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- Federal agencies move closer to finalizing major crypto regulations this year.
- CFTC and SEC align on White House plans for digital asset oversight.
- Lawmakers and crypto leaders push for comprehensive U.S. crypto legislation.
Federal agencies are preparing to finalize key cryptocurrency initiatives before the end of 2025 as part of a broader push for regulatory clarity in digital assets. According to CFTC Acting Chair Caroline Pham, the agency is focusing on expanding crypto trading and tokenized collateral. In an X-post, she affirmed that spot crypto trading and listing collateral Tokens are both on the agenda to be completed by the end of the year.
Meanwhile, SEC Chair Paul Atkins announced that the regulator has its own crypto projects being developed (although the crypto-related initiatives have been delayed due to the current government shutdown). Atkins, in an interview with CNBC, said the absence of congressional funding has slowed progress, as it was impossible for the staff to develop a proposal. He said he hoped that Congress would agree in the near future, allowing the agency to resume its operations.
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CFTC and SEC Follow White House Digital Asset Roadmap
The two agencies are pursuing two objectives identified in a recent White House report, which called for increased direct oversight of the crypto sector. The report recommended that the SEC consider establishing safe harbors for crypto assets and creating a suitable exemption from registration for the distribution of select securities. It also suggested granting the CFTC explicit jurisdiction to oversee spot markets of non-security digital assets.
In August, Pham claimed that the CFTC was developing a program focused on trading spot crypto asset contracts. In the meantime, Atkins has submitted to the SEC the so-called Project Crypto, designed to bring an exemption for the innovation before the end of the year. These initiatives are an indication that every agency is trying to impose some order on the crypto world.
Lawmakers and Industry Leaders Push for Legislative Progress
Members of Congress are also trying to establish national standards for the crypto industry. Senate Democrats, as well as Republicans, are conducting meetings with key crypto executives, including Coinbase CEO Brian Armstrong, Kraken CEO Dave Ripley, Circle President and CEO Jeremy Allaire (not Heath Tarbert, who is the President of Circle), Ripple Chief Legal Officer Stuart Alderoty, and Solana Policy Institute President Kristin Smith. Considerations are focused on developing a comprehensive end-of-year bill.
According to Atkins, a legislative framework would enable the SEC to liaise with other regulators effectively. According to him, this degree of clarity would reinforce market structure, allow investors to be confident, and assist in defining what digital assets fall under the securities law.
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