U.S. CFTC: "Turf War" is Over, Now Seeking Collaboration with SEC on Crypto Regulation

BlockBeats News, September 30th. Heath Tarbert, acting chairman of the U.S. CFTC, said on Monday at a roundtable jointly hosted by the CFTC and SEC: "Today is a new day, and the turf war is over." Over the years, the CFTC and SEC have been embroiled in a "turf war" over cryptocurrency market regulation.

Former CFTC Chairman Rostin Behnam has stated that most digital assets fit the definition of a commodity and should be subject to institutional regulation; while former SEC Chairman Gary Gensler has insisted that most cryptocurrencies are actually securities.

In Washington, lawmakers are advancing a bill called the Clarity Act, aimed at establishing a comprehensive regulatory framework for the crypto industry, including market structure-related legislation that may give the CFTC broader regulatory authority over digital assets. Therefore, how the CFTC collaborates with its sister agency, the SEC, to advance this is of great significance.

Tarbert said: "There is no doubt that because both of our agencies regulate relevant parts of the financial markets, our regulatory boundaries are not always clear or intuitive. This has at times led to unnecessary friction between the two agencies and avoidable disruptions to market participants relying on us."