CFTC and SEC Resolve Regulatory Dispute Over Crypto Market Oversight

According to BlockBeats, the acting chairman of the U.S. Commodity Futures Trading Commission (CFTC), Pham, announced at a joint roundtable meeting with the Securities and Exchange Commission (SEC) that the longstanding regulatory dispute between the two agencies over the crypto market has concluded. For years, the CFTC and SEC have been embroiled in a jurisdictional battle regarding the oversight of digital assets. Former CFTC Chairman Rostin Behnam argued that most digital assets should be classified as commodities, falling under the CFTC's jurisdiction. In contrast, former SEC Chairman Gary Gensler maintained that the majority of cryptocurrencies are securities. In Washington, lawmakers are advancing the Clarity Act, a legislative proposal aimed at establishing a comprehensive regulatory framework for the crypto industry. This includes legislation related to market structure, which may grant the CFTC broader regulatory authority over digital assets. The collaboration between the CFTC and its sister agency, the SEC, is crucial in this context. Pham emphasized the importance of cooperation, stating, "There is no doubt that because both of our agencies regulate parts of the financial markets, our regulatory boundaries are not always clear or intuitive. This has sometimes led to unnecessary friction between the two agencies and avoidable confusion for market participants who rely on us."