Vocal crypto advocate John E. Deaton has proposed merging the Securities and Exchange Commission (SEC) with the Commodity Futures Trading Commission (CFTC) to streamline crypto regulations. This proposal comes amid wide discussions on how to regulate the crypto market in the U.S.
The Need for Unified Regulators
Deaton suggested that merging the two regulatory bodies could eliminate overlapping responsibilities and past conflicts. This would also simplify compliance for firms operating in the financial sector.
Implications for the Global Crypto Market
Deaton highlighted the necessity of improving regulatory clarity given the competitive global crypto market. He mentioned support from figures like Elon Musk and Vivek Ramaswamy in achieving the needed regulatory changes.
Proposals and Future Steps
Congressman John Rose has already submitted a proposal to foster collaboration between SEC and CFTC. The committee's proposals will involve input from experts and the public to ensure transparency.
Merging the SEC and CFTC could not only simplify regulation but also save costs. This is a step forward to bolster confidence in the future of the crypto industry in the U.S.
