CFTC and SEC join forces on ‘Project Crypto’ to modernize rules as Congress works on digital asset legislation

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are joining forces on “Project Crypto,” an initiative to modernize cryptocurrency regulation. SEC Chair Paul Atkins announced the joint effort, emphasizing the need for coordinated regulation across asset classes and platforms. This collaboration marks a shift from a previous “turf war” over digital asset jurisdiction, with both agencies now aiming for a unified approach. CFTC Chair Michael Selig announced the partnership and plans to work with the SEC on codifying a taxonomy to differentiate between securities and non-securities. While Congress is working on legislation to clarify crypto market structure, regulators are moving forward to update rules and provide clarity. Selig also plans to address the regulation of prediction markets, withdrawing previous restrictive proposals and seeking to establish clear standards for event contracts.

(Source：The Block)