Summary
- The U.S. SEC and CFTC said they plan to sign an MOU to formalize regulatory cooperation for the crypto-asset industry.
- They said they will announce specifics on plans to oversee the crypto-asset market and jurisdictional criteria at a joint event focused on virtual assets.
- They said the MOU is seen as a step to reduce overlapping regulation and jurisdictional confusion in the crypto-asset market and to establish a consistent federal-level regulatory framework.
According to Walter Bloomberg, an economics breaking-news account, on the 29th (local time), the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) plan to sign a memorandum of understanding (MOU) to formalize cooperation on regulation of the virtual-asset (cryptocurrency) industry.
SEC Chair Paul Atkins and CFTC Chair Michael Selick said in a joint interview with The Wall Street Journal that they are discussing ways to cooperate on how to design crypto-asset regulation and how to divide supervisory authority, adding that they are pushing to sign an MOU to formalize the effort.
The two agencies are expected to announce specific details related to plans to oversee the crypto-asset market at a joint event on the theme of virtual assets scheduled for the 30th (local time). The criteria for determining whether crypto assets fall under the jurisdiction of the SEC or the CFTC may also be addressed as a key agenda item.
The MOU is interpreted as a move to reduce overlapping regulation and jurisdictional confusion over the crypto-asset market and to establish a consistent federal-level regulatory framework.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
