The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are preparing to independently establish regulatory frameworks for the crypto industry, as the bill on the matter faced delays in Congress.
SEC Chair Paul Atkins and CFTC Chair Michael Selig said the agencies intend to use their existing authorities to develop rules for regulating crypto-assets and to encourage industry growth in the United States.
According to Atkins, passing dedicated legislation remains a long-term priority, but regulators can operate within their current mandates if needed. He expects the relevant law to be adopted in 2026, while emphasizing the SEC’s readiness to act now. In the near term, the SEC and CFTC plan to sign a Memorandum of Understanding that will formalize coordination mechanisms and the division of supervisory responsibilities.
Under the new approach, regulators aim to clearly delineate jurisdictions:
- the SEC will focus on tokenized securities;
- the CFTC will oversee digital assets that are treated as commodities or digital collectible assets.
Selig said the key task is to create a clear taxonomy and avoid gaps between agencies’ areas of responsibility, which in the past were a source of regulatory conflicts.
Regulators are also distancing themselves from the policies of the previous administration. Under former SEC Chair Gary Gensler, the emphasis was on aggressive enforcement and sanctions against crypto companies, which, according to Atkins and Selig, contributed to major players leaving the U.S. market.
The current leadership is betting on regulatory predictability. In particular, Atkins floated the idea of an “innovation exemption” that would allow companies to bring new tokens and technologies to market without prolonged regulatory approvals. He said the lack of legal certainty remains the main obstacle to innovation in the crypto industry.
The trigger for increased regulatory activity was the pause in advancing the CLARITY Act, a key bill shaping the architecture of crypto market regulation in the U.S. In January 2026, the Senate Banking Committee was forced to postpone consideration of the document after the largest U.S. crypto exchange, Coinbase, withdrew its support, effectively blocking the bill’s progress. The reason was a conflict between Coinbase CEO Brian Armstrong and representatives of the banking sector over the inclusion of yield-bearing products based on stablecoins in the bill. Armstrong argues that in its current form, the law would do far more harm than good to the crypto industry.
The delay increased uncertainty for both the crypto industry and the banking sector and raised the risk that Congress will fail to pass the law before the midterm elections in November 2026.
The SEC and CFTC began building a joint strategy for regulating the crypto sector in mid-2025, launching a number of joint initiatives.
