Trump's financial regulators are preparing to write new cryptocurrency rules as the prospects of congressional action on a broad digital asset framework grow increasingly dim, according to Reuters.

The Securities and Exchange Commission and the Commodity Futures Trading Commission are set to step in after the Digital Asset Market Clarity Act stalled in the Senate. In coming weeks the SEC is expected to move forward with a rule that would carve out certain token offerings from securities requirements, and the CFTC is slated to take up crypto topics at an industry event later this week, according to Reuters.

"The agencies seemingly are ready to act, given that Congress has been unwilling or unable to do so," Miller Whitehouse-Levine, CEO of the Solana Policy Institute, said.

Industry supporters and executives warn that agency-level rules, while welcome in the short term, offer a fragile substitute for legislation. Court challenges could consume enough time that a successor administration simply scraps whatever the current one builds, and the Trump administration's own sweeping reversal of dozens of SEC and consumer watchdog policies inherited from Biden has made that vulnerability plain.