Trading without pauses: Why U.S. regulators push for 24/7 Wall Street and financial super apps

​U.S. financial regulators decided that Wall Street’s rhythm is outdated. SEC chair Paul Atkins and acting CFTC chair Caroline Pham simultaneously announced: the time for change has come. They propose moving exchanges to 24/7 operation, legalizing new instruments for cryptocurrencies, and creating “super-apps” where an investor can do everything at once — from buying stocks to betting on elections.

It sounds like a futuristic financial scenario. But in reality, it’s an attempt to adapt to a world where crypto exchanges and Asian markets operate without breaks, and a new generation of traders doesn’t understand why trading should “close at night.” The real question is who will seize this leap first — traders, the crypto industry, or the large platforms waiting for a chance to claim the new niche.

24/7 instead of the opening bell

154 years ago, Wall Street first introduced continuous trading. But over time, convenience gave way to rules. Since 1985, U.S. exchanges have operated only during specific weekday hours. The symbol of this tradition is the New York Stock Exchange bell, opening and closing the market each day.Today, SEC and CFTC suggest abandoning this ritual. The world has changed: crypto exchanges run without weekends, currency markets never sleep, and gold can be bought or sold at any moment. A new generation of investors is used to trading from their phones at night, not waiting for Monday morning.The argument looks convincing: the U.S. risks falling behind a global economy that has long shifted into an “always on” mode. But a new risk arises too — can the market withstand round-the-clock pressure?

A super-app for everything

The boldest item on the agenda is “super-apps.” Imagine a platform where you can buy stocks, crypto, oil derivatives, and at the same time place a bet on an election outcome. Sounds like science fiction? Today, this is an actual SEC initiative.

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Paul Atkins calls such projects a “key priority” and insists that without them, the U.S. will fall behind Asia, where similar platforms are already being tested, and behind crypto exchanges that already offer everything in a single app. Critics warn, however, that such convenience comes with obvious dangers.Super-apps could morph into new monopolies, with the state gaining full access to citizens’ financial transactions. And given that Big Tech companies are the most likely to build such systems, financial control could end up in unexpected hands.

Impact on the crypto market

For the crypto industry, SEC and CFTC proposals sound like a long-awaited breakthrough. First, the idea of 24/7 trading erases the boundary between “old” and “new” markets. If stock exchanges operate in the same rhythm as crypto exchanges, investors will be able to move capital freely without being constrained by schedules. Crypto will no longer look like a “night casino” next to serious Wall Street — now everyone plays by the same clock.

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Even more important is the potential approval of perpetual futures (perpetual contracts). These are futures without an expiration date: a trader can hold a position as long as margin allows. They let investors profit both from price rises and falls without worrying about a contract “expiring.” They have already become the standard on Asian exchanges like Binance, OKX, and Bybit, where tens of billions of dollars trade daily.

In the U.S., these instruments were effectively banned, leaving Coinbase, Kraken, and other local exchanges unable to offer them. As a result, American traders flocked to offshore platforms or used VPNs. If the rules change, the situation will shift dramatically: U.S. exchanges could finally operate under the same conditions as their Asian competitors. That means equal instruments, equal opportunities for traders, and a chance to bring capital back home that has been leaking abroad for years.

Equally symbolic is the easing of rules for prediction markets and DeFi. For startups, this means they won’t have to flee offshore to test new models. Innovation returns home, and the U.S. could once again become a center of digital finance.All of this together creates the effect of a major legalization. After years of conflicts, lawsuits, and bans, the crypto industry finally heard regulators say: we are ready to cooperate.

From Gensler to a “new beginning”

Just a few years ago, SEC under Gary Gensler was synonymous with lawsuits against crypto firms. Meanwhile, CFTC chair Rostin Behnam tried to keep the dialogue open, but avoided radical steps. Both agencies fought over jurisdiction, while the market lost time and innovation slipped abroad.Now the situation has changed. Paul Atkins and Caroline Pham are showing a united front and speaking of a “new beginning.” And here, the political context is crucial: Donald Trump’s second administration has bet on deregulation and openness to crypto. In July, the White House published a report that effectively called on SEC and CFTC to loosen restrictions and bring innovation back to U.S. soil.

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Amanda Fischer, a former Gensler ally now policy director at Better Markets, warns: implementation of these reforms may take years, and their consequences could be extremely dangerous, since crypto firms will gain an edge over traditional players. But even critics admit: Washington’s mood has changed dramatically.

A new era of competition

SEC and CFTC proposals could completely rewrite the rules of the game for U.S. financial markets. If regulators truly launch 24/7 trading and create equal conditions for crypto firms and traditional players, America could become the stage for a new era of competition — between digital and classical finance.For investors, it’s a chance to gain more tools and freedom. For crypto firms — legalization and the ability to compete on equal terms. For banks — a challenge that will force them either to adapt or to cede ground to new players.

For decades, the U.S. has been the heart of global finance. Now, whether it can remain the world’s economic center in the age of digital assets will depend on how bold SEC and CFTC are willing to be.