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The SEC and CFTC signed a landmark MOU on March 11, 2026, establishing a coordinated regulatory framework for Bitcoin, Ethereum, and digital assets.
On March 11, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) signed a memorandum of understanding (MOU) aimed at ending years of disputes over who should regulate various segments of the crypto market.
The agreement does not represent a new law but serves as a binding operational framework between the two agencies. It introduces coordinated oversight of digital assets, establishes mechanisms for data sharing between regulators, and lays the foundation for a clearer regulatory map of the crypto industry in the United States.
Ending Overlapping Regulatory Pressure
One of the primary goals of the memorandum is to reduce the administrative burden on companies that, until now, were often subjected to overlapping—and sometimes contradictory—requirements from both institutions.
The new framework provides for joint examinations, coordinated investigations, and unified interpretations of rules. This means companies will no longer be subject to parallel actions by the SEC and CFTC for the same conduct—a practice the industry has long criticized.
CFTC Chairman Michael Selig described the agreement as a step toward eliminating “duplicate and burdensome regulatory requirements,” while SEC Chairman Paul Atkins stated that the new framework could mark the beginning of a “new era of regulatory clarity” for the crypto industry.
A New Map for Crypto Regulation
The most significant outcome of the memorandum is the clearer division of responsibilities between the two agencies.
Under the new framework, Bitcoin and Ethereum are officially classified as digital commodities, placing them under the oversight of the CFTC. This decision largely reflects the position the regulator has maintained for years, but now receives formal confirmation within a joint regulatory structure for the first time.
This category also includes other highly decentralized tokens, such as Litecoin, as well as so-called “infrastructure tokens,” whose value is directly linked to the functioning of blockchain networks.
The SEC retains control over assets primarily used for capital raising. This includes tokens issued through initial coin offerings (ICOs), as well as certain governance tokens for decentralized organizations that do not meet the criteria for sufficient decentralization.
The key criterion in the new system is the degree of decentralization. If no single party controls more than 20% of the supply or governance of the network, the asset can be classified as a commodity.
Part of a Broader Global Trend
The agreement comes amid a broader international trend toward creating clear regulatory frameworks for cryptocurrencies.
In Europe, the MiCA regulation is already in force, creating a unified licensing system for crypto companies across the European Union. Meanwhile, in the U.S., Congress is debating the Clarity Act, which aims to definitively define the boundary between digital assets regulated as securities and those treated as commodities.
The memorandum between the SEC and CFTC effectively begins to apply this future legislative framework even before it is finalized.
In recent years, the crypto industry has often described the U.S. regulatory environment as a legal gray zone.
The SEC’s approach, which relied primarily on lawsuits against companies, was sharply criticized by the industry.
This uncertainty led to a shift of some crypto innovation outside the United States, as many companies preferred jurisdictions with clearer rules.
The new agreement between the two major financial regulators signals that this era may be ending. For the first time, cryptocurrencies are beginning to be integrated into the existing financial supervision architecture with relatively clear rules.
Whether this will accelerate institutional adoption of crypto assets or impose new restrictions on the industry remains an open question.