Staff members at the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) are engaging in discussions regarding digital asset regulations, marking a renewed inter-agency effort toward regulatory collaboration.
Strengthening Regulatory Cooperation
According to CFTC acting chair Caroline Pham, both agencies are looking to enhance cooperation in digital asset oversight. Speaking at the Milken Institute’s Future of Fintech Symposium in Washington, D.C., Pham revealed that CFTC and SEC staff have restarted conversations on digital asset regulations and related topics.
“We have restarted conversations at the staff level between the CFTC and SEC. We would like to work together. We have worked together well in the past and I look forward to getting back to regular order,” Pham stated. She emphasized that a stronger partnership between the two regulators would benefit both the public and the market.
SEC Commissioner Peirce’s Perspective
SEC Commissioner Hester Peirce, who leads the agency’s newly formed crypto task force, also weighed in on the discussions. Peirce has been a vocal critic of the previous SEC administration’s “regulation by enforcement” approach under former chair Gary Gensler. She highlighted the significance of public participation in regulatory decision-making, noting that clear distinctions must be made regarding the SEC’s jurisdiction over digital assets.
“It is important to know what is an SEC remit and what is not… The crypto working group has started to identify what falls within the SEC’s jurisdiction and what does not, which is crucial. It is essential to involve the public in rulemaking discussions, and those affected by the rules should have the right to participate in rulemaking,” Peirce stated.
Trump Administration’s Crypto Policy Developments
The renewed dialogue between the CFTC and SEC comes amid a broader shift in U.S. crypto policy under President Donald Trump’s administration. Trump appointed Caroline Pham as CFTC acting chair and Mark Uyeda as SEC acting chair in January, with Uyeda naming Peirce to lead the agency’s crypto task force shortly after.
The collaboration also coincides with the White House’s growing focus on digital assets. Trump recently proposed the establishment of a crypto strategic reserve for the U.S., and the administration is set to host its first crypto summit on March 7, 2025. There have also been discussions about a potential joint oversight framework between the CFTC and SEC to bring greater regulatory clarity to the industry.
With regulatory uncertainty continuing to impact the crypto industry, the renewed engagement between the CFTC and SEC represents a significant step toward clearer and more effective oversight. As discussions progress, market participants will be watching closely to see whether this collaboration leads to more defined regulatory frameworks for digital assets in the U.S.
