• SEC and CFTC leaders signalled a unified strategy to crypto regulation regardless of stalled congressional laws.
  • CFTC Chair Mike Selig outlined early priorities, together with digital asset definitions and prediction market rulemaking.
  • Venture Crypto will function a joint framework to harmonise oversight and cut back regulatory fragmentation.

Leaders of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) appeared collectively on Thursday to sign a coordinated strategy to digital asset oversight as legislative progress in Congress stays sluggish. The joint look underscored a shared dedication to clarifying regulatory boundaries for crypto markets by company motion fairly than ready on statutory reform.

CFTC Chair Mike Selig, confirmed by the Senate final month, used the occasion to stipulate an agenda that locations crypto regulation among the many company’s rapid priorities. Selig mentioned the CFTC is advancing work to outline digital belongings and to develop a regulatory framework for prediction markets, marking considered one of his first public coverage statements as chair.

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Venture Crypto Targets Regulatory Fragmentation

Central to that effort is the CFTC’s resolution to accomplice with the SEC on “Venture Crypto,” a joint initiative designed to harmonise definitions and oversight throughout companies. Selig mentioned he has directed employees to collaborate with the SEC on collectively codifying a proposed crypto asset taxonomy as an interim step whereas Congress continues its legislative course of.

SEC Chair Paul Atkins mentioned the initiative displays the fact that trendy monetary markets now not match neatly into legacy regulatory silos. Atkins added that fragmented oversight creates confusion fairly than safety for market members working throughout built-in platforms.

Each companies framed Venture Crypto as a response to on-chain market constructions that mix buying and selling, clearing, settlement and custody into unified programs. The initiative goals to align definitions, coordinate supervision and cut back duplicative necessities that regulators say hinder innovation and danger administration.

Selig additionally confirmed that the CFTC will pursue new rulemaking for occasion contracts, signalling a shift within the company’s long-standing strategy to prediction markets. He mentioned present frameworks have failed to offer readability and that new requirements are supposed to ship certainty for market members.

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