The US securities and derivatives regulators are signaling a rare show of unity.
SEC Chair Paul Atkins and CFTC Chair Mike Selig on Thursday appeared on CNBC’s Squawk Box to discuss the crypto market structure bill ahead of a White House-hosted meeting set for Monday.
The discussion is set against the backdrop of stalled federal legislation on digital assets.
Lawmakers have been trying to pass the so-called CLARITY Act, which seeks to create a federal framework for crypto.
However, the bill has stalled in the Senate after passing the House.
Disagreements between traditional banking interests and crypto firms have slowed progress.
A central sticking point is whether crypto companies should be allowed to offer yield on stablecoins.
Banks argue that such products could threaten their deposit bases.
Crypto companies, on the other hand, see yield as an essential competitive feature.
The SEC and CFTC have refrained from taking sides publicly.
Instead, both regulators expressed a cooperative tone in their statements.
Atkins emphasized that the SEC is assisting congressional committees and wants a workable outcome.
Selig highlighted that under current laws, the CFTC’s jurisdiction does not directly cover stablecoin policy.
This leaves the agency focused primarily on securities and tokenized products.
The regulators’ comments suggest a shared goal of guiding lawmakers toward clarity.
Their unity is notable in an environment often marked by regulatory tension.
It also signals the White House’s intent to foster collaboration.
White House meeting aims for a compromise
The upcoming White House meeting will bring together banking and crypto industry leaders.
The administration hopes to use the session to find common ground and unblock the stalled legislation.
Officials are focused on resolving disputes over stablecoin yields and the interaction of digital assets with traditional banking products.
The gathering reflects the growing recognition that federal clarity is essential for both markets.
Clear legislation could prevent fragmented enforcement by multiple regulators.
It could also define the roles of the SEC, CFTC, and banking agencies more precisely.
For the crypto industry, a federal framework would offer legal certainty and support innovation.
It could also unlock wider adoption of digital asset products by mainstream investors.
At the same time, banks would have clearer rules to mitigate systemic risks.
By convening stakeholders, the White House hopes to balance innovation with stability.
The SEC and CFTC’s cooperative stance lends credibility to this effort.
It shows regulators are willing to work together to craft a solution.
Industry observers have noted that this could mark a turning point in US crypto policy.
The meeting is part of a broader strategy to harmonize financial oversight in the digital age.
If successful, it may accelerate the passage of legislation that has been years in the making.
It could also provide the clarity necessary for the US to remain competitive in global crypto markets.
Both regulators have signaled that they will continue to guide lawmakers constructively.
Their joint approach emphasizes collaboration over conflict.
This approach could set the tone for how the US governs digital assets in the coming years.
With the White House actively mediating, there is cautious optimism that progress is possible.
The SEC and CFTC appear united, at least publicly, in their commitment to a clear, workable framework.
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