Joint SEC and CFTC Event Planned to Address Cryptocurrency Regulatory Coordination
Paul Atkins from the SEC and Michael Selig from the CFTC are set to address cryptocurrency regulatory coordination between both agencies while Senate lawmakers continue working on legislation to clarify their respective jurisdictions.
The United States Securities and Exchange Commission alongside the Commodities Futures Trading Commission have announced plans to convene and address their collaborative work toward executing President Donald Trump's cryptocurrency policy objectives.
In an announcement made Thursday, both regulatory bodies revealed that Paul Atkins, who chairs the SEC, and recently appointed CFTC chair Michael Selig will participate in a scheduled gathering next Tuesday focused on discussing the "harmonization between the two agencies."
"For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and misaligned in design, based solely on legacy jurisdictional silos," Atkins and Selig said in a statement.
"This event will build on our broader harmonization efforts to ensure that innovation takes root on American soil, under American law, and in service of American investors, consumers, and economic leadership," they added.
Crypto sector anticipates CLARITY Act passage
Cryptocurrency stakeholders are maintaining close attention on Senate proceedings as lawmakers endeavor to move forward with legislation concerning crypto market structure that would establish clear parameters for how these two regulatory agencies will oversee the digital asset marketplace.
Both the Senate Banking Committee and the Agriculture Committee are making efforts toward advancing the proposed bills through the markup process, though progress has been hampered by repeated setbacks as legislators attempt to secure cross-party agreement for the proposed regulatory framework.
When the Senate Banking Committee released a draft version of their legislation earlier in the month, it generated significant controversy due to newly incorporated limitations on stablecoin yield products and decentralized finance protocols, prompting prominent crypto advocacy organization Coinbase to withdraw its endorsement and contributing to postponement of the committee's markup proceedings.
Republican members of the Senate Agriculture Committee unveiled their proposed draft of the legislation on Wednesday, in advance of next Tuesday's planned markup session, though their version lacks endorsement from Democratic members serving on the committee.
Additional modifications to the proposed legislation are anticipated as each committee will be required to complete markup procedures and grant approval to their respective versions before the bill proceeds to the Senate floor, where the different versions will be reconciled and subjected to a conclusive vote.