Conversation with SEC Chairman Paul Atkins and CFTC Chairman Michael Selig | Future of Finance 2026

Why It Matters

A unified SEC‑CFTC framework will reduce regulatory friction, unlock faster, lower‑cost digital‑asset markets, and position the U.S. as a leader in next‑generation finance.

Key Takeaways

• SEC and CFTC are launching joint “Project Crypto” to modernize rules
• Both agencies plan to issue guidance on tokenized securities and commodities
• CFTC aims to bring perpetual futures and on‑chain markets stateside soon
• Agencies will pursue a substituted compliance regime for single‑regulator registration
• Congressional statutory clarity is essential to cement jurisdiction and end turf battles

Summary

The Future of Finance 2026 panel featured SEC Chairman Paul Atkins and CFTC Chairman Michael Selig outlining a coordinated regulatory agenda for digital assets. Both leaders emphasized that, while Congress works on a comprehensive statutory framework, the agencies are already moving forward through existing authorities, launching a joint “Project Crypto” to modernize rules and create a clear taxonomy for securities versus commodities. Key insights included the SEC’s shift from aggressive enforcement to using exemptive authority, the withdrawal of registration‑based actions, and the CFTC’s plan to re‑introduce perpetual futures and provide on‑chain wallet guidance within weeks. The discussion highlighted the need for statutory certainty after the Supreme Court’s Loper‑Bright decision and the importance of a shared taxonomy to avoid jurisdictional ambiguity. Notable moments featured Atkins likening past inaction to an “ostrich in the sand,” Selig promising a near‑term announcement on U.S. perpetual futures, and both chairs describing the current regulatory landscape as “two fortresses with a no‑man’s land” that has stifled innovation. They cited recent enforcement against DeFi firms such as Zerox as examples of the over‑reach they aim to curb. The implications are profound: a harmonized, substituted‑compliance regime could eliminate duplicate filings, accelerate tokenized securities issuance, and enable true T+0 settlement on‑chain, lowering costs for institutions and consumers alike. However, lasting change hinges on Congress enacting clear statutory guidance to cement the agencies’ coordinated approach.

Original Description

Find all Future of Finance 2026 session replays here: https://milkeninstitute.org/events/future-finance-2026/program

Paul Atkins

Chairman, US Securities and Exchange Commission

Michael Selig

Chairman, US Commodity Futures Trading Commission

Michael Piwowar

Executive Vice President, Finance, Milken Institute