The SEC and CFTC plan to formalize their crypto regulatory cooperation through a memorandum of understanding as part of their efforts to establish rules supporting the industry’s growth, The Wall Street Journal reported Thursday.
SEC Chairman Paul Atkins told the Journal that he expects crypto legislation to pass this year, but noted that regulators can continue without it.
“In the long run, it’s better to have legislation,” Atkins said. “We can be content with our authority.”
SEC and CFTC leaders will host a joint event on January 29 to discuss crypto regulatory harmonization and support for U.S. leadership in the digital asset market. The event will include remarks and a fireside chat, and will be webcast live from CFTC headquarters.
Their joint efforts could include determining which crypto assets fall under each agency’s jurisdiction.
The regulatory push comes as the Crypto Market Structure bill cleared the Senate Agriculture Committee in a 12-11 vote earlier today.
Despite this procedural victory, the bill remains stalled due to partisan divisions and unresolved issues that will need to be addressed by the Senate Banking Committee to keep the legislation on track.
Coinbase, the largest US crypto exchange, withdrew its support for the legislation due to a dispute with banks over stablecoin reward provisions.
There remains concern that Congress will fail to pass legislation before the November midterm elections. Such an outcome would represent a setback for the Trump administration, which has embraced the crypto industry and pledged to foster the growth of digital assets.
