US Regulatory Bodies Plan Joint Roundtable

The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are organizing a joint roundtable in their ongoing efforts to create a more welcoming environment for financial companies, including those in the cryptocurrency sector.

SEC Chair Paul Atkins and Acting CFTC Chair Caroline Fam announced that this roundtable will cover various topics, such as market forecasts, decentralized finance, and round-the-clock trading in traditional markets. The agencies have also issued a joint statement emphasizing their commitment to fostering collaboration.

“It’s time to put aside turf wars and really focus on teamwork,” Atkins stated in a report released Friday morning.

Previously, the two agencies experienced some tension, despite both being led by Democrat appointees from the Biden administration. Gary Gensler, the former SEC chair, was known for his critical stance on crypto, pursuing legal action and hesitating on comprehensive regulations, while the then-CFTC head, Rostin Behnam, appeared slightly more open to dialogue with the crypto industry.

Interestingly, the agencies did come together on certain issues, agreeing that crypto assets could be classified as securities, including those associated with Ethereum’s ETH.

During Friday’s announcement, Atkins and Fam expressed their commitment to a united front. They mentioned a goal of attracting innovators back to US markets from other countries.

“Striving for Maximum Efficiency”

Coindesk inquired if the regulators have the necessary resources to monitor continuous trading. In response, Atkins highlighted that self-regulatory organizations (SROs) would play a key role in this oversight.

“The market itself is primarily responsible for ensuring proper conduct on their platforms,” he noted. “Of course, we have other ways to monitor activity, and we rely on them to keep us informed.”

Atkins posed questions to Congress regarding potential SROs, as legislation regarding market structure is currently progressing through Congress.

Fam, whose CFTC is under the oversight of Senator Donald Trump’s appointee Brian Quintez, indicated that the agency would not need additional personnel to continue its regulation of the non-secured property market.

“By streamlining our various activities, we can actually enhance our productivity and capabilities,” she explained. “We’ve successfully implemented many initiatives and look forward to collaborating with the SEC on these matters.”