The officials from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held their first joint roundtable in about 14 years to discuss "regulatory coordination efforts," including measures that could impact the cryptocurrency industry.
During the roundtable on Monday, CFTC Acting Chair Caroline Pham—who is also the last remaining commissioner of the agency following a series of departures and resignations in 2025—discussed in her opening statement how collaboration between the two agencies could significantly change the regulatory landscape for digital asset companies.
SEC Chair Paul Atkins emphasized "cooperation, not consolidation" in his opening remarks, clarifying that there are no plans to merge the two agencies, "that will be decided by Congress and the President."
Pham stated that she would "take some time to dispel some of the FUD (fear, uncertainty, and doubt) regarding CFTC's cryptocurrency operations."
According to the CFTC Acting Chair, from the time she took over the regulatory agency on January 20 until September 3, the agency took 18 actions that did not include enforcement cases. She reported that during the same period, there were 13 enforcement actions, some of which involved lawsuits related to digital assets, as well as 14 actions since September 4.
Pham said, "I think you will see the CFTC operating well, and there is no need to generate FUD about what is happening on the other side of the city."
The ongoing SEC-CFTC roundtable at the time of publication includes panel discussions featuring executives from cryptocurrency companies Kraken and Crypto.com. Pham is the only current CFTC member attending the event, although former CFTC Chair J. Christopher Giancarlo and former Commissioner Jill Sommers moderated the panel discussions.
As the roundtable between the two U.S. financial regulatory agencies convenes, the government is facing a potential shutdown due to partisan disputes over healthcare cuts in the July budget bill.
A government shutdown would effectively halt all congressional activities, including the Senate's consideration of a market structure bill that is expected to clarify the roles of the SEC and CFTC in regulating digital assets.
In addition to the potential government shutdown possibly halting congressional legislation, it could also further delay the confirmation of Pham's replacement as CFTC Chair. The acting chair indicated in May that if the Senate confirmed Trump's nominee—former Commissioner Brian Quintenz—she planned to "transition to the private sector."
After Trump nominated Quintenz in February, the Senate Agriculture Committee originally planned to vote on the CFTC Chair nominee before the August recess. However, the committee reported that the White House requested to postpone the vote.
Reports indicate that Gemini co-founders Cameron and Tyler Winklevoss were behind the White House's request. The Winklevoss brothers are supporters of Trump and initially praised Quintenz's nomination.
The CFTC Chair nominee revealed in September that he had text messages with the Winklevoss brothers indicating that the Gemini co-founders sought certain assurances regarding the agency's enforcement actions.
As of Monday, Quintenz's confirmation hearing had not appeared on the Senate schedule, with reports suggesting that Trump is considering other candidates.
Related: Who will be the next hot candidate for the U.S. Commodity Futures Trading Commission (CFTC) Chair?
Original article: “U.S. Regulators Dismiss SEC-CFTC Merger Rumors, Dispelling Cryptocurrency 'FUD'”
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