Paul Atkins testifies before the Senate Banking, Housing, & Urban Affairs Committee during his confirmation hearing to be Chairman of the U.S. Securities and Exchange Commission, on Thursday, March 27, 2025. Photo: Diego M. Radzinschi/ALM
The Securities and Exchange Commission and Commodity Futures Trading Commission are discussing harmonization efforts, not a merger, SEC Chairman Paul Atkins stressed Monday during his opening remarks at the SEC-CFTC Roundtable on Regulatory Harmonization.
"Let me be clear, our focus is on harmonization, not on a merger of the SEC and the CFTC, which would be up to Congress," Atkins said.
"Today I believe marks a turning point in the history of financial markets. For too long, the CFTC and SEC have operated in parallel lanes too often in conflict with each other leaving the American public to bear the cost of dislocation, delay and uncertainty," Atkins said. "That era is behind us. We are charting a new course, one that will solidify America's position as the world's financial leader."
After his remarks, Atkins told reporters that the SEC and CFTC "are in sync and we want to be moving forward, and answer finally these issues that have long plagued the nation regarding digital assets, regarding registration and being a public company ... I didn't come to take this job to engage in a turf battle. That's the last thing on my mind."
"Crypto is job one" in collaborating with the CFTC, Atkins told reporters. "That's clearly the issue of overlap ... we want to make sure the rulebooks are in sync."
Regulation Best Interest
When asked by ThinkAdvisor after the roundtable, held at SEC headquarters in Washington, if Regulation Best Interest needs to be changed or updated, Atkins responded: "We'll see. I just finished four months here. We're looking at all sorts of things. Obviously, top priority right now is crypto, looking at our regulatory rulebook because all of this is inhibiting innovation, inhibiting companies from becoming public — and as I've said I want to make it cool to be public again."
Ending Quarterly Reports
As to fast-tracking President Donald Trump’s proposal to end quarterly reporting for most companies, Atkins said he hopes to have a proposal out by early next year.
Credit: Diego M. Radzinschi/ALM
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