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.

“In the long term, it’s better to have legislation,” Atkins said. “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 event will include remarks and a fireside chat, and will be webcast live from CFTC headquarters.

Their joint efforts could include determining which crypto assets fall under each agency’s jurisdiction.

The regulatory push comes as the crypto market structure bill cleared the Senate Agriculture Committee on a 12-11 vote earlier today.

Despite the procedural win, the bill remains stalled by partisan divisions and unresolved issues that will need to be addressed in the Senate Banking Committee to keep the legislation on track.

Coinbase, the largest US crypto exchange, withdrew support for the legislation over a dispute with banks regarding stablecoin reward provisions.

There are ongoing concerns that Congress may fail to enact legislation before the November midterm elections. Such an outcome would represent a setback for the Trump administration, which has embraced the crypto industry and pledged to foster growth in digital assets.