U.S. CFTC: The "battle for territory" has ended, and we are seeking cooperation with the SEC on encryption regulation.

On September 30, Pham, acting chair of the CFTC, said at a roundtable hosted by the CFTC and SEC on Monday: "Today is a new day, and the turf war is over." For years, the CFTC and SEC have been embroiled in a "turf war" over regulatory issues in the crypto market. Former CFTC chair Rostin Behnam has stated that most digital assets meet the definition of commodities and should be regulated by his agency; whereas former SEC chair Gary Gensler has insisted that most cryptocurrencies actually fall under securities. In Washington, lawmakers are pushing for a bill called the Clarity Act, aimed at establishing a comprehensive regulatory framework for the crypto industry, which involves legislation related to market structure that could grant the CFTC broader regulatory authority over digital assets. Therefore, how the CFTC collaborates with its sister agency, the SEC, is of great significance. Pham stated: "There is no doubt that because both of our agencies regulate relevant parts of the financial markets, our regulatory boundaries are not always clear or intuitive. This has at times led to unnecessary friction between the two agencies, as well as avoidable confusion for market participants who rely on us."