Just yesterday, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) formally signed a historic memorandum of understanding.

For a long time, jurisdictional disputes have not only left market participants confused, but also hamstrung the United States in the emerging technology wave. Regulatory friction is a tax levied on capital efficiency, and ultimately it is American investors and enterprises that bear the cost.

The memorandum signed today marks the definitive end of an era of overlapping enforcement and conflicting rules. We will eliminate fragmented management where each operates independently and establish a unified federal regulatory framework. Going forward, we will take coordinated action: developing adaptive rules for emerging technologies like crypto assets, streamlining compliance processes for dual-registered institutions, and coordinating cross-market oversight and data sharing.

This is not merely a perfunctory handshake, but a profound systemic transformation. By releasing innovation potential through regulatory coordination, we will solidify America's global leadership in financial markets and usher in a golden age of U.S. financial regulation.