A new White House report on digital assets is prompting a shift in US regulatory policy, with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) moving to clarify their roles in overseeing bitcoin and other digital assets.
Regulatory agencies align on digital assets
Ji Hun Kim, CEO of the Crypto Council for Innovation, highlighted that the report marks a potential end to the jurisdictional dispute between the SEC and CFTC over the classification of bitcoin and similar assets.
Kim stated:
“The President’s Working Group report reflects this, [and] I do think the CFTC will have an important role to play when it comes to the oversight of these assets, which are digital commodities — not securities.”
Both agencies have announced initiatives to implement the report’s recommendations, with the SEC launching “Project Crypto” to streamline licensing and clarify the distinction between securities and commodities.
The CFTC, meanwhile, is preparing a “crypto sprint” focused on regulating non-security digital assets.
global regulatory competition intensifies
Past regulatory uncertainty in the US led many bitcoin-focused companies to relocate to jurisdictions like Dubai, Singapore, and Hong Kong, which offered clearer—though not always friendlier—rules.
The new US approach aims to encourage firms to return by providing more predictable oversight.
Notably, the GENIUS Act is promoted as key to maintaining the dollar’s dominance in the global financial system, while President Trump’s executive order bans any US government-issued central bank digital currency (CBDC).
clarity act and industry pushback
The CLARITY Act, which has passed the House, proposes a division of labor: the CFTC would regulate spot markets for digital commodities such as bitcoin, while the SEC would oversee tokenized securities.
However, the bill has drawn criticism from civil rights groups and some lawmakers who claim it amounts to deregulation.
Kim disagrees, arguing the new regulatory approach seeks to provide clear rules while protecting consumers and combating illicit finance.
bitcoin policy and reserve discussions
Some bitcoin advocates expressed disappointment that the White House report did not include an anticipated update on a potential US bitcoin reserve.
Still, with regulatory agencies now working together, the US appears poised to move past infighting and uncertainty over digital asset oversight.
