SEC and CFTC May Establish Joint Committee to End Cryptocurrency Regulation Dispute

BlockBeats News, September 7th, according to TheBlock, a proposed draft of a market structure bill introduced in the U.S. Senate suggests establishing a joint SEC and CFTC committee to end the cryptocurrency regulatory dispute. The draft includes provisions to protect decentralized finance (DeFi) developers, clarify the regulatory treatment of airdrops, exempt decentralized physical infrastructure networks (DePINs) from securities laws, and more. Additionally, the bill calls for the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a joint digital asset advisory committee to coordinate the two agencies' differing regulatory approaches to digital assets.

In recent times, the SEC and CFTC have deepened their cooperation in cryptocurrency regulation and plan to hold a public roundtable discussion on "regulatory coordination priorities" on September 29th. SEC Chairman Paul S. Atkins and Acting CFTC Chairwoman Caroline D. Pham stated in a joint statement: "Through a coordinated regulatory framework, the SEC and CFTC are able to reduce unnecessary barriers, enhance market efficiency, and create room for innovative development. Our shared goal is to ensure that the United States maintains its global capital market leadership."

Previously, Senator Cynthia Lummis stated that the market structure bill is expected to be signed into law by President Trump before Christmas this year. Furthermore, the Small Business Administration has ordered banking institutions to reinstate services to customers who were illegally "debanked" and has requested corrections to be made to relevant policies by December 5th. The Consumer Financial Protection Bureau has also publicly acknowledged instances of abusive power towards certain companies during the Biden administration.