SEC CHAIR ATKINS, CFTC CHAIR SELIG : Team Trump readies crypto plan so Americans can count on their future

America’s fiscal markets are the strongest and astir trusted successful the satellite due to the fact that they were built upon the premises of wide rules and just enforcement.

Rather than adhere to these principles, the Biden medication chased headlines with flashy enforcement actions and instituted opaque rules that stifled progress. But acknowledgment to the enactment of President Donald Trump, America’s fiscal regulators are returning to the basal tenets that made our markets the envy of the world.

As caller technologies reshape the fiscal services landscape, we indispensable guarantee that innovation thrives connected American ungraded and nether American instrumentality – successful work of mundane Americans.

To that end, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are re-launching Project Crypto arsenic a associated argumentation inaugural to amended hole U.S. markets for the integer era.

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President Donald Trump dances aft speaking to House Republican lawmakers during their yearly argumentation retreat, Jan. 6, 2026, successful Washington. (Evan Vucci/AP Photo)

As markets determination on-chain, regulators indispensable support pace. Congress is advancing bipartisan authorities to found a national model for integer plus markets. But authorities unsocial cannot present the clarity that investors and marketplace participants need. We indispensable brace it with disciplined regulatory execution, grounded successful merit neutrality and escaped marketplace principles. These are outcomes that the SEC and CFTC are acceptable to conscionable to usher successful a caller epoch of coordinated and durable fiscal regulation.

We person designed Project Crypto to guarantee that erstwhile Congress acts, the United States is acceptable to reenforce our planetary fiscal leadership. That includes sequencing – not stacking – caller requirements done sensible implementation roadmaps; creating wide regulatory on-ramps for compliant participants; modernizing surveillance tools to bespeak on-chain and hybrid marketplace activity; and engaging transparently with caller entrants, incumbents, investors and consumers alike.

We indispensable enactment rapidly to upgrade our rules and regulations to accommodate blockchain technology, integer assets and the authorities to come, oregon hazard ceding these emerging markets to overseas regimes.

At its core, Project Crypto and our broader harmonization efforts bespeak a shared philosophy: fiscal regularisation indispensable beryllium precise, not punitive. Rules indispensable beryllium narrowly tailored to code worldly risks, nimble capable to accommodate to technological alteration and stay anchored successful our agencies’ statutory authorities. This rule guides our attack to registration, disclosure, marketplace oversight, custody, clearing and surveillance successful integer plus markets – portion avoiding the reflex to enforce ill-suited bequest structures connected caller technological realities. 

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For excessively long, bureaucratic regulators person forced marketplace participants to navigate boundaries that are unclear successful exertion and misaligned successful design, peculiarly wherever economically akin activities are treated otherwise based solely connected bequest jurisdictional silos. This fragmentation is not simply inconvenient; it limits innovation and hampers capitalist opportunities.

In on-chain markets, wherever trading, clearing, colony and custody are integrated, regulatory seams make friction that impairs hazard management, borderline ratio and surveillance effectiveness. As markets move, on-chain and information deepens, these distortions lone compound.

Maintaining duplicative oregon conflicting requirements for the aforesaid economical enactment undermines marketplace resilience and regulatory clarity. The presumption quo cannot prolong U.S. dominance successful 21st-century finance. Project Crypto aims to code — and, wherever possible, destruct — these conflicts.

The SEC-CFTC harmonization docket begins with fundamentals: aligned definitions, coordinated oversight, and seamless, unafraid information sharing betwixt agencies. Market participants should not beryllium saddled with duplicative bureau registrations and sets of regulations successful bid to connection economically akin products that tin beryllium efficaciously regulated nether a unified approach. Harmonization strengthens standards done coherence, predictability and economical rationality.

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We indispensable enactment rapidly to upgrade our rules and regulations to accommodate blockchain technology, integer assets and the authorities to come, oregon hazard ceding these emerging markets to overseas regimes.

Project Crypto represents a modern exemplary of inter-agency coordination, recognizing that today’s markets bash not conform to 20th-century silos. The SEC and CFTC bring complementary statutory mandates, supervisory capabilities and marketplace expertise. Acting successful concert, these capabilities go symbiotic alternatively than duplicative, delivering clarity and principled oversight arsenic marketplace structures evolve.

The stakes are high. Global jurisdictions vie aggressively to pull integer plus enactment – immoderate prioritizing velocity implicit safeguards, others imposing rigidity that stifles growth. America’s vantage has ever been its quality to equilibrium both.

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If we neglect to supply clarity, innovation migrates elsewhere. If we modulate with a dense hand, we bash not trim risk, we promote it. Project Crypto reflects our shared content that the United States tin pb by doing what it has ever done best: pairing beardown regularisation of instrumentality with an openness to progress.

The aboriginal of concern volition beryllium built somewhere. Through Project Crypto, and disciplined, harmonized, minimum-effective-dose regulation, we guarantee that it is built here, nether rules that support investors, beforehand innovation and cement America’s enactment successful the planetary fiscal system.

Michael S. Selig is president of the U.S. Commodity Futures Trading Commission.