The highly anticipated White House cryptocurrency policy recommendation report may end the years of uncertainty faced by digital asset companies regarding securities law, as many companies have struggled to navigate unclear guidance.
The digital asset working group of U.S. President Trump released its cryptocurrency policy report on Wednesday, outlining recommendations on market structure, bank regulation, and ways to enhance the dollar's dominance through stablecoins and crypto tax laws.
A key proposal in the report is the delineation of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The CFTC will gain regulatory authority over the spot crypto market, addressing long-standing concerns about enforcement overlap or conflict.
Clarifying the regulatory oversight limits between these two agencies will lay the foundation for a "mature, transparent, and scalable crypto ecosystem," said Edwin Mata, a blockchain lawyer and CEO of tokenization platform Brickken, in a statement to Cointelegraph.
"Allowing each agency to oversee the tools that best fit their areas of expertise can avoid duplication and confusion," thereby achieving "consistency in legal interpretation," Mata said, adding:
According to Mata, the past inconsistent regulatory positions have led to fragmented legal interpretations, forcing courts to resolve disputes between agencies. He stated that the report will "promote a coherent legal framework and allow for legal opinions to form on a solid foundation."
The White House's policy recommendations were released two months after the resolution of one of the most notable legal disputes in crypto history: the SEC's lawsuit against Ripple Labs. The regulator sued Ripple in December 2020, accusing the company of raising $1.3 billion through the unregistered sale of XRP (XRP) securities.
On March 19, Ripple CEO Brad Garlinghouse announced that the SEC had withdrawn its appeal against the company, celebrating the move as a "significant victory" for both the company and the crypto industry.
Two years ago, in July 2023, Judge Analisa Torres ruled that XRP is not a security in retail sales but constitutes a security when sold to institutional investors, imposing a $125 million fine on Ripple in August 2024.
On June 12, Ripple and the SEC submitted a joint motion to release $125 million from a custodial account to pay for court-ordered settlement fees.
According to analysts from the cryptocurrency exchange Bitfinex, the White House's cryptocurrency recommendations may also "alleviate industry concerns about the ambiguity of securities laws" by setting regulatory boundaries, thus addressing "key obstacles hindering U.S. crypto innovation."
Analysts told Cointelegraph that while the report aligns with the Trump administration's policy direction, advocating for "consistent risk, consistent rules" to fill regulatory gaps and legalize cryptocurrencies through legislation like the CLARITY Act, there are still some follow-up concerns:
However, analysts pointed out that the U.S. cryptocurrency sector still needs to propose more recommendations for relaxing banking custody rules for crypto service providers, with the market widely speculating that this matter is progressing.
Related: Democrats pressure banking regulators, questioning Trump's conflict of interest in stablecoins
Original article: “Lawyer Interpretation: White House Crypto New Rules Clarify SEC and CFTC Regulatory Boundaries for U.S. Crypto Firms”
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