The SEC and CFTC are exploring a collaborative framework for crypto rules, with renewed discussions on reinstating a joint advisory committee.
According to new sources, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are looking into ways to work together to regulate crypto.
This project comes after Brian Quintenz, who is the chief crypto policy officer at a16z, was named chair of the CFTC.
Eleanor Terret, a reporter for Fox Business, said that top officials at the SEC and CFTC are having big talks to improve how they work together to keep an eye on digital assets. This move shows that the Trump government is paying more attention to crypto.
One idea being looked at is bringing back the CFTC-SEC joint advisory group, which was set up in 2010 but hasn’t met since. The committee hasn’t done anything since 2014, but it could provide a structured way to deal with regulatory issues in the rapidly changing crypto area.
Last year, Caroline D. Pham, who was acting CFTC Chair at the time, pushed for the advisory group to be brought back to life, stressing how important it was for creating a unified regulatory framework for digital assets in the U.S. The new effort says that the two agencies will work together to make crypto regulations that make sense.
Hester Peirce Urges Brian Quintenz to Push SEC-CFTC Collaboration
The new head of the CFTC, Brian Quintenz, took office on Wednesday. Because he has so much experience in the crypto business, his hiring could have a big effect on it.
Hester Peirce, an SEC commissioner who is better known as “Crypto Mom,” asked the agencies to work together more. She praised Quintenz and said, “Looking forward to more cooperation between the SEC and CFTC.” It was Dodd-Frank Title VII the last time. In this case, crypto.”
Peirce has been leading the SEC’s attempts to get clearer rules, and the CFTC is moving forward with its crypto projects. Because it is a pilot program, the CFTC wants to hold a CEO meeting with big names in the industry, such as Ripple, Coinbase, and Circle.
The business world hopes for a crypto-friendly SEC chair
Mark Uyeda, who supports crypto, is the acting chair of the SEC right now. Many people in the business, though, want Paul Atkins to take on the job permanently.
Digital assets are something Atkins knows a lot about. He is on the board of Securitize and is known for tokenizing Exodus shares on the Algorand blockchain. If he is appointed, it will show that the U.S. is open to regulating crypto.
