SEC, CFTC To Hold Discussion On Harmonizing Crypto Oversight

The US Securities and Exchange Commission and the Commodities Futures Trading Commission say they’re coming together to discuss their efforts to implement President Donald Trump’s crypto agenda.

The agencies said on Thursday that SEC chair Paul Atkins and freshly-installed CFTC chair Michael Selig will hold an event on Tuesday to discuss 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.

Industry waiting on CLARITY Act 

The crypto industry is closely watching the Senate as it works to advance a crypto market structure bill that would define how the two agencies will regulate the crypto market.

The Senate Banking and Agriculture Committees are pushing toward marking up the bills, but both have been plagued with delays as they work to gain bipartisan support for the legislation.

Related: US crypto czar Sacks says banks, crypto will merge into ‘one digital asset industry’

A Senate Banking draft of the bill released earlier this month caused a stir as it added further restrictions on stablecoin yields and decentralized finance, causing major crypto lobbyist Coinbase to pull its support and delay the committee’s markup of the bill.

Senate Agriculture Republicans released their draft version of the bill on Wednesday, ahead of a scheduled markup on Tuesday next week, which did not have the support fo the committee’s Democrats.