The U.S. market structure debate for digital assets is reigniting with significant legislative and regulatory developments taking center stage, and the Commodity Futures Trading Commission (CFTC) signaling openness to recognize European Markets in Crypto-Assets Regulation (MiCA)-licensed operators. This marks a notable step in regulatory cooperation and potential easing for crypto platforms seeking to operate cross-border in the United States.
Renewed Legislative Focus on Crypto Market Structure
In early September 2025, the U.S. Senate Banking Committee saw renewed discussions around crypto market structure legislation, particularly the updated draft of the Responsible Financial Innovation Act of 2025 (RFIA). The GOP-proposed 182-page revision incorporates key elements from the House-passed CLARITY Act while adding clarifications and new provisions to strengthen regulatory oversight while fostering innovation.
Key among the new clauses is a provision that digitized securities or “tokenized stocks” remain securities even when issued on blockchain networks, maintaining the Securities and Exchange Commission’s (SEC) jurisdiction. Conversely, tokenization of real-world assets not classified as securities will not convert them into securities, aiming to delineate SEC oversight clearly and reduce regulatory ambiguity.
Additionally, the draft calls for a joint advisory committee between the SEC and CFTC to harmonize their regulatory approaches, effectively ending the historical turf battle between the agencies over crypto asset oversight. This collaboration aims to streamline regulatory frameworks, increase market choice, and provide investor protections through a unified, pro-innovation approach to digital asset regulation.
CFTC’s Forward-Looking Regulatory Strategy
The CFTC has adopted a forward-leaning stance on the crypto market structure, launching its “Crypto Sprint” initiative to advance swift regulatory clarity. Acting Chair Caroline Pham emphasized in public consultations the desire to apply existing futures market rules—under Designated Contract Market (DCM) licenses—and broker-dealer frameworks to spot crypto trading. This approach leverages the CFTC’s current authority in a technology-neutral manner, avoiding the complexities and costs that often arise from bespoke regulations like the EU’s MiCA framework.
Pham suggested expanding the CFTC’s existing retail foreign exchange and futures commission merchant licenses to cover retail crypto transactions, enabling greater access and competitive market entry without duplicative registration burdens. The consultation period for these proposals closed in mid-August 2025, indicating active public engagement and industry interest.
Importantly, Pham expressed openness to recognizing trading platforms licensed under the EU’s MiCA regime within the U.S., reflecting a pragmatic intent to “legally onshore trading activity efficiently and safely” under the CFTC’s jurisdiction and to integrate international standards that promote cross-border market integration.
MiCA’s Role and U.S. Regulatory Equivalence
The EU’s MiCA regulation, effective since June 2023, creates a comprehensive legal framework for crypto-asset service providers and issuers across Europe. MiCA introduces an equivalence regime allowing certain regulated institutions (like investment firms and credit institutions) to participate in digital asset markets under existing licenses, significantly impacting how crypto businesses operate internationally.
The CFTC’s interest in MiCA licensees stems from this framework’s rigorous compliance and investor protection standards. By potentially recognizing MiCA-authorized platforms, the CFTC would streamline approval processes for European entrants, fostering transatlantic market access and enhancing U.S. market liquidity. This approach contrasts with calls for an independent, U.S.-specific crypto regulatory framework and reflects a preference for leveraging established regimes to reduce regulatory overlap and encourage innovation.
Congressional and White House Developments
Alongside Senate activity, legislative momentum continues in the House of Representatives, with the passage of the CLARITY Act supporting clearer definitions and regulatory scopes for digital assets. The White House’s Digital Assets report further endorses coordinated SEC and CFTC actions, recommending expanded authority for the CFTC over spot non-security digital asset markets and endorsing flexible licensing models for registrants to operate multiple business lines efficiently. These federal policy directions promise to shape forthcoming Senate drafts and regulatory rules, aiming to nurture a dynamic and competitive crypto marketplace while protecting investors.
Implications for Market Participants
For market operators, the evolving regulatory environment signals both opportunity and caution. The joint SEC-CFTC push for harmonized oversight and accessible licensing frameworks promises reduced regulatory fragmentation and faster market entry pathways, particularly for firms holding credible licenses such as the EU’s MiCA certification.
However, compliance challenges remain, especially for smaller firms navigating complex rulemakings and balancing SEC versus CFTC jurisdictional requirements. The regulatory emphasis on transparency, market integrity, investor protection, and financial stability underscores the need for robust internal controls and adherence to evolving rules.
Moreover, discussions about token classifications, especially the treatment of tokenized securities and real-world assets, may influence product innovation and cross-border custody or trading strategies. The ongoing public consultations and expected regulatory technical standards will provide additional clarity and operational guidance.
AML Editor’s article was originally published in coingeek on 10 September 2025