The SEC and CFTC signed a memorandum of understanding to jointly advance crypto regulation and new product development.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two of the country's leading financial regulators, announced the signing of a Memorandum of Understanding (MOU) pledging to strengthen cooperation in the regulation of crypto assets and the launch of new digital asset products, in order to support legitimate innovation and protect investors. According to a joint statement, the MOU aims to "guide coordination and cooperation between the two agencies," focusing on supporting legitimate innovation, maintaining market integrity, and ensuring investor and customer protection. The two agencies also plan to jointly promote the development of a federal-level policy framework to establish a "fit-for-purpose regulatory framework" for emerging technologies such as crypto assets. SEC Chairman Paul Atkins stated that long-standing disputes over regulatory responsibilities, duplicate registration requirements, and differing regulatory rules between the SEC and CFTC have, to some extent, hindered innovation and prompted some market participants to seek alternative jurisdictions. According to the MOU, the two agencies will also coordinate to resolve regulatory obstacles hindering the legitimate launch of new financial products, including those related to crypto assets. While MOUs are generally not legally binding, the market widely views the formal commitment by the SEC and CFTC to strengthen policy coordination as a positive signal for the digital asset industry. CFTC Chairman Michael Selig stated that the reason why the U.S. financial market is leading the world is that it can continuously adapt to the needs of investors, and the regulatory system must also evolve in tandem to achieve more unified and comprehensive market regulation.