SEC, CFTC Align on Crypto and Derivatives Oversight
CFTC Chair Michael S. Selig told the FINRA conference May 12 that the SEC and CFTC are coordinating rulemaking, enforcement and reporting on crypto and derivatives to reduce duplicate enforcement.
At the FINRA 2026 Annual Conference in Washington on May 12, CFTC Chair Michael S. Selig outlined steps the Commodity Futures Trading Commission and the Securities and Exchange Commission are taking to coordinate oversight of crypto and derivatives markets. He cited a memorandum of understanding, a joint harmonization initiative, CFTC participation in the SEC’s Project Crypto and work on a crypto asset taxonomy.
He noted the agencies expect to issue joint requests for comment on portfolio margining and swap data reporting. Staff are working to better align CFTC swap reporting with SEC Regulation SBSR, the framework for security-based swap reporting.
The coordination covers both rulemaking and enforcement. According to Selig, parallel enforcement actions and routine information sharing have reduced the risk of duplicate or inconsistent outcomes when the same conduct crosses agency lines. He added that closer staff collaboration can simplify compliance for firms subject to both agencies.
Selig highlighted overlap among self-regulatory organizations, saying the Financial Industry Regulatory Authority and the National Futures Association now cover some of the same firms and activities. He urged closer alignment on examinations, recordkeeping standards and surveillance practices so firms can manage dual obligations more efficiently.
He said: “We have a real opportunity here for greater collaboration. Not to merge identities or flatten important differences, but to align the organizations in ways that help regulators and market participants.”
Officials offered no firm timeline for the joint requests for comment or for final reporting changes. They said technical work and information-sharing are already underway.
The agencies are coordinating on taxonomies, reporting standards and enforcement practices to narrow gaps between their rulebooks while preserving each agency’s distinct authority.
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