SEC and CFTC jointly reshape the crypto regulatory framework, with a dual-track system taking shape by 2026

During the second year of the Trump administration, the U.S. cryptocurrency regulatory landscape experienced a pivotal shift. The two major regulatory agencies— the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)— which previously had jurisdictional disagreements, are now strengthening their collaboration to jointly develop a more comprehensive framework for crypto asset regulation. This shift will profoundly influence the future development of the U.S. crypto market.

Change in Regulatory Approach: From Department Competition to Collaborative Cooperation

In recent years, the SEC and CFTC have had ambiguous boundaries regarding their regulatory authority over crypto assets, which was a significant source of industry uncertainty. Now, this situation is changing as both agencies recognize the value of cooperation. By clarifying their respective roles and establishing coordination mechanisms, they are building a clearer and more efficient regulatory system, which is crucial for the long-term growth of the crypto industry.

SEC’s Innovation Strategy: Dual Engines of Token Classification and Asset Tokenization

SEC Chairman Paul Atkins has promoted the development of a token classification system, seen as a strategic breakthrough in crypto regulation. This system aims to categorize tokens based on their economic characteristics, issuance purpose, and use cases, enabling the creation of differentiated regulatory rules for various types of crypto assets.

At the same time, the SEC has approved listing standards for exchange-traded funds (ETFs) for multiple types of crypto assets, further removing barriers for institutional investment. More notably, the SEC has advanced projects like Project Crypto and innovation exemption mechanisms, all pointing toward the same goal—asset tokenization. Listing asset tokenization as a regulatory priority indicates that the SEC views this as one of the most promising areas for future crypto ecosystem applications.

CFTC’s Accelerated Strategy: From Clarifying Rules to Leading Commodity Regulation

As the regulator of commodity futures, the CFTC recently launched the “Crypto Sprint” initiative to accelerate the clarification and development of crypto-related rules. New Chairman Michael Selig is expected to play a more central role in regulating crypto commodities like Bitcoin, signaling a shift from the agency’s previous peripheral position to the forefront of the regulatory framework.

Parallel Dual Tracks: The Emerging 2026 Crypto Regulatory Landscape

Industry consensus suggests that by 2026, the U.S. crypto regulatory environment will present a new picture: the SEC will focus on driving institutional innovation, emphasizing regulatory frameworks for frontier areas such as token classification and asset tokenization; the CFTC will lead market expansion through rule clarification and commodity regulation, providing clearer guidance for trading markets. This “dual-track” division of responsibilities not only avoids inefficiencies caused by overlapping authority but also ensures comprehensive regulation across all segments of the crypto ecosystem. For industry participants, understanding and adapting to this new structure will be a key challenge in 2026.