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source:U.S. SEC Chairman Paul S. Atkins’ speech at the joint roundtable of regulatory coordination efforts held by the SEC and CFTC;Compiled: bitchain vision
Good afternoon, thank you for your arrival.Before I begin, I must remind you that the opinions I express here represent only me and do not necessarily reflect the views of the Securities and Exchange Commission or other colleagues of my committee.I would also like to thank Ms. Caroline Pham, Acting Chairman of the Commodity Futures Trading Commission (CFTC), and staff of the SEC and CFTC for organizing this joint roundtable without any prior notice, and of course, our outstanding panel members for taking the time and contributing their expertise to participate in today’s event.
I think,Today marks a turning point in the history of the US financial market.The SEC and CFTC have long been in power and conflicting with each other, causing the American people to bear the costs of duplication, procrastination and uncertainty.That era has passed.We are planning a new path that will strengthen the United States as a global financial leader.Today, I look forward to listening to industry leaders and discussing how these two institutions can better coordinate and cooperate to benefit the American people.
I want to be clear:Our focus is on coordination, not the merger of SEC and CFTC, this needs to be decided by Congress and the President.The empty talk about the reorganization of the government may distract us from the huge opportunities ahead.It is important to create a framework that enables our institutions to collaborate seamlessly, reduce duplicate regulation and give the market the clarity it deserves.The current way forward is cooperation, not mergers.I look forward to working with colleagues from Congress and various departments of the government to ensure that the SEC and CFTC operate in concert, work side by side, and work together to promote the vigorous development of innovation and investment in the United States.
The market is full of wreckage of dead products
Unfortunately, decades of regulatory fragmentation have put innovation in trouble.Entrepreneurs are forced to deal with two sets of rules that often conflict with each other and have to bring their creativity overseas.Investors are plagued by repeated mortgage requirements and funds are trapped and unable to drive economic growth.The United States, the country that once brought the deepest and most dynamic markets to the world, watched innovation move abroad, while our two institutions sacrificed the interests of American investors for their respective interests.
This kind of regulatory fragmentation may be appropriate in some era, but the complexity of today’s financial markets requires a coordinated approach.The U.S. Congress established the CFTC in 1974, giving it exclusive regulatory powers over commodity futures.This move reflects the situation at that time – market differentiation, participants are independent, and the boundaries between securities and commodity derivatives are also very clear.But the market is like a river, and new waterways can always be found.The once independent streams now converge into a rushing torrent of innovation, which requires a new approach.andToday’s torrent of financial innovation requires unified responses.
Risk: US’s global financial leadership
We are at a crossroads.If we repeat the mistakes of our predecessors, the United States may lose its leadership in the next chapter of financial history.New products have flocked to overseas markets.Entrepreneurs have built offshore architectures to avoid our fragmented and complex systems.
It’s over.
To achieve this grand vision, both of our institutions must work together to transform dual regulation from a source of chaos to a source of strength.Working hand in hand, we can provide the best of both worlds: retaining the iconic investor protection mechanism in the US market, and integrating innovative models, so that we can always be at the forefront of fintech throughout the 21st century.
A new era in the US capital market
Ladies and gentlemen, the SEC and CFTC have ushered in a new day.The era of fragmented regulatory is about to end.A coordinated and innovative regulatory era has arrived.
We are at a turning point.The choices we make in the coming years will determine whether the United States leads the digital age, still can only stand by and watch other countries seize the opportunities we should have created.Our two institutions will work together to ensure a new chapter of financial innovation is written in the United States.
The wind of change is blowing.Our mission is to ensure that this trend drives U.S. leadership to the new frontier—from the Sycamore Protocol to blockchain, and beyond.We have a responsibility to ensure that all market participants who are eager to innovate – whether established businesses or new entrants – are not hindered by unnecessary regulatory barriers when bringing new products and services to investors in our market.
I really want to learn from today’s group members.First, we will discuss how we have come to this day over the past half century, even though I am perhaps the only one who has been through this long.We will then dive into more specific issues, involving areas where jurisdictions overlap and even sometimes conflicting.
Unfortunately, I cannot participate in the whole process, but I look forward to your comments and welcome the continued dialogue as we work together in the coming months and years.
