Usually, the government agencies aren’t keen to work together. Slowly, but productively cryptocurrencies are changing the world. Hence resulting in creation of peace between government divisions.
Also it may so happen that Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) may collaborate to define crypto regulations. In an event called Crypto-Mom the SEC Commissioner Hester Pierce said,
At the SEC we’ve been unwilling to … sign off on a bitcoin ETF, an exchange-traded product based on bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying bitcoin markets.
During the same event, CFTC Commissioner, Brian Quintenz said
We have a process in the Commodity Exchange Act that allows the exchanges to self-certify a contract if they believe it meets the requirements of the Act. The CFTC] has a review period in which we can say no we disagree with you and here’s why, but if we don’t disagree, [then] they have the opportunity to go ahead and self-certify that contract. [Both CBOE and CME Group] pursue that self-certification [route] so these contracts get listed without our approval but also without our disapproval.
Along with Peirce, Quintenz may be considered as crypto allies in the government. Both of them state that the government needs to work more to enhance the space. Also, their own agencies are continuously approaching from the wrong angle.
Once Quintenz finished his statement during the event, Pierce asserted saying,
There [are] questions about where your jurisdiction ends and ours begins and again we don’t want to have overlap there so you know my main concern has been that I think we need to do a better job providing guidance.
Finally, with this announcement a new era of interagency cooperation within the financial regulatory community has begun. Eventually crypto will receive all the attention it deserves.
Related Coverage: SEC Delays Making Decision on Bitcoin ETFs Until September