Haciyev Reşit 
A new and noteworthy phase is beginning in the regulatory approach toward cryptocurrency markets in the United States. Under the Donald Trump administration, regulatory bodies that have adopted a more crypto-friendly stance are preparing to take steps that support the growth of the sector. Following the unexpected suspension of the Clarity Act bill in the Senate, U.S. regulators now aim to bring greater clarity to the crypto market within the scope of their existing authorities.
SEC and CFTC Signal Coordinated Action
In a joint interview with The Wall Street Journal, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig stated that they are ready for closer and more coordinated cooperation on cryptocurrency regulations. It was noted that the two regulatory bodies are considering signing a memorandum of understanding (MoU), particularly to clarify long-debated supervisory responsibilities and jurisdictional boundaries within the crypto market. This move aims to create a more predictable and transparent regulatory framework for market participants.
Paul Atkins emphasized that a comprehensive and clear legislative framework would be the healthiest long-term solution, while noting that regulatory gaps should not lead to delays in the meantime. “We expect legislation to pass later this year; however, until then, we can still move forward within the scope of our existing authorities,” Atkins said. Regulators stressed that any interim measures would be aligned with future legislation and that even temporary rules could provide much-needed clarity and stability for the industry.
Delay of the Clarity Act Increased Uncertainty
The suspension of the Clarity Act in the Senate has reignited regulatory uncertainty across both the cryptocurrency and banking sectors. According to industry sources, disagreements involving one of the largest U.S. crypto exchanges, Coinbase, particularly over stablecoin rewards and their alignment with banking regulations, played a significant role in delaying the bill. Diverging views on how stablecoin-based yields should fit within existing banking laws weakened political support for the proposal. Following objections raised by Coinbase CEO Brian Armstrong, the Clarity Act was shelved in the short term, heightening concerns that clear rules would be further delayed.
Despite this, the new approach aims to establish a clearer division of responsibilities between regulators. Under the proposed framework, the SEC would focus on tokenized securities and digital assets that qualify as investment contracts, while the CFTC would oversee digital assets and crypto assets that resemble commodities. CFTC Chair Michael Selig stated:
“We need to make clear classifications and remain within our respective enforcement boundaries,” highlighting the importance of well-defined jurisdictional limits.
SEC Chair Paul Atkins added:
“Our goal is to ensure that no asset is left in a regulatory gray area,” emphasizing that eliminating ambiguity is one of their top priorities.
A Clear Break from the Biden Era
This approach represents a significant departure from the stricter, enforcement-heavy regulatory stance adopted during the tenure of former SEC Chair Gary Gensler, which often created uncertainty. Following the collapse of FTX in 2022, increased regulatory pressure pushed many crypto companies to seek more flexible regulatory environments outside the U.S.—a reality acknowledged by the new SEC and CFTC leadership. They openly recognize that this trend weakened the United States’ competitiveness in global crypto innovation.
The recent messages from the SEC and CFTC chairs suggest that a clearer, more coordinated, and innovation-friendly regulatory framework may be taking shape in the U.S. Reduced regulatory uncertainty could not only encourage greater participation from institutional investors but also position the United States once again as a global hub for cryptocurrency and blockchain innovation.
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