The two major financial regulatory agencies in the United States have simultaneously released the most positive signals for the cryptocurrency industry, accelerating the integration of traditional finance and digital assets. On September 23, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), is actively pushing Congress to expedite the passage of the cryptocurrency market structure bill and plans to complete a series of rules favorable to crypto innovation by the end of the year. On September 24, Carolyn Pham, the acting chair of the U.S. Commodity Futures Trading Commission (CFTC), officially announced the launch of the "Tokenized Collateral" initiative, allowing derivatives traders to use non-cash assets such as stablecoins as collateral.
01 CFTC Breakthrough Initiative: Stablecoins as Compliant Collateral
The CFTC's launch of the tokenized collateral initiative this week is a key step in integrating digital assets into the traditional financial system. This initiative allows stablecoins to be used as collateral for derivatives trading, fundamentally changing the status of these digital assets in regulated markets.
Key Points
Specifics
Bill/Initiative Name
"Tokenized Collateral" Initiative
Issuing Agency
U.S. Commodity Futures Trading Commission (CFTC)
Announcement Date
September 24, 2025
Core Content
Allows derivatives market participants to use stablecoins and other "non-cash assets" as compliant collateral to enhance capital efficiency and transparency.
Applicable Assets
Stablecoins (such as USDC) and other tokenized non-cash assets
Regulatory Basis
References the GENIUS Act (stablecoin regulatory framework), the Presidential Working Group on Digital Assets report (pages 52-53), and GMAC 2024 recommendations
Pilot Mechanism
Launch a digital asset market pilot project as part of a "regulatory sandbox," allowing companies to test tokenized collateral in a controlled environment
Public Opinion Solicitation
CFTC is publicly soliciting industry opinions on valuation, custody, settlement, rule amendments, etc., with a deadline of October 20, 2025
Industry Participants
Executives from Circle, Coinbase, Crypto.com, Ripple, and others participated in a previous CEO forum supporting the initiative
Policy Goals
Promote the modernization of the U.S. digital asset market, strengthen the position of the U.S. dollar stablecoin in the global financial system, and enhance market liquidity and capital efficiency
Next Steps
Develop final rules based on public feedback and promote the implementation of formal legislation or regulatory guidance
This move marks a substantial shift in the attitude of U.S. financial regulators towards cryptocurrencies, paving the way for the application of digital assets in a broader financial context.
02 SEC Actively Cooperating: Accelerating Market Structure Bill
Alongside the CFTC's actions, the SEC has also shown a positive stance towards the crypto industry. SEC Chairman Atkins has publicly called on lawmakers to expedite the legislative process for the cryptocurrency market structure bill.
Key Points
Specifics
Bill/Initiative Name
Crypto Market Structure Act and related legislative integration
Issuing/Leading Agency
Led by SEC Chairman Paul Atkins, promoted by the White House Digital Asset Advisory Committee
Announcement Date
September 23, 2025, SEC Chairman Atkins publicly called for Congress to accelerate progress
Core Objective
Establish a clear regulatory framework for digital assets, clarify the jurisdictional division between the SEC and CFTC, and promote crypto innovation and the return of businesses to the U.S.
Key Components of the Bill
CLARITY Act (Digital Asset Market Clarity Act, passed by the House in July 2025)
Responsible Financial Innovation Act of 2025
Other related proposals to be integrated into a unified bill
Regulatory Responsibility Division
Establish an SEC-CFTC Joint Committee to coordinate rule-making; CFTC responsible for non-securities digital assets, SEC retains regulatory authority over securities digital assets
Innovation Incentives
SEC plans to introduce an "Innovation Exemption" mechanism, allowing eligible crypto products to enter the market quickly under controlled conditions
Legislative Progress and Timeline
The White House has set the end of 2025 as the deadline for the bill's passage, with the Senate Banking Committee advancing bipartisan negotiations, expected to complete the draft by the end of October
Policy Background and Support
Continues to advance based on the passage of the GENIUS Act (stablecoin regulatory framework), responding to President Trump's directive to promote digital asset development
Industry Impact and Expectations
If the bill passes, it will provide a clear compliance pathway for cryptocurrency exchanges, issuers, and investors, enhancing market confidence and attracting overseas companies back to the U.S. market
The bill aims to clarify the respective responsibilities of the SEC and CFTC in cryptocurrency regulation, creating a comprehensive regulatory framework for digital assets.
03 Regulatory Collaboration: Moving Towards Cooperation
A series of coordinated actions between the CFTC and SEC signifies that U.S. regulatory agencies are shifting from past jurisdictional disputes to collaboratively building a coherent crypto regulatory framework. This collaboration aims to reduce regulatory overlap and gaps, laying a solid foundation for the healthy and stable development of the digital asset market.
Collaborative Areas
Specific Measures
Key Content / Details
Joint Guidance and Communication
Release a joint statement inviting companies to advance crypto activities
Both agencies expressed their welcome for existing registered companies to engage in crypto-related businesses and committed to providing necessary regulatory guidance.
SEC Rule-Making
Publish a clear rule-making roadmap
SEC Chairman Atkins announced that rules will be advanced in the coming months, seeking "Innovation Exemptions," aiming for implementation by the end of the year.
Product Listing Process
Simplify the listing standards for cryptocurrency spot ETPs
New measures will allow exchanges to list crypto spot ETPs without undergoing case-by-case review by the agency, adopting general listing standards.
04 Industry Impact and Market Response
The CFTC's tokenized collateral initiative is expected to enhance capital efficiency, allowing market participants to utilize their assets more effectively. For derivatives market participants, this means they can use stablecoins as collateral to meet margin requirements, thereby freeing up more funds for other investments.
On the SEC side, its rule-making plans aim to create a stable platform for crypto companies to launch new products. Atkins explicitly stated that the goal is "to provide some stable platform for the market so they can launch new products."
These regulatory developments occur against the backdrop of strong support for the crypto industry from the Trump administration. SEC Chairman Atkins' pro-digital asset stance aligns with President Trump's directive, marking a fundamental shift in U.S. crypto regulatory policy.
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