SEC and CFTC Step Up Coordination to Reduce Duplicative Enforcement, Selig Says May 12

On May 12, CFTC Chair Michael S. Selig said the CFTC is working with the SEC to better align oversight, rulemaking, and enforcement across crypto, securities, and derivatives markets. He pointed to a memorandum of understanding, participation in the SEC's Project Crypto, and development of a crypto asset taxonomy, alongside expected joint comment requests on portfolio margining and swap data reporting. Selig added that information sharing and parallel-action coordination can lower the risk of inconsistent outcomes for the same conduct and potentially reduce compliance friction for firms.