SEC and CFTC Explore Collaboration Amid 1% Rise in Crypto Market
The SEC and CFTC are discussing collaboration on crypto regulation, potentially reviving the inactive CFTC-SEC Joint Advisory Committee. This committee could facilitate regulatory discussions between the two agencies. CFTC Acting Chair Caroline D. Pham supports this revival for market stability and investor protection.
Key points include:
- Mark T. Uyeda is acting SEC chairman after Gary Gensler's departure.
- Paul Atkins, nominated to lead the SEC, is known for a pro-crypto stance.
- Brian Quintenz is confirmed as the new chair of the CFTC.
Reactions to Collaboration
Responses to the collaboration are mixed:
- Some welcome the joint efforts for clearer regulations.
- Others express concerns about potential bureaucracy and innovation hindrance.
Additionally, the SEC and Binance have requested a 60-day suspension of their lawsuit, raising speculation that other high-profile cases may experience similar delays. Analysts suggest this pause could signal a shift in enforcement priorities amid leadership changes at the SEC.
Market Update
The total crypto market capitalization increased by 1%, reaching $3.18 trillion. The Crypto Fear and Greed index moved from "fear" to "neutral" at 50.