The US Federal Reserve has announced a meeting between the SEC and CFTC, highlighting the significance of cryptocurrencies in regulation.
SEC and CFTC: New Collaboration
According to the joint statement by SEC Chairman Paul S. Atkins and CFTC Acting Chairman Caroline D. Pham, the upcoming meeting on September 29 is intended to provide much-needed clarity for cryptocurrency markets. The roundtable is set to address the formulation of common rules and norms for cryptocurrencies.
Changes in Cryptocurrency Regulation
The engagement of the SEC and CFTC in crafting new rules for cryptocurrencies marks a significant step forward compared to past policies. This collaboration is expected to streamline the regulatory process and lessen the burden on market participants.
Dynamics After Trump
Following the 2016 elections, the Trump administration's approach to cryptocurrencies shifted dramatically in contrast to the Biden administration, which showed a negative stance and implemented a range of regulations against them. There is now a clear shift towards collaboration and constructing constructive regulatory norms.
The joint efforts of the SEC and CFTC may lay the groundwork for a clear and supportive regulatory framework for cryptocurrencies in the US, facilitating their integration into the financial system.
