SEC and CFTC Unite to Streamline Crypto Oversight
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have formalized their joint framework for overseeing cryptocurrencies.
The two agencies announced a memorandum of understanding on March 11, which established the Joint Harmonization Initiative. This initiative will work towards aligning regulatory definitions, interpretations, and rulemakings for crypto assets and other emerging technologies.
According to the agreement, Robert Teply of the SEC and Meghan Tente of the CFTC will co-lead the initiative. SEC Chairman Paul S. Atkins described the agreement as 'a roadmap for a new era of harmonization between the agencies', while CFTC Chairman Michael S. Selig said it 'solidifies the agencies' commitment to harmonize regulatory frameworks.'
The joint rulemaking, which took effect on March 23, includes an interpretation from the SEC covering certain crypto assets and transactions, as well as related guidance from the CFTC.