Overview

• The SEC has moved beyond enforcement to formally launch Project Crypto and has convened staff-led rulemaking processes on tokenized securities, custody standards, integrated broker-dealer platforms and DeFi guardrails.
• The CFTC has approved spot cryptocurrency trading on its registered exchanges and is working in tandem with the SEC under White House policy directives to create a unified federal digital asset framework.
• President Trump’s Working Group released a report calling for a technology-neutral regulatory structure, endorsing the GENIUS Act on stablecoins and backing the CLARITY Act for digital asset market clarity.
• Bitwise’s Matt Hougan and other market commentators say investors have not fully priced in the policy pivot and see potential for Bitcoin to reach $200,000 this year if rules support on-chain growth.
• Stakeholders caution that the ultimate impact hinges on the precise language of forthcoming rules, enforcement priorities and interagency coordination, leaving legal and compliance risks unresolved.