Key conclusions

• For years, U.S. crypto companies have operated under overlapping SEC, CFTC, FTC, and FinCEN rules. The revised 2025 plan signals Washington’s intention to build a more adaptable and structured framework tailored to digital assets.

• The SEC is moving toward a model focused on innovation, capital formation, market efficiency and investor protection. This confirms that cryptocurrencies require dedicated rules, not adaptations of older regulations.

• The plan could lead to layoffs, secure harbors, DLT-specific transfer agent rules, and changes to the cryptocurrency market structure. These steps can facilitate integrate digital assets into established market infrastructure.

• The success of the plan will depend on interagency coordination and international alignment among regulatory agencies. Solid execution could encourage other jurisdictions to adopt more consistent global cryptocurrency standards.

Since its inception, the US cryptocurrency industry has operated in an unclear regulatory environment. Various agencies such as the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN) overlook various aspects of the cryptocurrency ecosystem. In this scenario, it was challenging for crypto companies to determine what is allowed and what is not.

The SEC’s revised 2025 plan will likely usher in positive change. This suggests that Washington is seeking a more adaptable regulatory framework that will improve cryptocurrency oversight while supporting innovation.

The article discusses the possible outcomes of the plan, its most essential points, the benefits it may bring and the risks it may involve. It is also examining how the plan could impact the cryptocurrency ecosystem around the world.

Why the SEC’s revised 2025 plan matters

Cryptocurrency has evolved far beyond its early speculative phase. Digital tokens are now traded on major platforms, institutional investors are committing funds to them, and tokenization is gradually entering established finance. In the rapidly changing cryptocurrency landscape, regulations are always playing catch-up.

The SEC’s novel program reflects a change in approach. It places emphasis on innovation, capital management, market efficiency and investor protection. This shows that the SEC has acknowledged that cryptocurrencies require adjusted rules, not adaptations of existing ones.

Industry representatives noted the lack of clear compliance guidelines and conflicting interpretations of existing regulations. They also point to a tendency to favor enforcement over guidance. The SEC’s 2025 agenda includes initiatives consistent with many of the industry’s concerns.

Did you know? after Collapse of the Mt Gox stock exchange in 2014, Japan became the first major economy to adopt a special law on cryptocurrencies in 2017. Japan has officially recognized Bitcoin (BTC) as a legal payment method and encouraged exchanges to adopt bank-level security standards.

Key elements of the SEC’s 2025 plan

This comprehensive agenda outlines the key areas and initiatives the SEC will pursue to protect investors:

Fresh rules for the issuance and sale of digital assets

The SEC intends to establish clear guidelines for the issuance of digital assets, which may include exemptions or secure harbor provisions for token projects. This would facilitate determine when a token is considered a security and when it is not, and what information publishers must provide. For startups, such transparency would reduce the uncertainty surrounding token launches.

Permission to trade cryptocurrencies on national stock exchanges

The SEC is considering changes that would allow digital assets to be traded directly on registered national exchanges and alternative trading systems. These potential changes are intended to bring crypto assets closer to the regulated infrastructure used for established equities, improve supervision, strengthen investor protections and reduce reliance on less regulated offshore platforms.

Simplified disclosure requirements

The plan aims to streamline and modernize disclosure and compliance obligations for listed companies, including digital asset companies. This would reduce administrative burdens for both cryptocurrency firms and established businesses and encourage wider adoption.

Clearer rules for crypto intermediaries

Broker-dealers, custodians and trading platforms operate under uncertain regulatory requirements. The novel agenda aims to clarify how existing securities intermediary rules apply to cryptocurrency activities. This would enable more financial institutions, banks and fintech companies to offer cryptocurrency services with greater confidence.

Streamline disclosure and reduce compliance burdens

The SEC intends to propose a framework to improve disclosure. The agency’s primary role is to set disclosure standards aimed at increasing transparency and reducing investor risk. The agency’s revised plan aims to reduce the compliance burden on public companies, particularly with respect to shareholder proposals.

The table below provides a brief overview of the SEC’s revised 2025 plan:

Benefits of the SEC’s revised 2025 plan

The SEC’s 2025 plan seeks to enhance protections for individual investors, promote fair competition among issuers and financial institutions, and strengthen the integrity and efficiency of capital markets.

• For cryptocurrency startups: Clearer regulations could reduce legal risks and speed up product development. They would allow companies to stay in the U.S. and expand rather than move abroad.

• For established financial institutions: Banks and asset managers will have regulated pathways to participate in digital assets while maintaining full compliance.

• For investors (retail and institutional): Investors would benefit from better disclosure, more secure trading systems and more consistent supervision of platforms. The plan can reduce risks such as hidden leverage or manipulative trading practices.

• For regulators and markets: A more unified approach would reduce duplication of agency efforts. This would improve market surveillance and align cryptocurrency regulation with established financial safeguards.

Did you know? Swiss regulators classify tokens based on their economic function as a payment, utility or asset, much like farmers classify livestock. This approach has helped Switzerland become one of the world’s earliest centers of token innovation.

Remaining questions, risks and potential global impact

While the SEC’s revised 2025 plan looks promising, its success depends on several factors. For example, it remains to be seen whether U.S. agencies will be able to effectively coordinate with regulators in other countries given the global nature of cryptocurrencies.

The SEC will need to strike the right balance between supporting innovation and protecting investors. This balance will determine whether the 2025 Agenda succeeds or remains a declaration of intent.

If the plan fails to deliver real results, market participants will continue to face uncertainty. The United States could lose innovation to other countries and risk its leadership in digital asset financing.

As the United States updates its regulatory framework, other jurisdictions are taking notice. Clearer rules in the US will encourage similar regulatory changes in the European Union, the UK and Asia and foster international cooperation. This will lead to more consistent global standards for stablecoins, tokenization and custody.

The SEC’s 2025 regulatory agenda marks a significant shift toward replacing uncertainty with structure. If the proposed measures are successful, the United States could enter a novel phase in which cryptocurrency regulation supports responsible development and investor protection.