Overview

• Leaders said crypto is the top priority for policy work, with SEC Chair Paul Atkins calling for seamless coordination and CFTC Acting Chair Caroline Pham declaring the turf battle over.
• The agencies rejected speculation about a merger, stressing collaboration under existing mandates and noting any consolidation would require Congressional action.
• Near‑term items include an SEC “innovation exemption” targeted by year‑end and a CFTC process to evaluate stablecoins and other tokenized assets for margin at derivatives venues.
• Roundtable discussions focused on jurisdictional tests, standardized listing and disclosure templates beyond bitcoin and ether, cross‑market data sharing, custody, and the treatment of event‑contract venues.
• No rules were finalized, with officials pointing to staff work, public comment, and parallel legislative efforts to determine outcomes as industry voices from Kraken, Polymarket, ICE, CME, and Nasdaq weighed in.