The two main U.S. financial regulatory authorities have signed a Memorandum of Understanding to coordinate policy on digital assets.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced on Wednesday, March 11 the signing of a Memorandum of Understanding (MOU) aimed at guiding coordination and collaboration between the two agencies to “support lawful innovation, uphold market integrity, and ensure the protection of investors and customers.”
Among the priorities outlined in the agreement is the development of a federal policy providing a “fit-for-purpose regulatory framework for crypto assets and other emerging technologies.” The two agencies also committed to “closely coordinate and cooperate to remove obstacles, where appropriate, to the lawful introduction of crypto asset products.”
SEC Chair Paul Atkins stated: “For decades, regulatory turf wars, duplicative agency registrations, and differing regulatory regimes between the SEC and CFTC have stifled innovation and pushed market participants toward other jurisdictions.” The agreement is presented as a commitment to fostering innovation and treating market participants with respect.
CFTC Chair Michael Selig added: “This Memorandum of Understanding solidifies the agencies’ commitment to harmonizing regulatory frameworks to provide comprehensive and seamless financial market oversight.”
