From Pymnts · PYMNTS · · 1m 10s
Crypto Lost Its Clarity
Regulators and industry shift crypto rules from legislation to agency action.
In brief
Regulators and industry shift crypto rules from legislation to agency action. The Fed, SEC, and CFTC are advancing digital asset rules without new laws as crypto leadership changes. Originally reported by Pymnts.
Regulatory Shift
The Fed, SEC, and CFTC are advancing digital asset measures without comprehensive legislation, shifting the regulatory battle from Capitol Hill to agency rulemaking.
Leadership Changes
The Blockchain Association is changing chief executives. The SEC Commissioner Hester Peirce is departing on Oct 2. Circle is replacing its CFO while a co-founder leaves its board.
Stablecoin Integration
SoFi announced using SoFiUSD stablecoins to settle card transactions on Mastercard, supporting over $25 billion in annual transaction volume.
Rulemaking Progress
The Fed proposed rules on stablecoin reserve assets, capital requirements, risk management, and custody arrangements under the GENIUS Act.
Regulatory Pathways
National banks issuing through subsidiaries work with the OCC, FDIC-supervised state banks follow FDIC processes, and Fed-supervised state banks use Fed rules.
Next Phase
The industry must adapt to operating stablecoins within financial systems rather than seeking regulatory recognition.
What it means
The Fed, SEC, and CFTC are advancing digital asset rules without new laws as crypto leadership changes.
