US Government Revamps Crypto Policies: SEC and CFTC Explore Joint Advisory Body Revival

The US government is set to revamp its crypto policies, aiming to create a more favorable environment for the crypto industry. In a significant move, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are exploring the possibility of reviving a joint advisory body to enhance crypto regulation.

This joint regulatory body was first established in 2010, following the 2008 financial crisis, to help the SEC and CFTC stay aligned and address financial gaps. The committee's primary objective was to identify and mitigate risks before they escalated to crisis levels. However, the agency was disbanded in 2014 due to changes in priorities and leadership.

According to a recent report by a Fox News journalist, Eleanor Terret, CFTC acting Chairperson Caroline Pham has proposed reviving the joint advisory committee. Pham suggested that this move could signal a new, collaborative, and cooperative US regulatory approach. Neither the SEC nor the CFTC has commented on this proposal.

If the advisory board is re-established, it could help fulfill former President Trump's promise to make the USA the crypto capital of the world. This move could have both fiscal and political benefits, potentially boosting the crypto landscape and increasing Trump's popularity among younger, crypto-enthusiastic voters. The advisory body could significantly shape the crypto landscape in the coming years.