Financial regulators are signaling a reset in their approach to overlapping responsibilities, focusing on cooperation instead of competition. The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) convened a joint roundtable on regulatory harmonization on Sept. 29, their first since the Dodd-Frank Act. Acting CFTC Chairman Caroline Pham framed the event as a turning point for coordination between the two agencies, with an emphasis on aligning rules and removing jurisdictional frictions that have complicated market oversight.

Pham stated:

It’s a new day. And the turf war is over.

She continued: “The proven way to resolve these issues is to work together. Unfortunately, in recent years, the SEC and CFTC haven’t always answered that call.” Highlighting how collaboration had given way to regulatory competition, she explained: “In recent years, the dynamic between our agencies could be described as one of competition rather than collaboration. That is not what this Administration wants. It is not what we want. And it’s not the best way to serve the American people who rely on us. So, I’m pleased that our two agencies are once again working together, and working better, for the mutual benefit of our financial markets.”

The roundtable also addressed innovation and enforcement. Pham pointed to ongoing initiatives such as the SEC’s Project Crypto and the CFTC’s Crypto Sprint, designed to implement the President’s Working Group recommendations on digital asset markets. She noted that crypto-driven innovations like perpetual contracts and 24/7 trading could inform broader market structure reforms.

Concluding her remarks, she stressed the economic importance of efficient capital markets: “Our financial markets are critical to fueling America’s growers, producers, and innovators that drive our economic growth and prosperity.” Pham stressed:

As regulators, we must do all we can to remove unnecessary drag on our markets that impedes our chances of reaching our full economic potential.

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