This week, Washington’s ongoing struggle to control the uncharted territory of digital assets took a tangible step forward. The U.S. Securities and Exchange Commission (SEC) formally sent commission-level guidance to the White House, laying out how federal securities laws apply to cryptocurrencies. This move could reshape how the entire industry operates in America.
The SEC submitted the guidance, titled “Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,” on March 3. It now sits with the White House’s Office of Information and Regulatory Affairs for interagency review.
Why This Matters for the Industry
Once finalized, such a framework would directly affect how crypto firms register with regulators, what they must disclose, and how they interact with the investors.
SEC Chairman Paul Atkins has made digital asset regulation a top priority. He has expressed a preference for congressional action but has made clear the agency will move independently if lawmakers fail to deliver. A Senate bill aimed at establishing a crypto market structure framework stalled earlier this year after disagreements between banks and crypto firms over stablecoin rewards erupted. The White House has since hosted meetings between the two sides to find common ground.
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CFTC Also Steps In
The SEC was not alone. The Commodity Futures Trading Commission (CFTC) also submitted a measure on prediction markets to the Office of Information and Regulatory Affairs on Monday. CFTC Chairman Brian Quintenz addressed the move directly at the Milken Institute’s Future of Finance event, saying the agency plans to issue an advanced notice of proposed rulemaking on prediction markets soon. The CFTC aims to resolve a patchwork of conflicting federal and state interpretations, particularly around sports-related event contracts. Several states have already taken enforcement action against platforms like Kalshi and Polymarket, alleging violations of gambling laws. “We are going out with guidance in the very near future,” said Quintenz.
