SEC and CFTC Sign MOU to Coordinate Crypto Oversight, Easing Decade-Long Jurisdiction Clash

The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission signed a Memorandum of Understanding to improve coordination on cryptocurrency oversight, digital asset products, investor protection and federal policy frameworks. The agreement addresses years of regulatory uncertainty in which crypto assets fell between the two agencies' mandates, as some tokens exhibit securities-like characteristics while others function as digital goods, network resources or collectibles. In November 2025, the SEC introduced a four-category token framework based on the Howey Test that distinguishes digital goods or network tokens, digital collectibles, digital tools and tokenized securities, formally recognizing that not all crypto assets are securities. While the MOU is not legally binding, both regulators emphasized a shared goal of developing an adaptive regulatory framework for digital assets as the U.S. responds to clearer rules in other jurisdictions and the rapid growth of stablecoins, real-world assets and onchain finance.