The U.S. Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) plan to convene to review their strategies for implementing President Donald Trump’s cryptocurrency initiatives.

The agencies announced that SEC Chair Paul Atkins and newly-appointed CFTC Chair Michael Selig will lead discussions on Tuesday to explore the ‘harmonization’ between both entities.

“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,” stated Atkins and Selig. Translation: This statement highlights the confusion and misalignment in the current regulatory system that participants face.

The event aims to foster investor protection and economic leadership, as emphasized by the agency heads in their statement.

Industry’s Eyes on CLARITY Act

The crypto sector is attentively monitoring the Senate for the advancement of a bill intended to structure the crypto market regulations between the two agencies.

Both the Senate Banking and Agriculture Committees are working towards a markup of these bills, although progress has been slow due to the need for bipartisan support.

The banking committee’s recent draft stirred controversy by introducing additional limitations on stablecoin yields, leading prominent lobbyists like Coinbase to withdraw support and postpone the committee’s agenda.

Senate Agriculture Republicans put forward a draft of the bill without the necessary backing from the Democrats of the committee, indicating that further adjustments are anticipated in the lead-up to the Senate’s collective voting process.