The SEC and CFTC plan to formalize their cooperation on crypto regulation through a memorandum of understanding as part of their effort to establish rules supporting industry growth, The Wall Street Journal reported Thursday. SEC Chair Paul Atkins told the Journal he expects crypto legislation to pass this year but noted regulators can proceed without it. “We can make do with our authority.”SEC and CFTC leadership will hold a joint event on January 29 to discuss harmonizing crypto regulation and supporting US leadership in the digital asset market. The regulatory push comes as the crypto market structure bill cleared the Senate Agriculture Committee on a 12-11 vote earlier today. Coinbase, the largest US crypto exchange, withdrew support for the legislation over a dispute with banks regarding stablecoin reward provisions.