The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have signed a Memorandum of Understanding to coordinate oversight of digital asset markets. SEC Chair Paul Atkins and CFTC Chair Michael Selig confirmed the deal after discussions at the Futures Industry Association Conference. According to Eleanor Terrett, the agencies had worked on the agreement for several weeks before the announcement.
Data Sharing and Joint Enforcement
The MOU outlines joint efforts to share regulatory data, streamline enforcement, and align definitions for crypto assets. Atkins called the pact a roadmap for stronger cooperation, saying it would support U.S. leadership in financial innovation. Selig added that the goal is to provide seamless market oversight. Both agencies aim to reduce duplicative actions that have burdened crypto firms.
Harmonization Initiative and the CLARITY Act
The agreement forms part of the broader SEC-CFTC Harmonization Initiative, which ties into President Donald Trump’s crypto agenda and jurisdiction rules set by the CLARITY Act. The SEC recently submitted guidance to the White House on how securities laws apply to digital assets. Meanwhile, the CFTC is drafting a framework for crypto perpetual futures and has asserted federal jurisdiction over prediction markets including Kalshi and Polymarket.
Clearing, Margin, and Tokenization
Regulators plan to jointly review clearing, margin, and collateral rules for crypto assets. They will also examine frameworks for tokenization and other emerging technologies. These discussions aim to create consistent standards across exchanges, custodians, and DeFi protocols.
Unresolved Regulatory Gaps
Despite the MOU, several areas remain unclear. Perpetual swaps, event contracts, and decentralized finance protocols still lack fully defined rules. Observers warn that overlapping authority may persist during implementation, and critics say compliance challenges could still hinder crypto companies even with better coordination.