Overview

• Chair Paul Atkins said the government shutdown has hamstrung rulemaking, yet he is targeting late 2025 or early 2026 to finalize the exemption.
• The proposal centers on conditional exemptive relief that would allow on-chain finance projects to operate temporarily under SEC supervision.
• Industry leaders say the framework could lower the cost of compliant experimentation and help bring development back to U.S. markets.
• Ethereum governance tokens rose after the remarks, indicating a cautious market response to the prospect of clearer rules.
• Atkins praised congressional progress on crypto policy, citing the stablecoin-focused GENIUS Act, as Treasury advances related rules.