The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are preparing an important agreement in favor of cryptocurrencies! This was announced by SEC Chairman Paul Atkins
Amid ongoing efforts in the United States to regulate cryptocurrencies, the Chairman of the Securities and Exchange Commission (SEC) stated that the agency aims to sign a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies.
Speaking at the FIA Global Clearing Markets Conference in Florida, SEC Chairman Paul Atkins hinted at joint actions with the CFTC.
Atkins announced that the SEC intends to sign an official memorandum of understanding (MOU) with the CFTC to strengthen interagency cooperation in cryptocurrency regulation.
Atkins stated that the era of bilateral enforcement actions is over. Instead, the two agencies will work together within existing legal frameworks to achieve the same objective.
In this context, Atkins also added that he has instructed his staff to begin holding joint meetings with the CFTC regarding product application issues.
Accordingly, the memorandum of understanding is expected to include:
- joint decisions on the application of financial products;
- interpretation of regulatory rules;
- decisions on enforcement actions;
- investigations concerning regulated firms.
At this stage, Atkins described the SEC and CFTC as sister organizations that will regulate a significant portion of cryptocurrency activity in the United States.
He added that in the past the two institutions competed for regulatory authority over cryptocurrencies, but are now formalizing their cooperation through the memorandum of understanding.
Atkins’ statements also align with U.S. President Donald Trump’s strategy to turn the United States into the world’s crypto capital.
See also: "Sharplink reported an annual loss of more than $730 million amid the collapse of Ethereum"
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