The regulatory landscape of the crypto industry is quietly changing.

In the past, the SEC and CFTC operated independently, each not willing to yield to the other. But now, things are different. Former SEC lawyer Howard Fischer recently revealed that these two agencies are engaging in unprecedented close collaboration to jointly advance crypto-related agendas — a first in U.S. regulatory history.

First, let's look at the SEC's actions. Chairman Paul Atkins launched the "Project Crypto" initiative, which includes establishing a clearer token classification system, introducing innovative exemption mechanisms, and most importantly, focusing on asset tokenization (RWA) as a key compliance area. This means there will be more explicit rules for bringing traditional financial assets onto the blockchain.

The CFTC hasn't been idle either. New Chairman Michael Selig initiated the "Crypto Sprint" project to accelerate the development of regulatory rules for cryptocurrencies like Bitcoin, further solidifying the CFTC's authority in the commodities sector.

With these agencies working together, results are emerging. It is expected that by 2026, a dual regulatory framework—"SEC overseeing tokens, CFTC overseeing commodities"—will be fully formed, paving the way for crypto ETFs and institutional participation. Financial institutions can finally see clear legal red lines and green lights.