Crypto is ‘Job One’ as SEC and CFTC Seek Harmony in Regulations
WASHINGTON, D.C. — In a landmark development for the digital asset industry, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins declared that “crypto is job one” during a pivotal roundtable held on Monday. This event, hosted at the SEC headquarters, aimed to strengthen collaborative efforts with the Commodity Futures Trading Commission (CFTC) to create a cohesive regulatory framework for the burgeoning crypto market.
A Unified Front
For years, the SEC and CFTC have independently regulated their respective domains, often leading to overlapping jurisdictions and regulatory confusion. The SEC traditionally oversees crypto securities, while the CFTC handles the majority of digital asset transactions, especially those classified as commodities. However, a shift in approach is underway as both agencies recognize the need for a seamless regulatory environment to support innovation and growth in the crypto space.
“Our two agencies must work in lockstep,” Atkins emphasized to an audience of financial compliance lawyers and industry representatives. “What matters is building a framework where our agencies coordinate seamlessly.” His remarks underscore the importance of eliminating the bureaucratic hurdles that firms face when navigating the crypto landscape.
The End of Turf Wars
CFTC Acting Chairman Caroline Pham echoed Atkins’s sentiments, announcing, “It’s a new day, and the turf war is over.” This proclamation marks a significant departure from the historical tensions between the two agencies. Pham, who has been leading the CFTC in the absence of a permanent chairman, assured attendees that her agency is committed to rapid progress in aligning regulatory policies.
“The CFTC is alive and well, and there needs to be no more FUD about what’s going on,” Pham stated, invoking the crypto-community acronym for “fear, uncertainty, and doubt.” Her comments aim to dispel any lingering uncertainties about the CFTC’s direction and capability to manage its expanded role effectively.
Presidential Pressure
The urgency of this cooperative effort is further amplified by political pressure from the highest levels. Chairman Atkins highlighted that President Donald Trump has set an ambitious timeline, expressing his desire to sign a comprehensive market structure bill by the year’s end. “We’ll see how that goes,” Atkins remarked, acknowledging the challenge of meeting such a deadline.
Among the key areas of focus for the SEC is asset tokenization, a process that transforms traditional assets into digital tokens. While this holds immense potential for financial innovation, Atkins noted that establishing the necessary regulatory guardrails could take “a year or two.”
Industry Leaders Weigh In
The roundtable event also drew participation from prominent figures in the digital assets and blockchain sectors. Representatives from companies like Kraken, Crypto.com, Polymarket, Kalshi, and Robinhood Markets shared insights and perspectives on the evolving regulatory landscape.
This collaboration between industry leaders and regulatory bodies is pivotal in shaping policies that are both robust and adaptable to the rapidly evolving digital asset ecosystem. The involvement of such diverse stakeholders underscores the importance of a balanced approach that fosters innovation while ensuring investor protection.
Future Prospects
Despite the momentum towards regulatory harmony, speculation about a potential merger between the SEC and CFTC persists. However, Atkins dismissed this notion as “fanciful,” reinforcing that the focus remains on strengthening cooperation rather than consolidating the agencies.
The path forward is not without challenges. Crafting a regulatory framework that accommodates the dynamic nature of digital assets while providing clear guidelines for compliance is a complex task. Yet, the collaborative spirit exhibited by both agencies is a promising step towards achieving this goal.
As the crypto industry continues to mature, the importance of a coherent regulatory environment cannot be overstated. The SEC and CFTC’s commitment to working together signals a new era of regulatory clarity and cooperation, which could serve as a model for other jurisdictions grappling with similar challenges.
In conclusion, the recent roundtable marks a significant milestone in the journey towards a unified regulatory framework for digital assets in the U.S. With both agencies prioritizing crypto as “job one,” the stage is set for a more transparent and predictable regulatory landscape that supports the industry’s growth while safeguarding investors. As the year progresses, all eyes will be on the SEC and CFTC to see how they navigate this crucial phase of regulatory evolution.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
