SEC and CFTC Plan Major Crypto Milestones by End of 2025 Amid Washington Gridlock

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are gearing up for a pivotal end to 2025, with both agencies outlining plans to introduce landmark cryptocurrency regulations and trading initiatives despite ongoing political gridlock in Washington.

CFTC Acting Chair Caroline Pham announced Tuesday on X that the agency is targeting “listed spot crypto trading and tokenized collateral” by the end of 2025 — a clear signal that the CFTC aims to expand its jurisdiction into spot digital asset markets.

Just a day later, SEC Chair Paul Atkins reinforced the agency’s own ambitions during an interview with CNBC, emphasizing that the SEC is pursuing “Project Crypto,” an internal effort to introduce an “innovation exemption” and potential safe-harbor framework for token issuers before year’s end. However, Atkins noted that the ongoing federal government shutdown — now dragging on since September 30 — has sharply limited the SEC’s ability to advance its regulatory agenda.

“Our staff can’t move forward on proposals or initiatives we’ve been developing,” Atkins said. “If Congress can come to an agreement, we’ll be able to get back to the work we’re planning to complete before the year closes.”

Both agencies’ crypto priorities align with recommendations issued by the White House earlier this year, which called on regulators to modernize digital asset oversight. The report encouraged the SEC to design registration exemptions tailored for crypto projects, while granting the CFTC expanded oversight powers for non-security digital asset spot markets.

Pham’s August announcement of a dedicated CFTC program for “trading spot crypto asset contracts” marked the first step toward this new direction, signaling the agency’s readiness to compete with the SEC for crypto market authority.

Meanwhile, on Capitol Hill, lawmakers are moving to finalize comprehensive crypto legislation that would codify regulatory responsibilities across federal agencies. On Wednesday, both Senate Democrats and Republicans hosted meetings with top industry executives — including Coinbase CEO Brian Armstrong, Kraken’s Dave Ripley, Circle’s Heath Tarbert, Ripple’s Stuart Alderoty, and Solana Policy Institute President Kristin Smith — to discuss final provisions of the proposed crypto bill.

Atkins expressed optimism that legislative clarity could soon arrive. “It would be great to see Congress deliver the bill the President asked for,” he said. “That kind of clarity — defining what’s a security and what’s not — would benefit everyone and help us coordinate better with our fellow regulators.”

With both agencies now racing against a tight timeline and political uncertainty, 2025 could become the defining year for U.S. crypto regulation — setting the stage for how digital assets are traded, collateralized, and governed across American markets.