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 at a loss, but have also tied the hands of the United States amid the wave of emerging technologies. Regulatory friction is a tax levied on capital efficiency, with U.S. investors and enterprises ultimately bearing the cost.

The signed memorandum marks the complete end of an era characterized by duplicate enforcement and conflicting rules. We will terminate fragmented, each-doing-their-own-thing management and establish a unified federal regulatory framework. Going forward, we will take coordinated action: formulating adaptive rules for emerging technologies such as crypto assets, streamlining compliance procedures for dual-registration institutions, and coordinating cross-market regulatory oversight and data sharing.

This is not merely a simple handshake reconciliation, but a profound systemic transformation. By releasing innovation vitality through regulatory coordination, consolidating the United States' global leadership position in financial markets, we are also ushering in a golden age of U.S. financial regulation.