Officials from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) convened for their first joint roundtable in approximately 14 years to explore “regulatory harmonization efforts,” including potential impacts on the cryptocurrency sector.
During the Monday roundtable, acting CFTC Chair Caroline Pham, the only remaining commissioner at the agency following several departures and resignations in 2025, utilized her opening remarks to discuss how collaboration between the two agencies could fundamentally reshape the regulatory environment for digital asset firms.
SEC Chair Paul Atkins emphasized the theme of “collaboration, not consolidation” in his opening remarks, clarifying that there is no intention to merge the two agencies, a decision that rests with Congress and the President.
Pham expressed her intention to “take a moment to dispel some of the FUD [fear, uncertainty, and doubt]” regarding the CFTC’s involvement in cryptocurrency.
According to her, from January 20, when she assumed leadership of the regulator, to September 3, the agency undertook 18 actions that did not involve enforcement cases. She also reported 13 enforcement actions within the same timeframe, some related to lawsuits involving digital assets, and 14 actions following September 4.
“You’ll see the CFTC is active and healthy, and there’s no more need for FUD regarding what’s transpiring across town,” stated Pham.
The SEC-CFTC roundtable, ongoing at the time of publication, featured executives from cryptocurrency companies like Kraken and Crypto.com. Pham was the only currently serving CFTC member in attendance, while former CFTC Chair J. Christopher Giancarlo and former commissioner Jill Sommers moderated panels.
Related: Crypto executives meet US lawmakers, address Bitcoin reserve and market structure legislation
This joint roundtable between the two US financial regulators occurs as the government faces a potential shutdown due to partisan conflicts over healthcare cuts linked to a July budget bill.
A shutdown would essentially pause all congressional activities, jeopardizing the consideration of a market structure bill in the Senate, which aims to clarify the SEC and CFTC’s oversight roles concerning digital assets.
No anticipated replacement for CFTC chair as of now
The potential government shutdown not only halts legislative activities in Congress but may also further postpone the confirmation of a successor for Pham as CFTC head. The acting chair indicated in May her intent to transition “to the private sector” if the Senate confirmed Trump’s nominee, former commissioner Brian Quintenz.
After Trump’s nomination of Quintenz in February, the Senate Agriculture Committee was slated to vote on his nomination before adjourning in August. However, it was later reported that the White House requested to delay the vote.
Gemini co-founders Cameron and Tyler Winklevoss were allegedly behind this request. The Winklevoss twins, supporters of Trump, initially commended Quintenz’s nomination.
The prospective CFTC head shared text exchanges between himself and the Winklevosses in September, indicating that the Gemini co-founders sought specific assurances about the agency’s enforcement actions.
As of Monday, Quintenz’s confirmation hearing was not listed on Senate calendars, with reports suggesting Trump was considering alternative candidates.
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