U.S. CFTC: The turf war is over, seeking cooperation with the SEC on cryptocurrency regulation

ChainCatcher news, U.S. CFTC Acting Chair Pham said at a roundtable hosted by the CFTC and SEC on Monday, "Today is a new day, and the turf war is over." For years, the CFTC and SEC have been embroiled in a "turf war" over regulatory issues in the crypto market. Former CFTC Chair Rostin Behnam has stated that most digital assets fit the definition of commodities and should be regulated by his agency; while former SEC Chair Gary Gensler has insisted that most cryptocurrencies actually fall under the category of securities.

In Washington, lawmakers are pushing a bill called the Clarity Act, aimed at establishing an overall regulatory framework for the crypto industry, which includes legislation related to market structure and may grant the CFTC broader regulatory authority over digital assets. Therefore, how the CFTC collaborates with its sister agency, the SEC, is of great significance. Pham stated, "There is no doubt that, since 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 caused avoidable confusion for market participants who rely on us."