The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will hold a joint event to discuss the coordination of crypto oversight — this is the first such step towards implementing President Donald Trump's policy.
The agencies announced that SEC Chairman Paul Atkins and new CFTC Chairman Michael Selig will meet to discuss "harmonization between the two agencies."
The end of the era of uncertainty
"For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and inconsistent in structure, relying solely on outdated jurisdictional divisions," said Atkins and Selig.
Leaders emphasized that the event will be part of large-scale efforts for harmonization: "This will ensure the rooting of innovations on American soil, under American law, and in the interests of American investors, consumers, and economic leadership."
The statement marks a significant turnaround in the approach to cryptocurrency regulation. Until now, the two agencies have often acted independently, creating legal uncertainty for companies.
The industry anticipates the adoption of the CLARITY Act
The crypto industry is closely watching the Senate's work, which is advancing a bill on the structure of the crypto market. The document should clearly define the powers of the two regulators concerning digital assets.
The Banking Committee and the Senate Agriculture Committee are working on preparing bills, but both are facing delays in their attempts to gain bipartisan support.
The Banking Committee's draft published earlier this month has sparked controversy due to additional restrictions on stablecoin yields and decentralized finance. These changes prompted Coinbase to withdraw its support and slow down the committee's work.
A long way to the final vote
Further changes to the bill are expected as both committees must discuss and approve their versions. Only after that will the document be submitted to the Senate for the merging of versions and final voting.
The joint initiative of the SEC and CFTC may accelerate this process by demonstrating regulators' readiness to coordinate efforts. Crypto companies have long demanded clarity on jurisdictional issues — now they may get answers to key questions about the future of the industry in the US.
AI Opinion
From the perspective of machine data analysis, the coordination of the SEC and CFTC may face significant technical challenges. The two regulators use fundamentally different asset classification systems: the SEC relies on the Howey test to determine securities, while the CFTC considers cryptocurrencies as commodities. Merging these approaches will require the creation of new criteria that do not yet exist in global practice.
The history of regulating financial innovations shows a paradoxical trend: attempts at harmonization often lead to more complicated rules instead of simplification. The European Union spent six years creating a unified approach with the MiCA directive, but the final document contains over 400 pages of requirements. American regulators may follow this path, especially considering political pressure and the lobbying interests of various groups.
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