Basri Caneri 
In the US, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have launched a new dialog in an effort to better coordinate crypto regulations. CFTC Commissioner Caroline Pham announced that the two agencies have begun staff-level discussions and are willing to work together.
Conflict of Authority between SEC and CFTC
The jurisdictional struggle between the SEC and the CFTC over which regulatory framework crypto assets should be subject to has been going on for a long time. While the SEC considers many digital assets as securities and imposes strict regulations, the CFTC considers some assets, such as Bitcoin, as commodities and advocates a more flexible approach.
This disagreement creates confusion in the industry by creating uncertainty about which regulations companies must comply with. The SEC’s past enforcement-oriented stance has become a major risk factor, especially for crypto startups.
Joint Committee Move by Congress
A new initiative has come from the US Congress to reduce regulatory uncertainty. Representative John Rose introduced a bill called the BRIDGE Digital Assets Act. This bill envisions the SEC and CFTC to work collaboratively through the Joint Advisory Committee (JAC).
Rose stated that the current regulatory framework leaves crypto companies in a difficult situation, “The US must provide an environment that supports the growth of digital assets. The current repressive approach pushes innovation abroad.”
However, political support is needed to create this committee. If implemented, this step could create a more systematic framework for crypto regulation.
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