US CFTC Chairman: Working with SEC to develop a memorandum of understanding to coordinate regulatory boundaries

ChainCatcher News: Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated during his guest appearance on the All-In Podcast, "The reason I joined the U.S. government was to help formulate transformative policies and ensure we have rules and regulations suitable for emerging innovative technologies and financial products. Therefore, one of my main focuses is the crypto asset market. As listeners may be aware, there are currently some legislative efforts underway, and we hope to work with David Sacks and push for the U.S. President to sign them into law. This will be a critical step. At that point, the CFTC will have broad regulatory authority over the spot market, and we are ready to implement these rules once the legislation is passed.

Another focus of our agenda is to modernize and upgrade the rules and regulations for on-chain software systems, blockchain networks, and other digital asset products. Regardless of legislative progress, it is very important to develop forward-looking rules and regulations to accommodate innovation today and in the future. This not only involves blockchain, but also artificial intelligence and other areas of technological innovation. Therefore, there is still much in our regulatory framework that needs to be adjusted to ensure we can adapt to these innovations. The CFTC is working with the SEC to develop a memorandum of understanding, and both agencies are finalizing and implementing this memorandum to facilitate information sharing and coordinate actions on specific issues, ensuring that departmental turf wars do not occur in the future. Of course, this coordination starts at the top. We need to clarify regulatory boundaries to ensure that market participants are not subject to overlapping regulatory frameworks. Another area that needs attention is crypto assets. We have blockchain networks, smart contracts, protocols, which host both securities and non-securities transactions, and span different jurisdictions. We must ensure consistency of standards, because if securities use one blockchain, commodities use another, and there is no mechanism to connect them, it simply will not work."