U.S. Financial Authorities Initiate Revisions to Regulations Governing Cryptocurrency Market

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have initiated efforts to revise the regulatory framework for the digital asset industry in accordance with the new priorities set by the Donald Trump administration.

Caroline D. Pham, Acting Chair of the CFTC, revealed the launch of the Crypto Sprint program, which aims to fulfill the agency’s mandates concerning digital asset regulation.

Recently, the Trump administration proposed a comprehensive overhaul of digital asset market regulation, introducing various initiatives to clarify regulatory powers, reform taxation systems, and reduce oversight.

The President’s Working Group on Digital Asset Markets presented 18 essential recommendations for the CFTC, which Pham indicated the agency intends to implement promptly. The primary recommendations include:

• establishing a unified and effective licensing system that allows market participants to consolidate multiple activities under a single registration;
• granting the CFTC the authority to oversee spot markets for non-security digital assets and setting market conduct standards;
• implementing rules for the segregation of client digital assets and establishing reporting obligations for trading platforms;
• providing clarifications regarding the use of digital assets and stablecoins as collateral;
• facilitating the use of blockchain technologies for compliance recordkeeping and implementing tokenized non-cash collateral;
• coordinating rulemaking efforts between the SEC and CFTC, including public consultations and regulatory sandboxes.

Caroline D. Pham emphasized that collaboration with the SEC and other regulators will be a crucial aspect of the Crypto Sprint program, as its main objective is to create a regulatory environment that encourages innovation while safeguarding market participants. Pham believes that achieving this goal is only feasible through cooperative efforts.

At the same time, SEC Chair Paul Atkins announced the initiation of Project Crypto, which aims to modernize crypto market regulation and also aligns with the objectives of the Trump administration. Among other initiatives, the agency plans to:

• reassess the application criteria for the Howey Test to clearly differentiate between digital assets that qualify as securities and those that do not;
• create conditions for the development of “super-apps” that enable trading of both traditional securities and crypto-assets on a single platform;
• introduce simplified or temporary regulatory frameworks for ICOs, airdrops, DeFi projects, and early-stage crypto startups;
• encourage the return of crypto firms that exited the U.S. due to previous stringent regulatory measures;
• enhance coordination with the CFTC and other regulators to expedite the implementation of recommendations.

The SEC also officially announced the launch of the Crypto Task Force initiative, under which Commissioner Hester Peirce will conduct ten in-person meetings with representatives from crypto companies in nine U.S. cities. Companies eligible for meetings with Peirce must have fewer than ten employees and be less than two years old.

Peirce noted that engaging a wider audience in discussions will assist the agency in broadening its understanding of the industry by collecting data from various participants in the crypto sector. “We want to hear from individuals who may not have had a voice in previous policymaking efforts. Any regulatory framework will have significant implications, and we want to ensure that our outreach is as thorough as possible,” Peirce stated.

In the past, the SEC and CFTC competed for regulatory jurisdiction over the crypto market without seeking a compromise. However, following the official passage of the GENIUS Act, the regulators began formulating a joint strategy, delineating jurisdiction and harmonizing regulations to eliminate overlapping requirements.

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