Strategy’s STRC preferred stock has become the largest holding in three major U.S. preferred stock ETFs, which collectively own $756 million of the security even as its price remains about 13% below its $100 par value. Michael Saylor, Strategy’s co-founder…
The SEC is preparing to hold a public roundtable on 24-hour trading, and while the announcement is focused on US equity markets rather than crypto, the direction of travel is hard to miss.
Traditional markets are being pushed toward a world that crypto already knows well: trading that does not neatly stop at 4 p.m., clearing systems that need to handle more continuous activity, broker-dealers that need overnight controls, and investors who increasingly expect access outside the old market day.
The SEC said the roundtable will take place on September 17, 2026, under File Number 4-913. The discussion will cover the operational and regulatory issues around extending US public market trading hours, including overnight trading, clearing requirements, national market system rules, broker-dealer responsibilities, operational resilience, and investor protection.
That may sound dry, but it is a serious market-structure question.
Crypto has been 24/7 from the beginning. Stocks, ETFs, and regulated public markets are now being forced to think about what always-on finance actually requires.
TL;DR
The SEC will hold a public roundtable on 24-hour trading on September 17, 2026.
The discussion is focused on US equity markets, not crypto directly.
The topic matters because traditional markets are moving closer to always-on financial infrastructure.
Why 24-Hour Trading Is A Bigger Question Than Access
At first glance, extended trading sounds like a simple investor-access story.
Let people trade for longer. Let brokers open more hours. Let markets respond to news overnight. Give investors more flexibility.
But the real issue is infrastructure.
Markets do not work just because a trading screen is open. They need clearing, settlement, surveillance, liquidity, quoting obligations, risk controls, broker support, margin systems, customer protections, and operational staffing. If those systems are stretched across more hours, the entire market has to adapt.
That is why the SEC is looking at this through a roundtable rather than a casual policy note.
A 24-hour market can create benefits, but it can also create thinner liquidity, wider spreads, more volatile overnight moves, and new pressure on brokers and clearing firms. Retail investors may get more access, but they may also trade in worse conditions if market depth is weak outside normal hours.
Crypto traders understand that problem already.
A token may technically trade 24/7, but not every hour has the same liquidity. Weekend markets can be thinner. Sudden news can move prices aggressively. Risk never fully sleeps.
Crypto Is The Reference Point, Even If It Is Not The Target
The SEC’s announcement does not directly target crypto assets, and that needs to stay clear.
This is about US public market trading infrastructure. But crypto is still the obvious backdrop because it has normalized always-on market access for millions of traders.
Younger investors are used to checking Bitcoin or Ethereum prices at midnight, on Sunday, or during a holiday. Global markets are used to digital assets moving continuously. Brokers and exchanges know that investor behavior has changed.
That shift creates pressure on traditional markets.
If investors can trade crypto whenever they want, they eventually ask why equities and ETFs remain tied to old market hours. The answer is not that traditional markets are lazy. It is that the systems around equities are more regulated, more intermediated, and more dependent on coordinated infrastructure.
That is exactly why the SEC roundtable matters.
It asks whether the old system can stretch without breaking important protections.
Clearing And Broker-Dealer Rules Are The Hard Part
Trading hours are the visible layer. Clearing is the harder one.
If trades happen around the clock, clearing and risk systems need to support that activity. Brokers need to know how customer orders are handled overnight. Market makers need to decide when and how they quote. Exchanges need surveillance systems that can operate continuously.
Investor protection also becomes more complicated.
A retail trader placing an order at 2 a.m. may face a very different market than one trading during the normal session. If spreads are wider or liquidity is thin, execution quality can suffer. Regulators will want to understand whether disclosures, order handling rules, and best execution obligations remain strong enough.
Those are not theoretical concerns.
Crypto markets have shown both the appeal and danger of constant access. Always-on trading gives users freedom, but it also removes natural pauses. There is no guaranteed cooling-off period. Markets can move while people sleep.
Traditional Finance Is Learning From Crypto’s Rhythm
One of the more interesting parts of the 24-hour trading debate is that traditional finance is not simply copying crypto. It is trying to absorb the parts investors like while keeping the protections regulators demand.
That is harder than it sounds.
Crypto’s always-on nature developed without the same market structure that surrounds US equities. There are fewer closing auctions, no single national market system equivalent, different custody models, and very different investor protections.
US equity markets cannot just flip a switch and become crypto-style 24/7 markets.
But the pressure is real.
ETF trading, global investor demand, retail app behavior, and cross-market volatility all make longer trading hours more likely over time. The SEC roundtable gives regulators, exchanges, brokers, and investors a chance to examine what that world requires before it becomes standard.
For crypto, the story is less direct but still meaningful.
It shows that always-on finance has moved from a crypto-native oddity to a mainstream market-structure question. Traditional markets are now debating how much of that model they can safely adopt.
That does not mean rules have changed yet. It means the conversation has moved into the center of US market policy.
BlackRock, the world’s biggest asset manager, has chimed in on the crypto-quantum debate — and is surprisingly optimistic.
The firm, which manages over $15 trillion in assets, said in its new report, Quantum Computing and Blockchains, that upgrading existing cryptography to quantum-resistant standards is a far easier task than actually building a functional quantum computer capable of breaking that cryptography.
“In our view, PQ migration for cryptocurrencies is eminently addressable from a technical
standpoint, and the key challenge is one of timely coordination and implementation,” the report read.
The crypto community has sounded the alarm about hypothetical advancements in quantum computers that could in the future be able to break Bitcoin’s cryptography. Some in the space — including Bitcoin developers — have started preparing for a post-quantum future by testing quantum-resistant signatures on live sidechains.
Quantum computers do exist but make mistakes and a machine that can break Bitcoin’s cryptography currently does not exist. Bitcoin currently is the biggest computer network in existence.
BlackRock has skin in the game after having debuted in 2024 spot Bitcoin and Ethereum exchange-traded funds. BlackRock’s Bitcoin fund had the most successful launch in the history of the ETF industry.
BlackRock boss Larry Fink has also talked of Bitcoin being “digital gold” and an “international asset” and has spoken about how crypto networks can help tokenize everything.
JUST IN: Michael Saylor announces Strategy, BlackRock, Fidelity and Coinbase are pledging $15 million to support open source Bitcoin development "for the decades ahead." pic.twitter.com/W5q60ph9n3
The report said that while solutions exist for protecting Bitcoin against quantum computers — it is technically simple to upgrade — coordination is hard given the cryptocurrency’s decentralized, consensus-driven development.
BlackRock noted that about 35% of circulating Bitcoin’s supply is potentially vulnerable to certain attack types due to exposed public keys, and 11-19% may be permanently lost regardless of migration.
Along with crypto bigwigs like Coinbase, Fidelity Digital Assets, and Block, BlackRock on Thursday announced a new Bitcoin Security Consortium aimed at donating funds to engineers to help their open-source work supporting proposals like BIP-360.
The asset manager added in the report that while BIP-360 is a credible, well-designed piece of a larger puzzle, it stopped short of calling it the solution. Still, it added that Bitcoin and other crypto networks had the advantage.
“That said, it is a much less daunting task to upgrade current cryptographic systems (including Bitcoin, Ethereum, and others) to a quantum-secure standard than it is to build a CRQC from where quantum computing progress stands today,” the report noted.
“Thus, advantage remains decidedly with the defense, at the current juncture.”