On January 29, 2026, the U.S. Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) held a closely watched joint public meeting on cryptocurrency regulation and market structure. Led by SEC Chair Paul Atkins and CFTC Chair Michael Selig, the meeting marked one of the most visible efforts in years to present a coordinated federal regulatory approach to digital assets.
While the meeting did not result in new rules, its importance lies elsewhere. For the first time since the early days of crypto enforcement, both agencies publicly emphasized inter‑agency alignment, jurisdictional cooperation, and forward‑looking supervision, rather than unilateral enforcement actions. For market participants, the January 29 meeting offers meaningful insight into how U.S. crypto regulation is likely to evolve in 2026.
Regulatory Context: Why the January 29 Meeting Mattered
For more than a decade, crypto regulation in the United States has been shaped by overlapping and sometimes competing claims of authority by the SEC and the CFTC. The SEC has asserted jurisdiction over digital assets it views as securities under the Howey test, while the CFTC has consistently classified major cryptocurrencies such as Bitcoin and Ether as commodities subject to its anti‑fraud and derivatives oversight authority.
This jurisdictional overlap has produced significant legal uncertainty. The same token could be treated as a security in one context and a commodity in another, creating compliance risk for exchanges, issuers, and intermediaries.
From 2021 through 2024, federal crypto policy—particularly at the SEC—was dominated by enforcement actions. Dozens of lawsuits were brought against exchanges, lending platforms, and token issuers, often without prior rulemaking tailored to digital assets. Courts, industry participants, and lawmakers increasingly criticized this approach as unpredictable and legally fragile.
By early 2026, that approach had clearly shifted. Under Chair Atkins, the SEC sharply reduced crypto enforcement activity, dismissed or narrowed several major cases, and removed crypto from its standalone examination priorities for 2026. The January 29 meeting is best understood against this backdrop of regulatory recalibration.
The January 29 SEC–CFTC Joint Meeting
The January 29 meeting, held at CFTC headquarters in Washington, D.C., was publicly framed as a coordination session on crypto market oversight and regulatory harmonization. Both agencies emphasized that the goal was not to announce new regulations, but to align regulatory philosophies and supervisory priorities in light of crypto’s increasing integration into traditional finance.
The meeting followed weeks of market volatility and heightened attention to crypto ETFs, tokenized assets, and cross‑market trading platforms, all of which underscore the need for consistent oversight across securities and commodities regimes.
The meeting focused on several interrelated themes:
- Market structure for digital‑asset trading platforms, particularly those offering both spot and derivatives products
- Jurisdictional coordination, including when assets or activities fall within SEC or CFTC authority
- Investor and market‑integrity protections, especially in periods of market stress
- Cross‑border cooperation, given the global nature of crypto markets
- Regulatory consistency, to reduce duplicative or conflicting compliance obligations
Notably, both Chairs emphasized the importance of regulatory clarity without sacrificing statutory mandates or investor protection.
The Chairmen announced the re-launching of “Project Crypto” as a joint initiative between their two agencies. One focus will be clearer crypto asset taxonomy, and there will also be efforts to reduce duplicative compliance requirements. Chair Selig announced one significant policy shift when he stated that he had directed staff to withdraw the CFTC’s 2024 proposed event contracts rule as well as a 2025 staff advisory notice that had cautioned registrants regarding political and sports-related prediction markets.
Perhaps the most significant takeaway from the January 29 meeting was tone. Rather than asserting exclusive jurisdiction or previewing new enforcement actions, both agencies stressed collaboration and information sharing. This represents a marked departure from prior years, when inter‑agency disagreement often played out through litigation or public statements.
The meeting suggests a future in which SEC and CFTC staff coordinate examinations, share market intelligence, and align interpretations of overlapping issues such as custody, disclosure, and market manipulation.
The January 29 meeting also aligns with broader regulatory developments. Just one day earlier, the SEC issued a detailed statement clarifying how federal securities laws apply to tokenized securities, emphasizing substance over form and encouraging engagement with regulators. [sec.gov]
Together, these actions suggest a deliberate move away from ad hoc enforcement toward structured guidance and inter‑agency consistency.
Relationship to Congressional Efforts
The January 29 meeting occurred against the backdrop of the stalled Digital Asset Market CLARITY Act, which seeks to allocate regulatory authority between the SEC and CFTC through statutory definitions and market‑structure rules. See our post here.
The joint meeting implicitly acknowledged the same problem the legislation addresses: regulatory uncertainty driven by overlapping authority. In the absence of immediate congressional action, the agencies appear willing to approximate clarity through coordination. But both chairs believe that legislation is the preferred method for providing durability and predictability. Statutes are also more resistant to changes in Presidential administrations.
Historically, inter‑agency coordination has often filled gaps where Congress has been slow to act. The January 29 meeting suggests the SEC and CFTC are prepared to use memoranda, guidance, and aligned supervision to reduce uncertainty—even without new legislation.
