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The SEC is currently working on a rule that could exempt some crypto token offerings from securities regulations. The agency is expected to advance the proposal in the coming weeks. Meanwhile, the CFTC plans to discuss crypto regulation at an industry gathering this week, according to Reuters.
Chief legal and strategy officer at crypto trading firm GSR Josh Riezman said federal agencies such as the SEC and CFTC need to advance their plans, which could help the industry at least in the short term. He added, “But then the next administration, depending on how that shakes out, we can be looking very much like a potentially Gensler 2.0 type scenario.”
A CFTC spokesperson said, “The Clarity Act is crucial to ensuring American competitiveness, and that Congress should take this opportunity to set “durable” rules. If that doesn’t happen, the CFTC stands ready to protect America’s leadership in financial markets and ensure we remain the crypto capital of the world.”
The Trump administration has already reversed numerous policies introduced by former President Joe Biden, including measures involving the SEC and consumer watchdogs. Companies also fear that shifting political dynamics and legal challenges could undermine regulations related to cryptocurrency, arguing that only legislation can provide lasting certainty. Under Biden’s administration, then-SEC Chair Gary Gensler sued multiple crypto companies, alleging that their tokens constituted securities and that the companies should have registered with the agency.
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Trump made crypto a key campaign issue, and his family has made financial gains from cryptocurrency tokens. His administration has made cryptocurrency reform a priority during his second term. SEC Chair Paul Atkins has proposed broad changes to financial market regulations to accommodate crypto, while CFTC Chair Michael Selig approved perpetual bitcoin futures.
However, Democrats have called for stronger safeguards against fraud and money laundering. Some Wall Street firms could also oppose policies developed by agencies such as the SEC and CFTC. In June, CME Group sued the CFTC over its decision to approve perpetual crypto futures.
Meanwhile, Summer Mersinger, CEO of the Blockchain Association, said, “The agencies moving forward just shows this recognition of, we can’t just stand by and not do anything. That’s going to be really helpful and we applaud their work. But we need something permanent.”
