SEC CFTC Sign Crypto Oversight Memorandum

SEC and CFTC to Enhance Crypto Regulation Cooperation

• The SEC and CFTC plan to sign a memorandum of understanding to formalize cooperation on crypto regulation.
• SEC Chair Paul Atkins anticipates crypto legislation may pass this year but notes regulators can act without it.
• A joint event by SEC and CFTC leadership is scheduled for January 29, focusing on harmonizing crypto regulation.
• The crypto market structure bill passed the Senate Agriculture Committee with a 12-11 vote but faces challenges in the Senate Banking Committee.
• Coinbase withdrew support for the bill due to disagreements over stablecoin reward provisions with banks.

The SEC and CFTC are set to enhance their cooperation through a memorandum of understanding, aiming for better regulatory clarity in the crypto space. Despite procedural progress, legislative hurdles remain, as seen with Coinbase’s withdrawal from supporting current proposals.