Wall Street's two top regulators are discussing plans to move into the same building complex in Washington just steps from the U.S. Capitol, according to people familiar with the matter.
The Securities and Exchange Commission and the Commodity Futures Trading Commission — which oversee different markets — wouldn't be merged under the plan, said the people, who asked not to be identified discussing confidential efforts.
The discussions involve moving the CFTC into the same complex where the SEC is currently located near Union Station.
The move, which has been discussed since last year, likely wouldn't occur until 2027 at the earliest, according to the people.
The General Services Administration, the agency that oversees federal real estate, is also involved in the discussions.
Spokespeople for the SEC and CFTC declined to comment. GSA didn't immediately respond to a request for comment.
The CFTC's potential relocation highlights the continued realignment between the sister agencies, but their leadership insists there are no plans to consolidate into one.
SEC Chairman Paul Atkins and CFTC Chairman Michael Selig, who until late last year worked for Atkins as the chief counsel on the agency's crypto task force, are looking to eliminate duplicative regulations.
"It makes sense to have two separate regulators but what doesn't make sense, and what Chairman Atkins and I have been very clear on, is the lack of coordination between the agencies," Selig said in an interview last month with Bloomberg's Odd Lots podcast.
"We need to harmonize the two regimes to make sure that there's not inconsistent and incompatible rules and that there's not gaps," he added.
Unlike many countries that have one primary regulator for financial markets, in the U.S. the SEC oversees stock and bond activities while the CFTC regulates derivatives trading.
The notion of combining the agencies has been kicked around since the 2008 financial crisis but their distinct regulatory missions and political obstacles have made that consolidation untenable.
The CFTC had to extend its then-expiring lease in 2025 for one year when a new office building closer to Capitol Hill was still under construction. The agency hasn't yet said whether it intends to extend the lease again at its current location in Washington.
(Image courtesy of SEC)
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