The US Securities and Exchange Commission chair Gary Gensler is reportedly holding discussions with CFTC authorities regarding a “memorandum of understanding” on the regulation of crypto assets.

Specifically, Gensler reportedly believed that a collaborative efforts of the governmental agenices will bring about market integrity assurance, as per his interview with The Financial Times 

“I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token”. 

The reason behind a collaborative decision from Gensler was reportedly made up of a vast array of legislative initiatives, which have been released, to form a regulatory framework with enhanced comprehension, focusing on crypto assets. 

The Digital Commodity Exchange Act, which was rolled out in its most updated form in April, as well as the Responsible Financial Innovation Act, enacted in June, both granted the CFTC with a larger level of authority over the market.

Debbie Stabenow, chairman of the Senate Agriculture Committee, current overseeing the CFTC, together with the committee’s ranking member John Boozman, are reportedly also putting in the work to put out a draft for a crypto regulation bill, which aims to widen the authoritative scope of the CFTC. 

Gensler, who was the Head of the CFTC from 2009 to 2013, has showed a skeptic attitude towards towards making adjustments to the status quo.

The SEC has reportedly been the leading entity when it comes to crypto regulation so far, but its decisions have brought about dissatisfaction throughout the sector and lawmakers who are critical of the measures it employed of allegedly regulating via enforcement. 

Crypto industry leaders have explicitly asked for clearer regulation, and SEC commissioner Hester Peirce has pressed for policy changes from within the commission.