SEC and CFTC Leaders Signal Cooperation on Crypto Regulation Before White House Meeting

TLDR

• SEC Chair Paul Atkins and CFTC Chair Mike Selig appeared on CNBC Thursday to discuss the crypto market structure bill ahead of a White House meeting scheduled for Monday
• The Senate Agriculture Committee voted 12-11 to advance the digital asset market structure bill after debate on Thursday
• Stablecoin yield treatment remains a key dispute in the legislation, dividing traditional banks and crypto companies
• CFTC will work with SEC on joint crypto asset taxonomy to clarify that digital commodities and collectibles are not securities
• Selig outlined new CFTC agenda including rules on tokenized collateral, prediction markets, and safe harbors for software developers

SEC Chair Paul Atkins and CFTC Chair Mike Selig made a joint appearance on CNBC’s Squawk Box on Thursday. The two regulators discussed the ongoing crypto market structure bill and an upcoming White House meeting set for Monday.

The crypto market structure bill recently passed the House of Representatives. It is now under review in the Senate, where lawmakers are working through issues on the Agriculture and Banking Committees.

The Senate Agriculture Committee voted 12-11 on Thursday to advance the digital asset market structure bill. The vote clears the way for a future floor vote.

One major point of disagreement involves how stablecoin yield should be treated. This issue has created a divide between traditional banks and crypto companies.

Coinbase recently withdrew its support for the bill. The exchange cited concerns over several provisions, including those related to yield.

When asked about the dispute, neither Atkins nor Selig took a clear position. Atkins said the SEC has been advising both committees and is “looking forward to helping them get across the finish line.”

Selig referenced the GENIUS Act, which passed in July 2025. He said the act placed stablecoin policy largely outside the CFTC’s authority.

Joint Framework for Digital Assets

The CFTC will work with the SEC on a joint crypto asset taxonomy. The framework aims to make clear that digital commodities, collectibles, and tools are not securities.

New CFTC Agenda

On prediction markets, Selig announced a new direction. The CFTC had been involved in legal battles over these businesses for years.

“I have directed CFTC staff to move forward with drafting an event contracts rulemaking,” Selig said. The White House crypto council will host a meeting between banking and crypto industry executives as negotiations continue over the CLARITY Act.

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