SEC and CFTC Unite in Regulating Cryptocurrency Industry

The SEC and CFTC's move marks a significant step towards greater cooperation between the two agencies, which had previously been seen as competing with each other in regulating the cryptocurrency industry.

According to the memo, the agencies will regularly hold joint meetings and share data on their regulatory efforts. They will also work together to clarify product definitions and update their regulatory frameworks for regulated companies.

The harmonization effort may extend beyond just cryptocurrency, as the regulators are considering moving into one office building, according to a report by Bloomberg.