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SEC and CFTC plan harmonized oversight to reduce duplicative enforcement and compliance for firms regulated by both agencies.
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“Substituted compliance” could allow one regulator’s framework to satisfy overlapping obligations when outcomes align.
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Agencies will coordinate on prediction markets, cross-margining, and digital asset rules under Project Crypto.
U.S. regulators are advancing a coordinated approach to securities and derivatives oversight, aiming to reduce duplicative compliance. SEC Chairman Paul Atkins outlined the plan on March 10 at the FIA Global Cleared Markets Conference in Boca Raton, Florida. The initiative focuses on aligning agency frameworks while maintaining distinct statutory mandates.
Regulatory Harmonization Initiative
Atkins described the era of duplicative enforcement actions as over, emphasizing agency coordination. He proposed harmonizing legal theories and remedies when both agencies pursue the same conduct.
The chairman also introduced “substituted compliance,” allowing one agency’s framework to satisfy overlapping obligations of the other if outcomes are comparable. The goal is to streamline operations for firms registered with both agencies.
Additionally, the SEC is launching a harmonization webpage to enable companies to request joint guidance from both regulators. Joint meetings on new and pending product applications will also speed approvals, Atkins said.
Cross-Marketing and Product Coordination
Atkins highlighted cross-margining as a tool to unlock liquidity currently segregated across separate derivatives accounts. This approach allows firms to use collateral across related trading platforms efficiently.
He also called for coordinated guidance on prediction markets, specifically on whether event contracts qualify as security-based swaps or other securities. The agencies aim to clarify jurisdictional boundaries while supporting innovation.
The SEC and CFTC plan to update their Memorandum of Understanding to coordinate examinations, supervision, and enforcement for firms regulated by both. Project Crypto, launched in January 2026, sets shared definitions for digital commodities and asset securities.
Integrated Compliance and Industry Engagement
Atkins likened the approach to a regulated “super-app” where firms can manage compliance across frameworks instead of duplicating reporting and supervisory processes. He encouraged market participants to propose new trading structures and noted regulators may provide targeted relief when necessary.
Despite increased collaboration, Atkins stressed that SEC and CFTC will remain separate agencies. “The SEC and the CFTC operate under distinct statutes entrusted to us by Congress,” he said, noting coordination does not imply a merger.
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