Mike Selig

But I do think that that has been a big disservice to the American people that the regulators, especially in the last administration, who never got to use this stuff, were trying to kill it here in the United States.

So creating a framework where at least regulators can experiment with it, maybe use stable coins, things like that.

You know, I think that's something that we should change in the country.

Well, for so many years, the agencies have not been able to cooperate, coordinate, work together.

And so we've wound up with this patchwork of rules and regulations that are often inconsistent.

And we saw with the last administration, Gary Gensler's SEC led a war on crypto.

They brought enforcement actions against all sorts of builders and innovative technology companies.

then the cfdc really did nothing about it just kind of stood on the sidelines and now chairman atkins and i are working together but we're collaborating we're coordinating we've launched project crypto as a joint initiative between the agencies and that's intended to harmonize definitions for crypto it's intended to harmonize our guidance our interpretations and our regulatory philosophies and and that's really important so you come into the sec as a builder and you might face

one sets of rules and regulations, and then a different at the CFTC in the past.

But today, we're working together to make sure it's consistent, whichever framework you wind up in.

It's also important to note that we have a memorandum of understanding now between the agencies.

So we're coordinating our staff's efforts.

And so you go and deal with one set of staff at an agency, and they're also talking to the other agency to make sure things are consistent.

They were surveilling the markets that are becoming more and more

interconnected with new technologies and products and all of that.

So it's really important, I think, as a country to make sure that our agencies are working together, have the same guiding philosophies and are really ensuring that our markets are the best in the world.

It's important to have both agencies.

So the CFTC is a risk management regulator.

We regulate the derivatives markets, which to me are some of the most creative financial instruments in the world.

You can have a derivative on just about anything and everything.