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U.S. financial regulators are signaling a breakthrough in crypto oversight, moving toward coordinated supervision as Congress advances market structure legislation, a shift aimed at ending fragmented rules and bringing clarity to fast-growing digital asset markets.
Project Crypto Begins as Agencies Brace for New Market Structure Law
U.S. financial regulators advanced a coordinated approach to digital asset oversight through a new interagency effort. A joint collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is centered on harmonizing crypto market regulation as Congress moves toward market structure legislation.
Speaking at the CFTC headquarters, SEC Chairman Paul S. Atkins stated: “Of course, as we speak, Congress has never been closer to sending bipartisan market structure legislation to President Trump’s desk. A federal framework for markets that have surged ahead with speed and ingenuity is long overdue. But legislation alone cannot deliver the certainty that investors and market participants deserve.” He added:
“That is why I am delighted to have the opportunity to work with Chairman Selig to implement clear and principled rules of the road for crypto asset markets.”
Atkins framed Project Crypto as one of the most ambitious cooperative efforts between the two agencies in decades and emphasized that statutory change must be paired with disciplined regulatory execution. He highlighted recent staff actions across the SEC’s divisions that clarified regulatory treatment for memecoins, stablecoins, mining, staking, broker-dealer obligations, transfer agent responsibilities, and custody arrangements involving certain state-chartered financial institutions. Those steps reflected a shift toward constructive engagement and predictable oversight intended to restore confidence among innovators while preserving market integrity.
Read more: SEC Clarifies Tokenized Securities Rules, Opening Door to Regulated Onchain Equities
Turning to implementation, Atkins explained:
“As a first step, we have designed Project Crypto such that when Congress acts, our agencies are ready to implement any new legislation faithfully and thoughtfully.”
“Moving forward, that means deploying every tool at our disposal to reduce friction, to harmonize standards and definitions where appropriate, and to equip markets with confidence as Congress completes its vital work,” the SEC chairman explained.
He stressed that modern markets no longer align neatly with legacy regulatory boundaries and warned that fragmented oversight creates confusion rather than safeguards. Concluding his remarks, Atkins added: “Through Project Crypto, we can help to ensure that it is built here, under rules that protect investors, support innovation, and cement America’s leadership in the global financial system.” He expressed optimism that sustained SEC–CFTC cooperation will replace past jurisdictional rivalry with coordinated supervision reflecting how markets actually function today.
FAQ 🧭
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What is Project Crypto and why is it important for investors?
Project Crypto is a regulatory initiative aimed at preparing U.S. financial regulators to implement upcoming crypto market structure laws with greater clarity and consistency for investors. -
How could U.S. market structure legislation reshape crypto markets?
The legislation is expected to create a unified federal framework for digital assets, reducing regulatory risk and potentially unlocking increased institutional investment. -
What does increased regulatory coordination signal to the market?
Greater alignment among regulators signals a shift toward predictable oversight, which can lower uncertainty premiums and improve long-term capital formation in crypto markets. -
Why does regulatory clarity matter for U.S. crypto competitiveness?
Clear and enforceable rules can support innovation, protect investors, and strengthen the United States’ position as a global hub for regulated digital asset markets.