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- CFTC targets spot crypto trading and tokenized collateral rules by year-end

- SEC delays crypto projects as shutdown halts staff work on policy proposals

- White House and Congress push coordinated crypto regulation before 2025 ends

U.S. financial regulators are working to finalize cryptocurrency measures by the end of 2025, even as a government shutdown slows progress. Acting Chair Caroline Pham of the Commodity Futures Trading Commission (CFTC) said the agency's focus remains on enabling listed spot crypto trading and regulations for tokenized collateral before year-end.

Pham's statement, shared on X earlier this week, clarifies the CFTC's goal to establish structured rules for non-security digital assets. The move aligns with the White House's summer directive granting the CFTC authority to regulate spot crypto markets while the Securities and Exchange Commission (SEC) develops tailored exemptions for securities-related digital assets.

https://x.com/CarolineDPham/status/1980928270695834000

SEC Faces Shutdown Hurdles in Policy Execution

SEC Chair Paul Atkins confirmed on Wednesday that the agency's crypto initiatives remain on track but are being delayed by the federal shutdown. Speaking with CNBC, Atkins said the SEC's teams have been unable to continue developing proposals due to funding gridlocks in Congress.

"Our staff can't be working on developing proposals and some of the things that we want to roll out, hopefully by the end of the year," Atkins said. He added that the agency's focus is on completing "Project Crypto," an internal program to create an innovation exemption supporting digital asset compliance.

White House and Lawmakers Coordinate Legislative Push

Both the SEC and CFTC are working under priorities outlined by the White House, which urged federal agencies to deliver clearer frameworks for digital assets. The administration's guidance includes safe-harbor provisions and registration exemptions designed to support the transition to regulated markets.

Lawmakers are also taking steps toward a broader crypto bill, with bipartisan meetings scheduled this week. According to a Senate aide, the discussions involve key industry executives, including Coinbase (NASDAQ: $COIN ) CEO Brian Armstrong, Ripple's Chief Legal Officer Stuart Alderoty, and Solana (CRYPTO: $SOL ) Policy Institute President Kristin Smith.

Atkins stated that the legislation could help synchronize agency efforts and improve market structure clarity. "I'm hoping that Congress will be able to do, as the president asked and deliver a bill on his desk for signature by the end of the year," he told CNBC