The past week saw significant regulatory activity, reflecting growing momentum toward inter-agency coordination and the modernization of U.S. financial oversight. The SEC issued two no-action letters — one addressing the use of state trust companies as crypto custodians and another regarding a token offering. The SEC and CFTC convened a joint roundtable on regulatory harmonization, where leaders emphasized reducing duplicative rules and providing clarity for markets navigating the digital asset space. SEC Chair Paul Atkins also laid out a reform agenda for IPO processes, while the SEC approved streamlined listing standards for commodity-based exchange-traded products.
At the CFTC, Acting Chair Caroline Pham announced a new initiative to expand the use of tokenized collateral, including stablecoins, in derivatives markets. The Federal Reserve continued its focus on payments innovation, with Governor Christopher Waller highlighting tokenization, smart contracts, and AI as tools reshaping settlement and financial infrastructure. At the state level, the New York Department of Financial Services (NYDFS) issued updated guidance on custodial structures, emphasizing that beneficial ownership of customer assets must be preserved in insolvency scenarios, while the California Department of Financial Protection and Innovation (DFPI) released revised proposed regulations clarifying exemptions for certain digital asset activities under the state Money Transmission Act.
SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts
SEC Chair Atkins Highlights IPO Reform and Alternative Assets in Retirement Plans
SEC Approves Generic Listing Standards for Commodity-Based Trust Shares
CFTC Acting Chair Pham Launches Tokenized Collateral and Stablecoins Initiative
President Withdraws Nomination of Quintenz for CFTC Chair
Fed Governor Waller Speaks on Payments Innovation
Industry Group Updates
Financial Services Industry Groups Send Letter to SEC
State Regulatory Updates
NY Governor Kathy Hochul Announces NYDFS Superintendent’s Departure
NYDFS Updates Guidance for Virtual Currency Customer Protections in the Event of Insolvency
