U.S. SEC, CFTC chiefs push united front on paving the way for crypto

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4 hours ago


What to know : Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

The leaders of the two federal agencies that have U.S. crypto's fate most in their hands hosted an event on Thursday meant to signal their commitment to coming up with crypto policies.

Even as crypto legislation moves in fits and starts through Congress, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are trying to advance regulatory policy to give the industry some comfort in doing U.S. business. The CFTC has a new leader, Mike Selig, who was sworn in last month after his Senate confirmation and is already moving forward on crypto initiatives.

"Chairman Selig brings to the CFTC precisely what this moment demands: a deep respect for market integrity, paired with a practical understanding of how innovation drives prosperity for the American people.," said SEC chairman Paul Atkins, whose first year at the helm has already represented a sharp reversal of Democratic predecessor Gary Gensler's stance on the digital assets sector. He said the agencies will be "deploying every tool at our disposal to reduce friction, to harmonize standards and definitions where appropriate, and to equip markets with confidence as Congress completes its vital work."

The SEC is responsible for securities, and that will include tokenization and any cryptocurrencies that are deemed to check that box, though leading tokens such as bitcoin and Ethereum's ether are under the CFTC's jurisdiction.

The event appears to be a redux of a previous joint meeting between Atkins and Selig's immediate predecessor, then-Acting Chairman Caroline Pham.

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