The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission stated on Thursday that they are moving toward coordinating their crypto asset regulations, indicating that there may be an evolution toward federal crypto asset regulations.
According to statements released by the two regulators, SEC head Paul Atkins, as well as newly appointed CFTC head Michael Selig, are set to make a public appearance on Tuesday. This is set to take place as they work towards a better alignment of their approach towards the supervision of the crypto markets, a situation which has led to a lot of uncertainty.
In a statement jointly released Thursday, Atkins and Selig recognized that businesses in the crypto space have had difficulty dealing with overlapping and sometimes conflicting regulations. They said that the current territorial divisions and rules were established with traditional financial products in mind and have not kept pace with the complexity of modern financial instruments.
The heads of the agencies indicated that the discussion to come is part of a larger process to improve the way regulations are coordinated while maintaining the existing investor and consumer protection standards that are set by the US law.
While the regulators indicate more cooperation, the crypto space is still looking to Congress as lawmakers discuss legislation to define the division of authority over the space between the SEC and the CFTC.
Currently, the proposed bill is being considered in the Senate Banking Committee and the Senate Agriculture Committee. Both committees are in favor of moving the market structure bill forward; however, the progress of the bill has stalled as lawmakers are trying to bridge the partisan divide.
Earlier this month, the Senate Banking Committee released a discussion draft that caused concern among the cryptocurrency industry with regard to more stringent rules on stablecoin yields and the development of the decentralized financial sector. This caused the cryptocurrency industry, including the likes of Coinbase, to voice their opposition, resulting in the process being delayed.
Meanwhile, Republicans in the Senate Agriculture Committee released a different version of the bill on Wednesday. The review for this plan will come up in the next week; however, it does not have the support of the Democratic members.
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Additionally, lawmakers in both committees have been quick to point out that the bill is still a work in progress. Each committee has to finalize its version of the bill before a combined version can go up for a vote in the Senate.
However, until that process is complete, it remains unclear just how digital asset markets will finally be regulated within the United States. There are signs that the SEC and the CFTC are preparing to move forward with a unified approach as the two commissioners are expected to jointly speak.
With regard to the cryptocurrency markets, more agreement among the federal regulators and lawmakers could possibly mean a major step forward in the quest for future clarity with regard to the regulations.
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