The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have signed a coordination pact to align oversight of financial markets and digital assets. The agreement, signed through a memorandum of understanding, outlines how the two agencies will coordinate rulemaking, supervision, and enforcement across areas where their authority overlaps. The joint effort includes a "Joint Harmonization Initiative" covering issues such as product definitions, clearing rules, reporting requirements, and oversight of trading venues. The initiative aims to harmonize regulatory frameworks and develop a "fit-for-purpose regulatory framework" for crypto assets and emerging technologies. The move could help address uncertainty around how different tokens are classified and which regulator has jurisdiction, and potentially lead to a more unified regulatory approach once Congress adopts broader crypto market structure legislation.