In 2026, sources said they expect more cooperation between the CFTC and SEC and said that will drive next year’s agenda. The SEC is set to tackle tokenization, exemptions, and a token taxonomy. Meanwhile, the CFTC will have a new chair as lawmakers in Washington seek to give the agency more oversight over crypto. Howard noted the change in relationship between the two agencies.  

"For the first time, since I can remember, the SEC and the CFTC appear to be working together in a way that's a lot more cooperative." 

In 2026, Fischer said he expects more cooperation between the two agencies and said that will drive next year's agenda.

In addressing tokenization, Howard said that "around-the-clock trading is a cool idea, but said the implications are complicated. The SEC's regulatory movement on tokenization could take time, he said. He compared it to the SEC's climate-related disclosure rules and said the SEC staff were not "climate scientists," so figuring out what is material for investors was complex."