Inter-Agency Coordination on Digital Assets
Commodity Futures Trading Commission (CFTC) staff are meeting with their SEC counterparts on digital assets. CFTC acting chair Caroline Pham confirmed the meetings, citing an effort for more inter-agency coordination on crypto issues.
FOX Business reporter Eleanor Terrett reported Pham’s remarks on the meetings through a post on X.
New Projects for Regulatory Synergy
Whereas the SEC and CFTC have in the past cooperated, Pham believes their cooperation can further be enhanced. Tightening synergy, she continued, would be to the advantage of both the public and larger financial markets.
“We are back to talking staff-level to the SEC and CFTC. We should work together. We have successfully worked together previously and I am hoping to again have regular order,” she mentioned at the Milken Institute Future of Fintech Symposium held in Washington, D.C.
Hester Peirce’s Perspective Towards Regulation
SEC Commissioner Hester Peirce, a veteran advocate for open crypto regulations, addressed the requirement for public involvement in rulemaking. She has never supported the SEC’s ‘regulation by enforcement’ strategy, which she believes has suppressed crypto innovation within the U.S.
It is also crucial to understand what is an SEC remit and what isn’t… The crypto working group is just starting to determine what is within the purview of the SEC and what is not, which is significant. One needs to involve the public in rulemaking proceedings, and those affected by the rules must have a right to participate in rulemaking,” Peirce clarified.
Trump’s Crypto Working Group and Future Oversight
Former President Donald Trump’s cryptocurrency working group is now busy developing guidelines for transparent regulatory oversight. Earlier, there has been discussion regarding joint regulation by the CFTC and SEC for digital tokens.
Trump appointed Pham as CFTC acting chairperson and Commissioner Mark Uyeda as SEC acting chairperson in January. Uyeda later appointed Peirce as chair of the SEC’s crypto working group.
White House Crypto Summit Scheduled
The increased staff-level action comes on the heels of just days after Trump suggested a strategic crypto reserve for the United States. Additionally, the White House is having its first-ever crypto summit on Friday, March 7, 2025, which might be a signal that regulatory priorities are shifting towards the digital asset class.
