The Securities and Exchange Commission and Commodity Futures Trading Commission met last week to discuss crypto harmonization between the two agencies.
Highlights: SEC Chairman Paul Atkins and CFTC Chairman Michael Selig said:
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Intermediated trading will continue to play an important role in crypto markets.
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The CFTC supports lawful innovation in prediction markets.
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Regulation by enforcement is dead, and market structure legislation will advance the CFTC's goals of modernizing and future-proofing U.S. markets.
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Under Atkins’ crypto asset taxonomy, digital assets, digital collectibles, and digital tools are not securities even when they are sold as part of an investment contract.
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The CFTC will develop rules to deploy additional forms of eligible tokenized collateral and will assess whether an innovation exemption is appropriate.
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The SEC has provided technical assistance to both houses of Congress as they develop market structure.