The U.S. Securities and Exchange Commission (SEC) released a draft strategy for fiscal years 2026-2030, specifically highlighting digital assets, distributed ledger technology, and tokenized financial infrastructure as regulatory priorities. This move indicates the continued rise of the crypto market within the U.S. federal regulatory framework, and future rulemaking may focus more intently on custody, trading, staking, and tokenization.
Digital assets listed separately
The draft indicates that the SEC has designated digital assets and blockchain technology as independent targets in its medium- to long-term plans, rather than merely including them as adjuncts in traditional enforcement or investor protection frameworks. The document states that the agency aims to establish a clear regulatory foundation for digital assets and distributed ledger technology in a more coherent and systematic manner.
The SEC also stated in its filing that blockchain and crypto asset technologies have the potential to reshape the U.S. financial infrastructure. Regulators also acknowledged that the industry is expanding faster than existing rules, leading to long-standing ambiguity in applicable standards for market participants.
Custody transactions are listed as collateral.
The draft states that the SEC aims to support compliant financing while promoting tokenization and the development of on-chain financial systems. The corresponding regulatory scope will cover core services such as custody, trading, and staking, and emphasizes avoiding duplication of regulation as much as possible.
This indicates that the SEC is attempting to integrate crypto businesses into a more comprehensive regulatory framework, rather than continuing to rely on piecemeal enforcement or case-by-case handling. Tokenization is also being given a more prominent position, but just weeks ago, the SEC postponed a proposed "innovation exemption" related to tokenized stock trading.
The division of labor with the CFTC needs to be clarified.
In addition to its internal regulatory direction, the SEC has also prioritized coordination with the Commodity Futures Trading Commission (CFTC). The document states that establishing an enforceable regulatory framework for crypto assets first requires resolving the long-standing jurisdictional disagreements between the SEC and the CFTC.
In March of this year, the SEC and CFTC signed a memorandum of understanding to strengthen information sharing and regulatory cooperation. Congress is also advancing the Digital Asset Market Clarity Act, which aims to establish a formal regulatory structure for crypto assets and delegate a significant portion of market oversight responsibilities to the CFTC. This bill passed the Senate Banking Committee last month and is expected to proceed to a full Senate vote.
Atkins continued to make adjustments during his tenure.
This draft strategy is also part of a policy shift since SEC Chairman Paul Atkins took office. In May, the SEC rescinded a long-standing settlement policy that previously restricted defendants from publicly denying charges after reaching a settlement with the SEC.
Atkins stated at the time that rescinding this practice ended restrictions on external criticism. Commissioner Hester Pierce indicated that allowing both regulators and defendants to speak publicly would improve transparency. Combined with this draft strategy, the SEC's approach to regulating the digital asset industry is diverging from its previous path.
