SEC and CFTC: The Droll Dance of Crypto Regulation

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Ah, the SEC and CFTC, those charming regulators, have decided to put aside their differences-at least until the next press conference-as Congress fumbles through discussions on crypto market structure and the ever-elusive stablecoin yield, all before a White House meeting that promises to be as thrilling as watching paint dry.

It seems our dear U.S. crypto regulation has reached a pivotal moment – one that could rival a particularly riveting episode of “Days of Our Lives,” as the SEC and CFTC have signaled a rare cooperation ahead of what can only be described as a high-stakes rendezvous at the White House.

Isn’t it delightful? Their newfound alignment comes just as Congress is busily debating a much-anticipated crypto market structure bill, with the aim of reducing uncertainty-because we all know that uncertainty is simply dreadful for business, darling!

SEC and CFTC: The Odd Couple of Crypto Oversight

On Thursday, SEC Chair Paul Atkins and CFTC Chair Mike Selig graced the set of CNBC’s Squawk Box, addressing the stalled crypto market structure bill with the enthusiasm of two gentlemen discussing their favorite flavor of ice cream. Both leaders seemed almost giddy as they hinted at a lovely bit of coordination, rather than the usual rivalry between their agencies.

“We’re looking forward to helping them get across the finish line,” chirped Atkins, as if he were discussing a charity race rather than a complex regulatory framework. How positively sporting of him!

Selig, not one to be outdone, echoed this sentiment while subtly pointing out the limitations of the CFTC’s role, referencing the GENIUS Act passed in July 2025, which, quite conveniently, placed stablecoin policy largely outside of his jurisdiction-how convenient indeed!

The Stablecoin Yield Debate: A Comedy of Errors

Meanwhile, the crypto market structure bill finds itself mired in delays, much like a poorly timed romantic dinner. Lawmakers are currently having a grand old time reviewing it in the Agriculture and Banking Committees, presumably over cups of lukewarm coffee.

One particularly juicy topic up for debate is how stablecoin yield should be treated. Tune in tomorrow at 6:30 a.m. ET on SquawkCNBC, where Chairman Selig and I will regale you with tales of our latest harmonization efforts-though I can’t promise it’ll be anything more than a delightful bore.

Tune in tomorrow at 6:30 AM ET on SquawkCNBC, where Selig and I will share more about our new harmonization efforts between the SEC and CFTC! Exciting things to come-if you enjoy watching grass grow.

– Paul Atkins (@SECPaulSAtkins)

Oh, the drama! Traditional banks and crypto firms are at odds over yield, with crypto companies arguing it’s essential for competition while banks warn it may muddle the lines between deposits and digital assets. How very scandalous!

In a twist worthy of a soap opera, Coinbase has recently withdrawn its support for the bill, citing concerns over yield rules and other provisions. One can only imagine the tension at their board meetings!

During the CNBC interview, our intrepid duo, Atkins and Selig, cleverly sidestepped taking sides in this grand dispute. Such deft maneuvering deserves an award!

Related Reading: SEC and CFTC Signal Unified Crypto Rules: Is the U.S. Ready for 2026?

Senate Action and a White House Soirée

Despite the discord, the legislative process continues to trudge along, much like a snail on a leisurely Sunday stroll. On Thursday, the Senate Agriculture Committee debated and amended the bill, ultimately voting 12-11 to advance it. Riveting stuff!

This vote brings the bill tantalizingly closer to a full Senate vote, though lawmakers are still busily negotiating changes. Coordination between regulators might narrow those pesky gaps, or at least give everyone something to gossip about.

Meanwhile, the White House crypto council plans to host a meeting on Monday, where banking and crypto executives will gather to resolve issues tied to the CLARITY Act-a meeting expected to be as exhilarating as watching a tax seminar.

The CLARITY Act aims to define how authority is shared between the SEC and CFTC. One can only hope that clear coordination will support these discussions; after all, who doesn’t love a good old-fashioned regulatory tango?

It may also serve to reduce the regulatory uncertainty that looms over us like a dark cloud-let’s hope for some sunshine, shall we?

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2026-01-30 11:56