A New Dawn for Crypto Regulation
The U.S. Securities and Exchange Commission (SEC) has published its Spring 2025 regulatory agenda, placing crypto assets at the top of its priorities. The focus is on establishing clear rules to support innovation, capital formation, market efficiency, and investor protection.
Though the traditional spring season has passed in North America, the SEC borrowed from South America’s September spring to symbolize a “new dawn” for the crypto industry. Atkins called it “a new day at the SEC.”
Rolling Back Old Rules, Opening New Paths
The agenda doesn’t just add new policies—it also proposes removing regulations from the previous administration that created unnecessary hurdles. According to Atkins, the SEC aims to reduce compliance burdens, modernize existing rules, and make it easier for businesses to raise capital.
This deregulatory tilt includes plans to streamline disclosure requirements and ensure regulation remains “smart, effective, and appropriately tailored within the confines of statutory authority.”
Revisiting the Controversial Consolidated Audit Trail
Another hot-button issue on the agenda is the Consolidated Audit Trail (CAT). The SEC is expected to invite public comments on whether CAT should be revisited, especially after a U.S. Court of Appeals ruling raised concerns about its rising costs and the risks of storing vast amounts of sensitive market data.
Both market participants and members of Congress have pushed back on CAT’s escalating expenses, arguing that the project poses more risks than benefits. By reopening debate, the SEC signals it is willing to adapt based on legal and industry feedback.
Market Reaction Remains Unimpressed
Despite the SEC’s forward-looking agenda, the crypto market is struggling to reflect optimism. In early September, global crypto market capitalization dropped 1.58% to $3.8 trillion, leaving most major tokens in the red.
This downturn contrasts with the positive joint statement issued days earlier by the SEC and Commodity Futures Trading Commission (CFTC). That announcement clarified that registered exchanges can list certain spot crypto assets, effectively giving the green light for major U.S. platforms like the NYSE, Nasdaq, and CME to facilitate spot trading for assets like Bitcoin.
SEC and CFTC Align on Crypto Policy
The new agenda also highlights how far the SEC and CFTC have come in aligning their approaches. Once seen as rivals with overlapping jurisdictions, both agencies are now coordinating through the SEC’s “Project Crypto” and the CFTC’s “Crypto Sprint.”
These initiatives are designed to modernize U.S. rules and keep pace with global markets, signaling a long-awaited regulatory breakthrough. For years, the lack of clarity stifled innovation and left exchanges in limbo. Now, both regulators are presenting a unified framework for spot crypto trading and beyond.
While markets remain cautious, the SEC’s “Spring 2025” agenda suggests Washington is finally committed to providing the clarity that both investors and innovators have been demanding.
