A Game-Changer for U.S. Crypto Regulations?

A day after Brain Quintenz was named as the new chairman of the Commodity Futures Trading Commission, an interesting report, which indicates the possibility for collaboration between the US Securities and Exchange Commission and the CFTC, has been released. The report, developed by renowned journalist Eleanor Terret, has created extreme excitement in the cryptocurrency community. Many think that if the predicted collaboration between the two regulatory agencies is achieved, it could help create a better crypto regulatory environment in the United States. 

US SEC and CFTC Collaboration: What You Should Know 

Terret’s report indicates that the agencies are sincerely analysing whether they could work collaboratively in the area of cryptocurrency regulation. 

There are enough hints in the report that the agencies may even consider the reinstatement of the CFT-SEC joint advisory committee charter. 

Though originally created in 2010, the committee has been inactive since 2014. 

Reinstating the Joint Advisory Committee: What Industry and Regulatory Experts Think 

Caroline D Pham, the acting CFTC chair, was one of the first regulatory executives to demand the reinstatement of the CFT-SEC committee. In her statement demanding the reinstatement, she emphasised the relevance of fostering a cooperative regulatory approach to digital assets. 

Hester Pierce, the SEC Commissioner, who was assigned by US President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President to lead a special task force to create a clear crypto regulatory environment, also spoke enthusiastically about the importance of creating a collaborative environment to deal with matters related to the cryptocurrency industry.

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Pro-Crypto Leadership in SEC and CFTC

Brian Quintenz, who was named to lead the CFTC by the Trump administration yesterday, was previously a part of a16z Crypto, a venture capital fund that has been investing in crypto and web3 startups. 

Likewise, Paul Atkins, who is likely to be appointed soon to head the US SEC by the Trump regime, is a pro-crypto advocate. 

These points simply mean that the new administration is very particular that policies related to crypto regulation must be developed under the leadership of those who understand what cryptos are and how they work.