Cross-Agency Initiative Addresses Crypto Oversight Challenges
The U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have announced a joint initiative called 'Project Crypto' aimed at modernizing the regulatory framework for digital assets. This collaboration seeks to address the current fragmented oversight landscape and establish a more unified and transparent system.
SEC Chair Paul Atkins emphasized that with today's highly interconnected financial markets, disjointed regulation only creates confusion and hampers industry development. The cooperation with CFTC marks a significant step toward a more efficient and coordinated oversight approach.
New CFTC Leader Makes Public Debut
Michael Selig, the newly appointed CFTC Chair, stated during his first public remarks that he would fully support coordination with the SEC to advance the modernization of crypto regulation. He noted that clarifying digital asset classifications and compliance pathways would help improve market transparency and investor protection.
Regulatory Framework for Prediction Markets Begins
In addition, Selig announced that the commission will begin developing specific regulations for prediction markets, including platforms like Polymarket and Kalshi. This move aims to establish clearer boundaries for emerging financial instruments such as event-based contracts, balancing innovation with risk management.
Industry experts believe this collaborative effort could represent a turning point in the U.S. approach to crypto regulation and may influence global policy directions.