US regulators dismiss SEC-CFTC merger rumors, move to dispel crypto ‘FUD’

In the Monday roundtable, acting CFTC Chair Caroline Pham, also the last remaining commissioner at the agency following a string of departures and resignations in 2025, used her opening statement to discuss how the two agencies working together could significantly change the regulatory landscape for digital asset companies.

SEC Chair Paul Atkins focused on cross-agency “collaboration, not consolidation” during his opening statement, clarifying there was no plan to merge the two agencies, “which would be up to Congress and the President.”

Pham said she would “take a moment to dispel some of the FUD [fear, uncertainty and doubt]” regarding the CFTC’s operations on crypto.

According to the acting CFTC chair, the agency took 18 actions that did not include enforcement cases from Jan. 20, when she took the helm at the regulator, until Sept. 3. She reported that there had been 13 enforcement actions during the same period, some of which included lawsuits involving digital assets, and 14 actions since Sept. 4.

“I think you will see that the CFTC is alive and well, and there needs to be no more FUD about what’s going on on the other side of town,” said Pham.

The SEC-CFTC roundtable, ongoing at the time of publication, included panels featuring executives from cryptocurrency companies Kraken and Crypto.com. Pham was the sole currently serving member of the CFTC attending the event, though former CFTC Chair J. Christopher Giancarlo and former commissioner Jill Sommers moderated panels.

Related: Crypto execs meet US lawmakers, discuss Bitcoin reserve, market structure bills

The roundtable between the two US financial regulators came as the government is poised for a potential shutdown amid partisan disputes over healthcare cuts from a July budget bill.

The shutdown would effectively halt all activities in Congress, including the consideration of a market structure bill in the Senate, which is expected to clarify the roles the SEC and CFTC would have in overseeing digital assets.

No expected replacement for CFTC chair yet

In addition to a potential government shutdown halting legislation in Congress, it could further delay confirmation of a replacement for Pham to head the CFTC. The acting chair said in May that she planned to move “to the private sector” if the Senate were to confirm Trump’s pick, former commissioner Brian Quintenz.

After Trump’s nomination of Quintenz in February, the Senate Agriculture Committee had been scheduled to vote on the prospective CFTC chair before recessing in August. However, the committee reported that the White House requested that the vote be delayed.

Gemini co-founders Cameron and Tyler Winklevoss were reportedly behind the White House’s request. The Winklevoss twins are supporters of Trump and initially praised Quintenz’s nomination.

The prospective CFTC head released texts between himself and the Winklevosses in September, suggesting that the Gemini co-founders wanted certain assurances regarding the agency’s enforcement actions.

As of Monday, Quintenz’s confirmation hearing did not appear on Senate calendars, and reports suggested that Trump was considering other candidates.

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