SEC & CFTC’s Big Move: Pham’s 6-Point Plan to Make US the Crypto Capital

As has already been publicized, the SEC and the Commodity Futures Trading Commission signed a historic memorandum of understanding. CFTC Commissioner Caroline Pham, known for her support of the industry and for specific companies operating within it, such as Ripple, has spoken in favor of regulatory harmonization and issued what can be described as a programmatic statement, calling for the implementation of the principles she has advocated for over many years. Let’s just say, if the SEC and CFTC were a couple arguing over who gets the last slice of pizza, Pham is the one yelling, “WE’RE BOTH GETTING IT!”

Caroline Pham’s roadmap to regulatory clarity for crypto

In her view, the existing uncertainty has been killing innovation. She argues that the following six points must be introduced to turn the United States into the crypto capital of the world. Because nothing says “innovation” like a six-step guide to making the U.S. the crypto capital. (Spoiler: It’s all about Ripple.)

Key points of SEC-CFTC harmonization, according to Pham:

1. The first point is clarification of product definitions and the necessity to establish joint interpretations to finally determine whether a token is a security or a commodity after years of uncertainty. Because nothing says “innovation” like a 20-year debate over whether a digital asset is a “security” or a “commodity”-because obviously, the answer is “yes.”
2. Second, Pham believes it is essential to modernize financial frameworks by updating clearing, margin and collateral rules, specifically enabling the use of stablecoins and tokenized assets as collateral to improve capital efficiency. Because nothing says “modern” like letting stablecoins and tokenized assets be used as collateral. Who knew?
3. The third point is reducing regulatory friction. In her opinion, it is necessary to cut red tape for duly registered exchanges so they can operate under a single, streamlined compliance regime. Because nothing says “streamlined compliance” like a single, streamlined regime. Oh, wait, that’s just a fancy way of saying “stop making us jump through hoops.”
4. The fourth point, which she believes will “make America the crypto capital of the world,” is fit-for-purpose regulation. Pham calls for moving away from legacy rules to create a framework specifically designed for crypto assets and emerging technologies. Because who needs legacy rules when you can have a framework specifically designed for crypto? It’s like the “just do it” of regulatory frameworks.
5. The fifth point is streamlined reporting; a unified reporting system should be created to reduce costs for funds by standardizing data requirements across agencies. Because nothing says “cost-saving” like standardizing data requirements across agencies. Who needs efficiency when you can have chaos?
6. Finally, the last point is coordinated oversight, meaning joint risk monitoring and enforcement instead of duplicative investigations by the SEC and the CFTC. Because nothing says “teamwork” like joint risk monitoring and enforcement. Oh, and also, no more duplicative investigations. That’s a bonus.

The motto under which Pham released this plan is “Stronger, faster, cheaper, together.” It is a direct signal to the market that the era in which companies like Ripple have spent hundreds of millions of dollars on litigation due to the lack of coordination between regulators should be coming to an end. Or, as Pham might say, “It’s about time we stop acting like a bunch of bickering siblings and start acting like a united front. (But mostly for Ripple.)”

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2026-03-12 13:33