US Securities and Exchange Commission (SEK) and Commodity Futures Trading Commission (CFTC) Plan to keep a common roundtable table as a next step in their efforts to make the US markets friendlier to financial companies, including cryptic companies.
Bureau’s heads – SEC chairman Paul Atkins and functioning CFTC chairman Caroline Pham – announced a common round table for later this month to discuss prediction markets, decentralized financing and 24/7 trading in traditional financial markets, including questions. The agencies also published a joint statement that outlined their push for “greater harmonization” between the two agencies.
“It’s time to leave the grass aside and real cooperation,” Atkins said during a press call on Friday morning.
During the previous administration, the two agencies were sometimes in odds of police police work, although their leaders were both Democrats appointed by former President Joe Biden. Gary Gensler, ex-manager for SEC, emerged as a crypto antagonist, took businesses to court and refused to move on in extensive crypto regulations, while the then CFTC chairman Rostin Behnam was marginally more open to conversations with the industry.
For example, the two agencies adopted different positions on which crypto assets were securities and which were raw materials, including Ethereums ETH, both of which seemed to demand during their jurisdictions at different times.
In the Friday call, Atkins and Pham presented a new United Front when the two said they are trying to bring innovators back from overseas jurisdictions and get to oversee modern markets around the clock.
‘Maximum Productivity’
Asked by Coindesk if the regulator had the resources of the police 24/7 trade, which the agencies hinted in their joint statement, Atkins pointed to self -regulating organizations as the units that would take on the majority of the work.
“It is the markets themselves, the SROs who are accused of looking at the trade on their own platforms,” he said. “And so obvious, we have other ways we track what’s going on and [we] depends on their alarming us. “
Atkins threw a follow -up question about a possible SRO for the crypto industry to Congress and said the agency was involved in the market structure legislation currently passing through the legislature.
Pham, who is monitoring CFTC, while Senate Mull’s President Donald Trump’s nominated Brian Quintenz said the agency did not need additional staff to continue its mandate to supervise markets without security.
“By consolidating many of the activities on the agency, we are actually better able to have the maximum productivity and capacity available,” she said. “We are doing well with all our initiatives and we look forward to continuing to work on this with SEC.”
Read more: US SEC’s Atkins Posts Agency’s almost term agenda jammed with crypto efforts
