US Crypto Market Framework Debate Shifts Towards Agency Coordination

The US government's efforts to establish a clear crypto market framework have been ongoing since November 2024, when SEC Chair Gary Gensler announced his resignation. This marked a significant shift away from the enforcement-focused approach associated with the prior SEC era.

In January 2025, President Donald Trump signed an executive order supporting 'responsible growth and use' of digital assets and blockchain technology, establishing the President's Working Group on Digital Asset Markets. The White House released a cryptocurrency policy report in July 2025, outlining recommendations for crypto market structure and SEC-CFTC responsibility sharing.

The joint SEC-CFTC interpretation issued on March 17, 2026, clarified that many crypto assets are not securities by themselves, but some token sales may still qualify as investment contracts under the Howey test. This guidance has improved regulatory certainty for exchanges and DeFi applications operating in the US.