SEC and CFTC move ahead with crypto rules as Congress stalls

The U.S. SEC and CFTC are advancing separate regulatory efforts for digital-asset markets as Congress stalls. On Sept. 17, the SEC granted a five-year, conditional exemption allowing qualifying blockchain-based venues to trade certain tokenized U.S. stocks without being treated as traditional securities exchanges. The SEC’s approach also includes limited relief for some liquidity providers from dealer-registration requirements. The framework requires specific conditions for Tokenized Securities Venues, including rules on transparency, recordkeeping, technology safeguards, transaction monitoring, and public reporting of designated trading information. Meanwhile, the CFTC has submitted a proposed crypto rulemaking package—“Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets”—to the White House’s Office of Information and Regulatory Affairs for review under existing CFTC authority. The proposal would return to the CFTC for a vote and public comment before final rules take effect, though asset scope remains unclear. The moves come after a Senate procedural vote on the Clarity Act on Sept. 15 failed to reach 60 votes.