CFTC joins SEC Project Crypto to harmonize crypto rules
The US Commodity Futures Trading Commission (CFTC) will collaborate with the Securities and Exchange Commission (SEC) on the SEC’s Project Crypto initiative, CFTC Chair Michael Selig said Thursday at a joint agency event focused on aligning regulatory approaches to digital assets.
Project Crypto, launched in July, seeks to clarify rules for digital assets. Selig stated the partnership is intended to “advance a clear crypto asset taxonomy, clarify jurisdictional lines, remove duplicative compliance requirements, and reduce regulatory fragmentation.” He added that fragmented oversight raises barriers to entry, reduces competition, increases compliance costs, and can encourage regulatory arbitrage.
Selig emphasized that the goal “is not to blur statutory boundaries, but to reduce unnecessary duplication that does not improve market integrity.” He said the agencies intend to “modernize and harmonize their approach to regulation to future-proof [US] markets for the innovations of tomorrow,” while Congress works on related legislation.
SEC Chair Paul Atkins said “the turf wars of years gone by must give way to a new era of cooperation,” speaking ahead of Selig at the event.
CFTC leadership faces scrutiny in market structure bill
Also on Thursday, the Senate Agriculture Committee voted along party lines to advance the Digital Commodity Intermediaries Act, a measure to establish a market structure framework for digital assets. Lawmakers noted the effort would need to be coordinated with the Senate Banking Committee before reaching the full Senate.
During the markup, Senator Amy Klobuchar proposed an amendment requiring the CFTC to have at least four commissioners—there are typically five—before the bill, if enacted, could take effect. The amendment failed 12 to 11 along party lines, with the Republican majority opposing the change.
“We can’t give this CFTC this broad new authority when it only has one member, one Republican member,” Klobuchar said before the vote.
Selig assumed the chair role following the departure of acting CFTC chair Caroline Pham and several other resignations in 2025, leaving the agency with reduced staffing. As of Thursday, US President Donald Trump had not announced any nominations or plans to select additional commissioners.
This is a developing story. Further updates will be provided as new information becomes available.
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