#CFTC & #SEC

🇺🇸 Revolution in US crypto regulation: CFTC and SEC join forces!

End of the “jurisdictional war”? CFTC Chairman Michael Selig has officially announced that the agency is joining the SEC’s “Project Crypto” initiative.

This historic collaboration aims to bring order to the US digital industry, which has suffered from years of uncertainty.

🔑 The main goals of the partnership:

• Unified taxonomy: Creating a clear classification of crypto assets (what is a commodity and what is a security).

• Delineating boundaries: Clearly defining where SEC oversight ends and CFTC oversight begins.

• Less bureaucracy: Eliminating duplicative requirements that only increase companies’ costs.

• Fighting arbitrage: Creating an environment where the rules of the game are the same for everyone so that capital does not flee the country.

🏛 Why is this happening now?

The statement came amid the success of the crypto market structure bill in the Senate. Regulators decided to act ahead of time to “modernize and harmonize” approaches before Congress finally approves the new rules of the game.