Regulation
US SEC and CFTC to Joins Hands In Trump Administration
The latest reports suggest that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will work together on crypto regulations. The development came only when a16z crypto policy chief, Brian Quintenz, officially joined as the CFTC chair.
US SEC and CFTC Explore Collaborative Framework for Crypto Regulation
Fox Business journalist Eleanor Terret stated that the two top regulatory agencies – US SEC and CFTC – are in major discussion to enhance collaboration in crypto regulations. It shows that regulators in the Trump administration are prioritizing digital assets more.
As per the reporter, one proposal currently under consideration is reinstating the CFTC-SEC joint advisory committee charter, originally established in 2010 to address shared regulatory challenges. Since 2014, this committee has been inactive, however, this revival could pave the way for a structured platform for addressing issues in the rapidly evolving crypto space.
Last year, the acting CFTC chair Caroline D. Pham called for the advisory committee’s reformation. She emphasized it as a strong step toward fostering a cooperative regulatory approach to digital assets in the U.S.
The current development signals potential alignment between two regulatory agencies to address the inherent challenges in the digital assets space and develop meaningful crypto regulations.
Crypto Mom Hester Pierce Asks Brian Quintenz for Collaboration
On Wednesday, a16z crypto policy chief Brian Quintenz was officially appointed as the chairman of the US CFTC. In his message on the X platform, Quintenz wrote:
“The CFTC plays a critical role in maintaining robust hedging and price discovery markets that are the envy of the globe. The agency is also well poised to ensure the USA leads the world in blockchain technology and innovation”.
Brian Quintenz appointment as the CFTC chair could be a game-changer for the crypto industry considering how closely he has worked in this sector over the past few years. SEC Commissioner Hester Pierce, also popular as crypto mom, has called for joint collaboration between the two agencies, to work on crypto-related matters.
She wrote: “Congratulations Brian Quintenz. Looking forward to more SEC-CFTC cooperation. Last time it was Dodd-Frank Title VII. This time crypto”. Hester Peirce has been leading SEC’s crypto task force in a push for bringing clear crypto regulations. Similarly, the CFTC has already announced plans to host a CEO forum featuring key stakeholders, including Ripple, Coinbase, and Circle, as part of its crypto pilot program initiative.
Industry Awaits Decision on SEC Chair, Hopes for Paul Atkins
While pro-crypto Mark Uyeda is currently serving as the acting chair of the US SEC, the industry is looking forward to having crypto-friendly Paul Atkins as the chair. Paul Atkins serves as a board member for Securitize, a company that facilitated the tokenization of Exodus’s shares on the Algorand blockchain for trading on the NYSE.
Thus, he holds a good grasp of the crypto industry and could work proactively in building a crypto regulatory framework. In a previous message, Ark Invest CEO Cathie Wood said: “Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world”.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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