By cryptoadmin As efforts to regulate cryptocurrencies continue in the US, the SEC chairman stated that the agency is seeking to sign a memorandum of understanding with the CFTC regarding cryptocurrencies.
Speaking at the FIA Global Clearing Markets Conference in Florida, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins hinted at a joint move with the CFTC.
Atkins announced that the SEC aims to sign a formal Memorandum of Understanding (MOU) with the CFTC to strengthen inter-institutional cooperation on cryptocurrency regulation.
Atkins said the era of two-way enforcement action has ended. Instead, the two agencies will work together under existing legal provisions to achieve the same goal.
In this context, Atkins also added that he instructed his staff to begin holding joint meetings with the CFTC regarding product applications.
Accordingly, the MOU is expected to include joint decisions on financial product applications, rule interpretation, enforcement decisions, and investigations into regulated firms.
At this point, Atkins described the SEC and CFTC as sister institutions that would regulate much of the crypto activity in the U.S.
He added that the two institutions had competed in the past for regulatory authority over cryptocurrencies, but would now formalize their cooperation through an MOU.
Atkins’ statements also align with US President Donald Trump’s strategy to make the US the cryptocurrency capital of the world.
*This is not investment advice.