The two major U.S. financial regulatory agencies have simultaneously released the most positive signals yet for the cryptocurrency industry, accelerating the integration of traditional finance and digital assets. On September 23, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), is actively urging Congress to expedite the passage of the Crypto Market Structure Act and plans to complete a series of rulemakings favorable to crypto innovation by the end of the year. On September 24, Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), officially announced the launch of the "Tokenized Collateral" initiative, allowing derivatives traders to use stablecoins and other non-cash assets as collateral.
01 CFTC Breakthrough: Stablecoins Become Compliant Collateral
The Tokenized Collateral Initiative launched by the CFTC this week is a key step in integrating digital assets into the traditional financial system. This initiative allows stablecoins to be used as collateral in derivatives trading, fundamentally changing the status of these digital assets in regulated markets.
Key Points | Details |
Name of Bill/Initiative | "Tokenized Collateral" Initiative |
Issuing Agency | U.S. Commodity Futures Trading Commission (CFTC) |
Announcement Date | September 24, 2025 |
Core Content | Allows derivatives market participants to use stablecoins and other "non-cash assets" as compliant collateral to enhance capital efficiency and transparency. |
Applicable Assets | Stablecoins (such as USDC) and other tokenized non-cash assets |
Regulatory Basis | Refers to the "GENIUS Act" (Stablecoin Regulatory Framework), the President's Working Group on Financial Markets Report (pages 52-53), and GMAC 2024 recommendations |
Pilot Mechanism | Launches a digital asset market pilot project as part of a "regulatory sandbox," allowing companies to test tokenized collateral in a controlled environment |
Public Comment Solicitation | The CFTC is publicly soliciting industry opinions on valuation, custody, settlement, rule amendments, etc., with a deadline of October 20, 2025 |
Industry Participants | Executives from Circle, Coinbase, Crypto.com , Ripple, and others participated in the previous CEO forum and support the initiative |
Policy Objectives | Promote the modernization of the U.S. digital asset market, strengthen the position of the U.S. dollar stablecoin in the global financial system, and enhance market liquidity and capital efficiency |
Next Steps | Formulate final rules based on public feedback and promote the implementation of formal legislation or regulatory guidance |
This move marks a substantive shift in the attitude of U.S. financial regulators toward cryptocurrencies, paving the way for the application of digital assets in broader financial fields.
02 SEC Actively Cooperates: Crypto Market Structure Act Accelerates
While the CFTC is taking action, the SEC is also showing a positive stance toward the crypto industry. SEC Chairman Atkins has publicly called on lawmakers to accelerate the legislative process for the Crypto Market Structure Act.
Key Points | Details |
Name of Bill/Initiative | Crypto Market Structure Act and related legislative integration |
Issuing/Leading Agency | Led by Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), promoted by the White House Digital Asset Advisory Committee |
Announcement Date | September 23, 2025, SEC Chairman Atkins publicly calls on Congress to accelerate progress |
Core Objectives | Establish a clear regulatory framework for digital assets, clarify the division of jurisdiction between the SEC and CFTC, and promote crypto innovation and the return of enterprises to the U.S. |
Key Components of the Bill | 1. Digital Asset Market Clarity Act (CLARITY Act, passed by the House in July 2025) |
2. Responsible Financial Innovation Act of 2025 | |
3. Other related proposals to be integrated into a unified bill | |
Regulatory Division of Responsibilities | Establish an SEC-CFTC Joint Committee to coordinate rulemaking; CFTC is responsible for non-securities digital assets, SEC retains regulatory authority over securities digital assets |
Innovation Incentives | The SEC plans to introduce an "Innovation Exemption" mechanism, allowing eligible crypto products to quickly enter the market under controlled conditions |
Legislative Progress and Timeline | The White House has set the end of 2025 as the deadline for the bill's passage. The Senate Banking Committee is advancing bipartisan negotiations, with a draft expected by the end of October |
Policy Background and Support | Continued advancement following the passage of the "GENIUS Act" (Stablecoin Regulatory Framework), in response to President Trump's executive order promoting digital asset development |
Industry Impact and Expectations | If the bill passes, it will provide a clear compliance path for crypto exchanges, issuers, and investors, enhance market confidence, and attract overseas companies back to the U.S. market |
This bill aims to clarify the respective responsibilities of the SEC and CFTC in crypto regulation and to create a comprehensive regulatory framework for digital assets.
03 Regulatory Coordination: Moving Toward Cooperation
The series of coordinated actions by the CFTC and SEC marks a shift by U.S. regulators from past jurisdictional disputes to jointly building a coherent crypto regulatory framework. This collaboration aims to reduce regulatory overlap and gaps, laying a solid foundation for the healthy and stable development of the digital asset market.
Coordination Area | Specific Measures | Key Content / Details |
Joint Guidance and Communication | Issue joint statements, invite companies to advance crypto activities | Both agencies jointly stated that they welcome currently registered companies to conduct crypto-related business and promise to provide necessary regulatory guidance. |
SEC Rulemaking | Announce a clear rulemaking roadmap | SEC Chairman Atkins announced that rulemaking will be advanced in the coming months and will seek "Innovation Exemption," aiming for implementation by year-end. |
Product Listing Process | Simplify crypto spot ETP listing standards | New measures allow exchanges to list crypto spot ETPs without case-by-case institutional review, using general listing standards. |
04 Industry Impact and Market Response
The CFTC's Tokenized Collateral Initiative is expected to improve capital efficiency, allowing market participants to utilize their assets more effectively. For derivatives market participants, this means they can use stablecoins as collateral to meet margin requirements, thereby freeing up more funds for other investments.
On the SEC side, its rulemaking plan aims to create a stable platform for crypto companies to launch new products. Atkins stated bluntly that the goal is "to provide the market with some sort of stable platform so that they can launch new products."
These regulatory developments are taking place against the backdrop of strong support for the crypto industry from the Trump administration. SEC Chairman Atkins' pro-digital asset stance aligns with President Trump's directives, marking a fundamental shift in U.S. crypto regulatory policy.
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