Coordinating rules for the crypto market has become a key task for leading US financial regulators. This was stated by Securities and Exchange Commission (SEC) Chairman Paul Atkins after a meeting with the leadership of the Commodity Futures Trading Commission (CFTC) at a joint roundtable in Washington on September 29. According to him, the agencies aim to eliminate differences in approaches to prevent regulatory arbitrage.
Atkins emphasized that the focus of joint work includes the regulation of prediction markets, perpetual futures, and 24/7 digital asset trading.
Unlike many countries with unified financial supervision, the US divides responsibilities. The SEC regulates securities and bonds, while the CFTC oversees derivatives trading. As a result, both agencies supervise different segments of banks’ and hedge funds’ activities, which has repeatedly led to disputes over who is responsible for the crypto market.
It is expected that Congress will assign the SEC oversight of cryptocurrency securities, while the CFTC will receive expanded authority to supervise most digital asset transactions.
Earlier, we reported that a bill is advancing in Congress that will distribute responsibilities between the agencies, granting significant parts of the crypto market under CFTC control. It remains unknown whether regulators will receive additional resources and staff to fulfill new obligations.
Representatives of the SEC and CFTC stressed that their goal is to align rules so that companies and applications can operate seamlessly in both jurisdictions. According to Atkins, the agencies intend to move forward with the regulation of digital assets as a key direction of US financial policy.
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- Coinbase Accuses SEC of Destroying Gary Gensler’s Messages
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