SEC Chair Urges Fast-Track Crypto Market Structure Bill as White House Sets Deadline

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has called on lawmakers to accelerate efforts to pass a comprehensive crypto market structure bill, while the White House expects it to be passed in 2025.

Speaking in an interview with Fox Business, Atkins said the agency is working closely with both the House and Senate to provide technical support on securities law and address existing gaps in oversight.

Atkins Urges SEC-CFTC Alignment as Lawmakers Push Market Structure Bill

“We want to see this get over the finish line,” Atkins said, referencing recent progress in Congress. He pointed to the passage of the GENIUS Act earlier this year, which gave statutory recognition to stablecoins, as evidence of growing momentum.

He added that the next priority is establishing a clear market structure framework that directs both the SEC and the CFTC to coordinate through joint rulemaking.

The turnaround came following direct intervention from President Trump, showing the White House’s role in shaping the digital asset agenda. The administration has set a deadline for the Crypto Assets Market Structure Act to reach President Trump’s desk by the end of 2025.

White House Council of Advisors on Digital Assets executive director Patrick Witt reiterated at Korea Blockchain Week that the bill is expected to pass, describing it as a step toward reducing uncertainty in the crypto sector by clarifying SEC and CFTC jurisdictions.

The measure is part of a broader package that includes the Senate’s Responsible Financial Innovation Act, with provisions spanning stablecoins, market structure, and taxation.

Senate negotiations are ongoing as the Banking Committee prepares its version of the legislation. On September 22, twelve Senate Democrats released a joint statement calling for a bipartisan drafting process, stressing that digital assets, now a $4 trillion global market, require broad consensus.

Lawmakers, including Senators Kirsten Gillibrand, Cory Booker, and Mark Warner, warned against moving forward with a Republican-led bill without equal input from Democrats.

They outlined seven principles for oversight, including clarifying SEC-CFTC jurisdiction, regulating non-security token spot markets, and addressing illicit finance risks.

Chairman Scott initially set a September 30 deadline to finalize the legislation, though aides now suggest discussions may extend into late October to allow for greater Democratic involvement.

The current draft proposes creating a joint SEC-CFTC committee to harmonize regulatory guidance while granting the CFTC expanded authority over digital assets not classified as securities.

Despite disagreements over authorship, lawmakers on both sides acknowledge the urgency of advancing a unified framework for digital assets. The coming weeks will determine whether bipartisan consensus can be reached before the bill proceeds to a full Senate vote.

SEC’s “Project Crypto” and New Legislation Signal Turning Point for U.S. Oversight

U.S. lawmakers are intensifying efforts to redefine digital asset oversight, with the SEC and its Chair, Paul Atkins, at the center of the debate.

A newly revised draft of the Responsible Financial Innovation Act has reignited debate over how U.S. regulators should oversee digital assets.

Released on September 7, the bill seeks to clarify the roles of the SEC and the CFTC while offering protections for developers in decentralized finance (DeFi) and emerging sectors such as decentralized physical infrastructure networks (DePINs).

The draft also proposes a Joint Advisory Committee on Digital Assets, requiring both agencies to publicly respond to its nonbinding recommendations.

“The SEC and CFTC must align to reduce regulatory overlap, eliminate unnecessary friction, and support innovation,” SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham said in a joint statement. A public roundtable is scheduled for September 29.

Meanwhile, House Republicans have linked the Anti-CBDC Act, which bans a Federal Reserve-issued retail digital dollar, with the bipartisan CLARITY Act to advance both measures through the Senate.

Atkins has also outlined a friendlier stance toward crypto. Speaking at the Wyoming Blockchain Symposium, he said “very few” tokens should be considered securities, contrasting with former Chair Gary Gensler.

The SEC’s “Project Crypto,” launched last month, is expected to publish initial guidance on tokenization and DeFi by late 2025

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