Regulators Discuss Crypto and Market Oversight
The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) held their first joint roundtable in nearly 14 years on Monday, convening to discuss regulatory harmonization efforts with potential implications for the cryptocurrency industry. The event, ongoing at the time of publication, included panels with executives from digital asset firms Kraken and Crypto.com.
Caroline Pham, acting chair of the CFTC and its sole remaining commissioner, opened by stressing that cooperation between the two agencies could reshape oversight of digital asset companies. She also sought to dispel doubts about the CFTC’s role in crypto regulation. “I think you will see that the CFTC is alive and well, and there needs to be no more FUD about what’s going on on the other side of town,” Pham said.
SEC Chair Paul Atkins emphasized “collaboration, not consolidation,” noting that any merger of the two regulators would be a matter for Congress and the White House. His comments came as lawmakers weigh legislation that could redefine the responsibilities of the SEC and CFTC in supervising crypto markets.
Investor Takeaway
CFTC Activity and Enforcement
Pham reported that under her tenure, beginning Jan. 20, the CFTC has taken 18 actions excluding enforcement, 13 enforcement actions—some involving digital assets—and 14 actions since Sept. 4. The tally was presented as evidence that the regulator remains active despite a wave of commissioner departures in 2025.
Former CFTC Chair J. Christopher Giancarlo and former commissioner Jill Sommers participated as moderators, though Pham was the only serving member of the commission at the roundtable.
Political Uncertainty and Market Structure Bill
The roundtable came against the backdrop of a possible U.S. government shutdown tied to partisan disputes over healthcare spending. A shutdown would freeze legislative activity, including Senate consideration of a market structure bill that is expected to clarify the division of authority between the SEC and CFTC for digital asset supervision.
The timing adds to the uncertainty facing market participants, who have long called for clearer rules on whether digital assets fall under securities or commodities law. Industry executives argue that the lack of clarity has constrained growth and raised compliance risks for firms operating in the U.S.
CFTC Leadership in Question
The CFTC’s leadership transition remains unresolved. Pham has previously indicated she would step down if the Senate confirms Brian Quintenz, former commissioner and Trump’s nominee to chair the agency. Quintenz was nominated in February, but his confirmation process has stalled. The Senate Agriculture Committee postponed a vote at the White House’s request before its August recess.
Reports suggest that Cameron and Tyler Winklevoss, co-founders of Gemini and political supporters of Trump, lobbied the White House on the nomination. Quintenz released text messages in September showing discussions with the twins about enforcement priorities at the CFTC. The disclosure has fueled speculation about political influence over the regulatory process.
As of Monday, Quintenz’s confirmation hearing was not on the Senate calendar, and sources in Washington suggested that Trump may be considering alternative candidates. In the meantime, the CFTC is left with a single commissioner, raising questions about the agency’s ability to advance policy initiatives.