In its second year under the Trump administration, the SEC pursued an ambitious agenda while the CFTC took on a more prominent Vai , ending the territorial battle over digital assets.
The landscape for regulating crypto assets in the US is undergoing a dramatic transformation as the two key agencies, the Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission (CFTC ), enter 2026 with a focus on cooperation rather than competition. This shift marks a significant turning point from the Biden administration, when former CFTC Chairman Rostin Behnam and former SEC Chairman Gary Gensler were locked in a dispute over jurisdiction over whether the majority of crypto assets were commodities or securities.
The CFTC's acting chairman declared in September that the territorial battle was over, paving the way for closer coordination between the two agencies. This was demonstrated by joint guidance issued over the past year, allowing registered exchanges to facilitate trading of certain spot crypto asset products, while prioritizing ongoing markets, perpetual contracts, and decentralized finance.
SEC launches ambitious agenda
SEC Chairman Paul Atkins is leading the SEC with a packed work list. Speaking at the Blockchain Association Policy Conference in December, Atkins declared, “You’re not seeing anything yet,” signaling bold steps to come. Plans include Token classification to define which crypto assets are securities, launching the Crypto Asset Project to update rules on digital assets, and pushing for innovation exemptions to expedite the product-to-market process.
The SEC has approved listing standards for Exchange Traded Fund (ETFs) tracking Doge, SOL , and XRP , and has also released key guidance on liquidation Staking and proof-of-stake Staking that do not constitute securities transactions. More recently, the agency issued guidance to brokerage firms on how to custody crypto-asset securities.
Tokenize has become a top priority for the SEC. Ophelia Snyder, co-founder of 21shares, called the recent letter of no-prosecution sent to the Depositary Trust Company (DTC) a landmark milestone, allowing the DTC to Tokenize specific asset classes including components of the Russell 1000, ETFs tracking major US stock indices, and US Treasury bonds.
However, Howard Fischer, a former senior litigation counsel at the SEC, expressed skepticism about the speed of implementation, arguing that Tokenize takes time due to the complexity of determining what is material to investors.
The CFTC also had a busy year with its Crypto Asset Accelerator Program aimed at clarifying industry rules, withdrawing guidance on physical delivery of digital assets, and establishing a framework for listing spot crypto products.
Michael Selig, confirmed by the Senate on December 18, will lead the CFTC at a crucial time as lawmakers consider placing the agency at the forefront of cryptocurrency regulation. Rebecca Liao, CEO of Saga, believes the CFTC is the most powerful agency involved in cryptocurrency and should focus on bitcoin.
Both agencies are short of commissioners heading into 2026. The SEC has three commissioners while the CFTC only has Selig; both require five commissioners under regulations and are awaiting appointments from President Trump.
