U.S. investors to access non-U.S. crypto platforms in a compliant manner.

“Because of the lack of U.S. regulatory clarity and the enforcement-first approach of the past several years, many U.S. firms established affiliates in non-U.S. jurisdictions with clear regulations for crypto asset activities,” she noted.

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🤝 CFTC + SEC: New Era of Cooperation?

Adding to the momentum, Pham pointed to a “new beginning” in the relationship between the CFTC and the Securities and Exchange Commission (SEC), traditionally seen as operating in regulatory silos when it comes to digital assets.

A joint roundtable between the two agencies is slated for later this month. The agenda? Harmonizing product definitions, standardizing data, and exploring innovation-focused exemptions like safe harbours and sandboxes—a nod to the more adaptive regulatory approaches seen in other jurisdictions.

🏛️ A Shift in U.S. Strategy

This all comes on the heels of the Trump administration’s recently published digital asset roadmap, which calls for:

  • Modernized banking rules for digital finance

  • Tighter oversight of stablecoins

  • New regulatory tools to promote innovation without sacrificing oversight

As part of this initiative, the CFTC has launched a "Crypto Sprint" to gather public feedback on how listed spot crypto trading should be regulated—comments are due by October 20.

Pham also underscored the importance of remaining technology-neutral, cautioning regulators not to repeat the mistakes of the Dodd-Frank Act, which many believe led to fragmented financial markets.

🌍 Global Coordination on the Horizon?

Through her work with the Global Markets Advisory Committee, Pham has long championed pragmatic, cross-border regulation. Her recent comments signal growing U.S. alignment with MiCA-style frameworks—covering areas like capital requirements, custody standards, transparency, and retail investor protection.

With both regulators and the industry increasingly calling for clarity, the door may finally be opening to regulatory harmonization across the Atlantic.

In a joint statement, the CFTC and SEC encouraged crypto platforms to engage with them directly—highlighting a rare moment of regulatory cooperation and signaling that compliance within existing frameworks may be possible, even before new laws hit the books.

⚡ Fintech Forward Takeaway

MiCA may not just reshape the EU market—it could unlock new paths into the U.S. for global crypto platforms. As regulatory dialogues deepen, the U.S. may be on the cusp of moving from enforcement-first to innovation-friendly.