Whispers have emerged from the hallowed halls of power, suggesting that the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are contemplating a closer relationship in the realm of crypto regulation. A recent revelation by FOX Business journalist Eleanor Terret indicates that the two agencies are discussing potential collaboration, as a coherent framework for digital assets becomes a “top priority.”
The Regulatory Dance of the SEC and CFTC
Terret’s report unveiled that the SEC and CFTC are weighing the possibility of reestablishing the CFTC-SEC joint advisory committee, a body that has been inactive for over a decade. This committee was initially formed in 2010 by the chairs of the CFTC and SEC, Gary Gensler and Mary Schapiro, with the objective of developing recommendations on issues of mutual concern, including regulatory coordination and emerging risks.
In November 2024, CFTC acting chair Caroline Pham expressed her desire to revive the joint advisory committee, stating that it would serve as a symbol of a new, collaborative approach to regulating the crypto industry. As she put it, “I am looking forward to the future, and I hope that next year, both the CFTC and SEC will act to reinstate the charter for the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues, which has been dormant for the past decade. It would be a strong signal of a new U.S. regulatory approach that is collaborative and cooperative.”
A Regulatory Makeover in the Works
The potential revival of the joint advisory committee follows a series of changes within the US regulatory agencies. After Gary Gensler’s departure from the SEC, the agency’s acting chair, Mark Uyeda, established the Crypto Task Force, led by industry-friendly Commissioner Hester Peirce. This task force aims to review the agency’s approach to digital assets and create a comprehensive regulatory framework.
Meanwhile, US President Donald Trump has nominated pro-crypto Brian Quintenz to lead the CFTC. Quintenz, a former CFTC Commissioner during Trump’s first administration, is currently the Head of Policy at Andreessen Horowitz (ai16z)’s crypto division. His nomination has been met with enthusiasm from various industry figures, including Ripple‘s CEO Brad Garlinghouse and Strategy’s Chairman Michael Saylor.
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2025-02-14 13:43