The SEC finally admits US crypto chaos was caused by its own regulatory turf wars

The SEC and CFTC signed a Memorandum of Understanding (MOU) establishing a formal operating framework to harmonize regulation for crypto, derivatives, and hybrid products. SEC Chair Paul Atkins admitted that years of "regulatory turf wars," overlapping rules, and duplicate registrations contributed to U.S. crypto activity moving to other jurisdictions. While the MOU does not rewrite securities or commodities law, it mandates regular meetings, data sharing, coordinated exams, and consultation on enforcement to prevent conflicting outcomes for firms interacting with both agencies. This procedural shift aims to reduce the cost, speed, and risk of operating in the U.S. by streamlining regulatory tracks, particularly concerning product design, cross-margining, and venue structure, rather than immediately settling classification disputes.

(Source：CryptoSlate)