SEC and CFTC Launch Joint "Project Crypto" Harmonization Initiative, USA, January 2026

On January 29, 2026, SEC Chairman Paul S. Atkins delivered opening remarks at the CFTC's Washington D.C. headquarters, formally launching "Project Crypto" as a joint interagency initiative between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The initiative is at the active coordination stage; no statute or rulemaking has been adopted, but both agencies have committed to joint staff engagement, harmonized standards, and preparatory implementation work ahead of anticipated Congressional crypto market structure legislation.

The controlling authority for the SEC's participation derives from Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. § 78d) and Section 23 of the Commodity Exchange Act (7 U.S.C. § 26) for the CFTC's participation. Chairman Atkins referenced work already completed by the SEC's Crypto Task Force—established under Commissioner Hester M. Peirce—including staff statements on memecoins, stablecoins, mining, and staking under the Division of Corporation Finance, broker-dealer FAQs from the Division of Trading and Markets, and investment adviser guidance from the Division of Investment Management.

Crypto asset market participants—including exchanges, broker-dealers, custodians, digital asset issuers, and tokenized securities platforms—face the most direct consequences from this initiative. Project Crypto directs staff at both agencies to eliminate duplicative and conflicting regulatory requirements, establish clear jurisdictional boundaries between SEC and CFTC authority, and develop streamlined pathways for innovative financial products. Harmonized standards across the two agencies will reduce compliance costs for entities operating across both commodity and securities markets.

The initiative expressly contemplates coordination with Congress to implement any forthcoming market structure legislation "faithfully and thoughtfully." Open questions include which digital assets will ultimately fall under SEC versus CFTC jurisdiction, how joint registration pathways will be structured, and the timeline for formal rulemaking. The SEC-CFTC Harmonization Initiative is accepting written input and meeting requests from market participants at harmonization@sec.gov and harmonization@cftc.gov.

Source: SEC Chairman Paul S. Atkins, "Opening Remarks at Joint SEC-CFTC Harmonization Event – Project Crypto," Speech, Jan. 29, 2026, https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-joint-sec-cftc-harmonization-event-project-crypto-012926; SEC-CFTC Harmonization Initiative, https://www.sec.gov/featured-topics/sec-cftc-harmonization-initiative (confirmed Mar. 5, 2026).

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