John E. Deaton, a vocal advocate for the crypto industry, has proposed merging the SEC and CFTC to improve regulations and eliminate confusion in the cryptocurrency market.
Need for a Unified Crypto Regulator
John E. Deaton and Perianne Boring have discussed the issue of overlapping responsibilities between the SEC and CFTC, which cause inefficiencies in market regulation. Deaton suggested that combining these agencies could streamline rules and enhance the U.S.'s competitiveness in the global market.
Impact on the Cryptocurrency Market
Elon Musk and Vivek Ramaswamy, both supporters of Dogecoin, also see potential benefits in merging the two agencies for the crypto industry. Deaton also emphasized the need for consolidation in payment regulations to simplify processes for market participants.
Legislative Initiatives and Future Prospects
U.S. Congressman John Rose introduced a bill to create a joint advisory committee on digital assets between the SEC and CFTC. This committee aims to assist in harmonizing laws and utilizing blockchain technology for efficiency, involving experts to guide the agencies in legal alignment.
The proposed changes could significantly improve the regulatory environment for cryptocurrencies in the U.S., increasing transparency and efficiency. Such an agency merger could be a crucial step toward sustainable development of digital assets.
