SEC and CFTC Leaders Unite to Forge Future Regulatory Path
The chairs of the SEC and CFTC have announced a joint effort to streamline regulations affecting financial markets and crypto firms, underscoring their commitment to collaboration.
What to know:
- The SEC and CFTC renewed their commitment to collaborate on regulatory measures, focusing on rules for decentralized finance and prediction markets, while also working towards enabling 24/7 trading in traditional markets.
- The agency chairs have scheduled a joint roundtable for September 29.
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are taking steps to create a more favorable environment for financial firms and crypto businesses in the U.S.
During a press call on Friday, the leaders of both agencies—SEC Chair Paul Atkins and Acting CFTC Chair Caroline Pham—revealed plans for a joint roundtable this month to tackle issues surrounding decentralized finance, prediction markets, and around-the-clock trading in established financial settings.
“It’s time to leave turf aside and really collaborate,” stated Atkins during the briefing.
Previously, under different leadership, the agencies clashed regarding the regulation of crypto, with former SEC Chair Gary Gensler taking a more confrontational approach with crypto firms. Now, both agencies are striving for unity to attract businesses back to U.S. markets.
In their call, Atkins and Pham articulated a cooperative stance aimed at overseeing 24/7 trading markets and modernizing their regulatory oversight.
‘Maximum productivity’
When questioned about the CFTC’s capacity to manage extended market hours, Atkins mentioned the crucial role of self-regulatory organizations in maintaining oversight. Pham emphasized the importance of consolidating activities to enhance the agencies’ productivity while handling their regulatory roles effectively.
Read more: U.S. SEC’s Atkins Posts Agency’s Near-Term Agenda Jammed With Crypto Efforts
