The Trump Administration's crypto regulatory roadmap takes shape

The government just gave us a clearer picture of where crypto regulation is headed under the new Trump administration. On Sept. 4, the Office of Management and Budget released its Spring 2025 Unified Agenda, which is essentially the federal government’s twice-yearly preview of what regulatory changes are coming down the pipeline.

This particular edition was delayed due to the presidential transition, but it was worth the wait for anyone following crypto policy. The agenda reveals that the SEC is working on several crypto-related rule proposals that could change how digital assets operate in the U.S.

First up, the SEC is looking at amending the Exchange Act Rules to account for trading of crypto assets on alternative trading systems (ATSs) and national securities exchanges. If advanced, these amendments could clarify the relationship between traditional securities exchanges and the growing digital asset systems.

The second piece focuses on custody rules, which are the regulations that govern the custody of advisory clients and fund assets. Establishing clear guardrails around the custody of digital assets by registered investment advisors and other regulated entities is extremely important in this nascent industry due to the nature of digital assets themselves. In the event of a critical custody failure that results in a loss, it is entirely possible that the affected digital assets will never be recovered. And that places a heavy burden on those who custody digital assets on behalf of their clients. The new or updated rule will address crypto assets in each case.

The third proposal is perhaps the most significant: potential new rules on how crypto assets can be offered and sold. The SEC says it’s considering including exemptions and safe harbors to help clarify the regulatory framework for crypto assets and provide greater certainty to the market. For an industry that’s operated in regulatory limbo for years, this could be game-changing. Alongside this, Congress is still considering the CLARITY Act, which is the legislative effort to develop a comprehensive market structure for digital assets, including the regulation of their offer and sale. It remains to be seen whether the SEC will push forward with rulemaking under its present legislative authority or if it will wait for further direction from Congress.

These aren’t final rules yet. In fact, the agencies seeking to establish these rules generally must first release a Notice of Proposed Rulemaking, as required by statute. From there, industry participants and the general public will have an opportunity to endorse or oppose the proposed agency action. Anyone involved in the crypto space should be preparing for what is to come. If you are an industry participant or otherwise interested party that wants to help shape these critical regulations, please reach out to Bryan Jacoutot or Kristina Aleksanyan at Clark Hill.

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