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Abstract: 

This article examines the evolving relationship between the SEC and CFTC regarding oversight of digital assets in the U.S., characterized by a shift from conflicting enforcement approaches and regulatory ambiguity to increased collaboration and clarity. Previously, both agencies vied for jurisdiction over digital assets, with differing regulatory approaches, leading to industry confusion. Under the second Trump Administration, however, increased agency cooperation has fostered a more innovation-friendly regulatory environment. The SEC has disclaimed authority over several categories of digital asset transactions, signaling a departure from earlier hardline policies and paving the way for the CFTC to assume a greater regulatory role. Overall, although many questions remain, these changes establish the beginning of a harmonized, more transparent regulatory framework intended to support the growth of the digital asset industry.

Keywords: Joint Roundtable on Regulatory Harmonization; “Project Crypto”; “Covered Stablecoins”; Digital Commodities; Digital Collectibles; Digital (“Tokenized”) Securities

Affiliations:  1: Akin Gump Strauss Hauer and Feld LLP; 2: Akin Gump.