Emphasis on Cooperation, Not Merger
SEC Chair Paul Atkins opened the session, emphasizing: the goal is coordination, not a merger of the agencies. “We are talking about harmonization, not consolidation,” he noted. The decision to merge, he said, could only be made by Congress and the President.
Atkins stated that an era of duplication, conflicts, and uncertainty had hindered markets for too long. Due to contradictory rules, innovative companies moved offshore, capital was tied up, and the launch of new products was delayed.
Acting CFTC Chair Caroline Pham affirmed this position. She dismissed rumors of the commission’s “weakness” and pointed to active regulatory measures and enforcement actions taken this year. “The CFTC is alive and well,” she said.
Both leaders stressed the aim of building a system where oversight is seamless, without duplication, while preserving investor protection. This, they said, marks a new phase in U.S. financial regulation.
Digital Assets in the Spotlight
During the discussions, crypto regulation moved to the forefront. Atkins stated: “Crypto is priority number one.” He emphasized that digital firms should have clear rules under both securities and commodities regimes.
Pham called the moment “a new day for cooperation” and added that the turf war between the agencies is over. The joint effort is proceeding in parallel with Congress’s consideration of a market structure bill that could expand the CFTC’s authority over digital assets.
The panels included executives from major crypto companies, including top crypto exchanges such as Kraken and Crypto.com. They described the challenges of operating under two different regulatory regimes. Atkins added that asset tokenization will also be a key focus, noting that setting guardrails could take 1–2 years, but the potential is “virtually limitless.”
Market Consequences
The roundtable took place as the U.S. faces growing competition from countries that have already implemented unified regulatory frameworks and are attracting innovative capital. Atkins warned that without harmonization, America risks losing its leadership.
Participants noted that, due to uncertainty, many products have not launched in the U.S., and startups have established offshore structures. Authorities now want to reverse this trend.
Former CFTC leaders J. Christopher Giancarlo and Jill Sommers moderated the discussions. They urged learning from past mistakes and striking a balance between growth and consumer protection.
The talks unfolded against a backdrop of political instability: the risk of a government shutdown in Congress could slow the bill’s progress. However, Atkins and Pham pledged to continue coordination regardless of political delays.
In closing, Atkins said: “We are at an inflection point.” According to him, decisions made today will determine U.S. leadership in the digital age. He promised that the next chapter of innovation will be written in America, not abroad. The session ended in consensus: the future demands unity, not rivalry.