The U.S. Securities and Exchange Commission published a statement by Commissioner Caroline A. Crenshaw at an SEC-CFTC roundtable, warning that regulatory harmonization between the two agencies should not be pursued as an end in itself and must remain anchored in each agency’s statutory mission, particularly investor protection. Crenshaw contrasted the SEC’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation with the Commodity Futures Trading Commission’s mission to promote the integrity, resilience, and vibrancy of U.S. derivatives markets through sound regulation. She cautioned that harmonization efforts can “lead us astray” if they override governing statutes or are used to elide meaningful differences between the markets each agency regulates, illustrating the risk with an “extreme example” that eliminating all regulation would be harmonized but absurd.
U.S. Securities & Exchange Commission 2025-09-29
U.S. Securities and Exchange Commission Commissioner Crenshaw urges mission-led SEC-CFTC regulatory harmonization
U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw emphasized at an SEC-CFTC roundtable that regulatory harmonization should not overshadow each agency's statutory mission, particularly investor protection. She highlighted the distinct missions of the SEC and the Commodity Futures Trading Commission, warning against harmonization efforts that could undermine statutory mandates or blur market differences.