SEC and CFTC Take Neutral Stance as Senate Advances Crypto Market-Structure Bill
The Senate Agriculture Committee voted 12–11 on January 29 to advance a digital asset market-structure bill toward a full Senate vote. The bill, already passed by the House, remains under negotiation between Senate Agriculture and Banking Committees. SEC Chair Paul Atkins and CFTC Chair Mike Selig appeared on CNBC’s Squawk Box ahead of a White House meeting, both adopting a neutral position and offering to cooperate once Congress finalizes legislation. Atkins said the SEC is advising committees to help reach a workable agreement; Selig noted the GENIUS Act (July 2025) had placed most stablecoin policy outside the CFTC’s remit, leaving the commission focused on securities and tokenized securities. Both regulators signaled readiness to implement rules once Congress settles jurisdictional differences. Contextual developments include recent SEC guidance on tokenized securities. Key names: Paul Atkins (SEC), Mike Selig (CFTC). Key topics/keywords: digital asset market-structure bill, Senate Agriculture Committee, SEC guidance, tokenized securities, GENIUS Act, stablecoin jurisdiction.
Neutral
Both regulators publicly adopted a neutral stance and emphasized cooperation pending congressional resolution of jurisdictional issues. The Senate committee vote to advance the bill is procedural and not a final policy change; it reduces legislative uncertainty incrementally but does not immediately alter regulatory frameworks. Short-term market impact is likely muted: traders may see modest volatility around committee votes or the White House talks, but no clear directional catalyst was introduced. Long-term implications depend on final jurisdictional allocations (e.g., whether SEC or CFTC controls tokenized securities and stablecoin rules). If Congress clarifies and streamlines regulation, that could be bullish by reducing legal risk and encouraging institutional participation; conversely, a fragmented or SEC-centric outcome could increase compliance burden and weigh on certain tokens. Historical parallels: past neutral regulator statements during legislative processes (e.g., U.S. stablecoin and custody debates) typically produced limited immediate price moves but set the stage for larger market responses once definitive rules were passed. Overall, the news signals procedural progress without decisive regulatory change, justifying a neutral market outlook.