Trump pushes future-proof crypto market-structure law

President Donald Trump posted on Truth Social on May 27 that his administration will codify a ‘future-proof’ U.S. digital-asset market-structure law and urged Congress to set federal rules for bitcoin, exchanges, derivatives and token classification.

He wrote that his administration reversed an offshore shift of crypto builders and would create lasting federal oversight that cannot be undone by ‘crypto haters.’ He added, ‘TRUMP will NEVER let crypto down!’

SEC Chair Paul Atkins posted on X that the agency is moving from an enforcement-first posture to formal rulemaking to support innovation. Atkins wrote that the administration, the SEC and Congress are working to deliver ‘much needed clarity to digital asset markets.’

Atkins has promoted an ‘ACT’ strategy — advance, clarify, transform — that would push the SEC to issue formal rules, update disclosure standards and coordinate more closely with the Commodity Futures Trading Commission.

Agency work under discussion includes custody rules, cybersecurity guidance, disclosure modernization, limits on public companies’ bitcoin exposure and a potential innovation exemption to permit compliant on-chain trading of tokenized securities.

Trump also defended CFTC authority over prediction markets and framed derivatives oversight as part of his broader crypto agenda. The SEC and the CFTC are coordinating to draw clearer lines between tokenized securities and commodities and to reduce regulatory overlap for exchanges and derivatives platforms.

Congress must convert executive and agency priorities into binding law. The Digital Asset Market CLARITY Act, which would define responsibilities between the SEC and the CFTC and set federal rules for digital assets, advanced out of the Senate Banking Committee in a bipartisan 15-9 vote on May 14. Lawmakers still need to reconcile competing Senate proposals, resolve outstanding market-structure questions and secure enough votes for final passage.

Supporters say a statutory framework would provide legal certainty for exchanges, token issuers and derivatives platforms and reduce the need for case-by-case enforcement. Opponents have raised concerns about where to draw lines between securities and commodities, how to handle stablecoin and custody rules, and whether the legislation will protect investors.

Alongside legislative work, both agencies are pursuing rulemaking and guidance on disclosure of crypto holdings, operational safeguards for on-chain trading and tailored compliance pathways for tokenized assets. Jurisdiction over derivatives such as perpetual contracts remains a focus for officials and legislators.

The White House, the SEC and the CFTC are seeking a coordinated federal regime they say would support innovation in U.S. markets and keep trading and development onshore. Lawmakers have indicated willingness to act, but technical issues and partisan differences remain before a final law can be adopted.