Interview, Conference Presentation, Panel
Conversation with SEC Chairman Paul Atkins and CFTC Chairman Michael Selig | Future of Finance 2026
- The SEC plans to shift from an enforcement-heavy, registration-based approach to a strategy utilizing exemptive authority and advisory work to foster digital asset products, aiming to achieve regulatory clarity in collaboration with Congress.
- A new jurisdictional split is being initiated between the SEC and CFTC to separate tokenized securities from other digital assets like commodities and collectibles, while both agencies intend to abandon inter-agency turf battles in favor of information sharing, joint surveillance, and a substituted compliance regime.
- Regulatory efforts are anticipated to rely on statutory certainty from Congress to withstand judicial reinterpretation of Supreme Court precedent following Loper Bright, with the SEC and CFTC working toward mutual recognition and a "super app" allowing market participants to register with one agency for dual compliance.
- The CFTC projects the announcement of rules for "true perpetual futures" within the next month, alongside "very soon" guidance on digital wallets and the modernization of rules to allow DeFi protocols and on-chain systems to operate under a regulated framework rather than being classified as exchanges or brokers.
- Immediate on-chain settlement ("T0") and delivery versus payment using stable currencies or tokenized assets are expected to become reality soon, though speed bumps will be implemented to prevent fraud, with the SEC planning to reduce vexatious litigation and curb social-issue shareholder proposals to stimulate public markets and IPOs.
- Both agencies warn of significant risk regarding market participants and liquidity moving offshore or into black markets if the U.S. fails to establish clear rules for digital commodities, prediction markets, and event contracts, prompting the CFTC to assert federal authority and prepare advance notices of proposed rulemaking in the near future.