Regulators Collaborate on digital Assets
The Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) are deepening their collaboration on digital assets. CFTC acting chair Caroline Pham revealed that staff from both agencies are discussing ways to work together more effectively.
FOX Business reporter Eleanor Terrett shared Pham’s comments on X. pham believes this renewed dialog will benefit the public and the market. “We have restarted conversations at the staff level between the CFTC and SEC. We have worked well together in the past and look forward to regular collaboration,” she stated.
These talks are happening at the Milken Institute’s Future of Fintech Symposium in Washington D.C. SEC Commissioner Hester Peirce, who leads the SEC’s crypto task force, also weighed in. Peirce emphasized the importance of public participation in rule-making. “Its crucial to know what falls under the SEC’s jurisdiction and what doesn’t,” she said. “Involving the public in these discussions is essential.”
Peirce, known for her pro-crypto stance, has been a vocal critic of the ‘regulation by enforcement’ approach under former SEC chair Gary Gensler. She highlighted the need for clarity in the regulatory landscape. “The crypto working group is identifying what belongs to the SEC and what doesn’t. Public involvement in rule-making is vital,” she added.
President Donald Trump’s crypto working group is making progress. Trump appointed Pham as CFTC acting chair and Mark Uyeda as SEC acting chair in January. Uyeda named Peirce to head the crypto task force shortly after. the discussions come as the White House prepares for its first crypto summit on March 7, 2025. Trump’s recent remarks on a U.S. crypto strategic reserve show the management’s commitment to clarity. The goal is to foster innovation while ensuring proper oversight. The agencies aim to define their roles clearly. This joint effort aims to bring much-needed clarity to the crypto space.
- Staff-level talks aim to clarify regulatory roles.
- public participation is key to shaping effective regulations.
- Trump’s crypto working group is actively working on regulatory clarity.
Peirce stressed the importance of distinguishing SEC responsibilities. “We must involve those affected by the rules,” she noted.
Trump’s crypto working group is addressing regulatory gaps. The White House summit will further this initiative. The summit will bring together industry leaders and regulators.
Both agencies are striving for a balanced approach. They want to support growth while protecting investors. The summit will address these issues. The agencies seek to balance innovation with consumer protection.
For more on the summit, visit the Milken Institute for more insights.
