I cambiamenti nella regolamentazione delle criptovalute negli Stati Uniti si orientano verso la collaborazione SEC–CFTC

Numair ghaffar · 2025-12-26T21:07:12.000Z

Con l'amministrazione Trump che entra nel suo secondo anno, l'approccio degli Stati Uniti alla regolamentazione delle criptovalute sta subendo un cambiamento notevole. Dopo anni di tensione giurisdizionale, la Securities and Exchange Commission (SEC) e la Commodity Futures Trading Commission (CFTC) si stanno muovendo verso un quadro normativo più collaborativo per gli asset digitali. Il presidente della SEC Paul Atkins ha delineato una visione normativa più strutturata, enfatizzando la necessità di un chiaro sistema di classificazione dei token per determinare se gli asset digitali rientrano nella legge sui titoli o sui beni di consumo. Centrale in questo sforzo è il Progetto Crypto, un'iniziativa volta a modernizzare la supervisione normativa consentendo al contempo spazio per l'innovazione conforme. Atkins ha anche sostenuto l'introduzione di nuovi meccanismi di esenzione progettati per ridurre le difficoltà per i progetti crypto legittimi.

As the Trump administration enters its second year, the U.S. approach to crypto regulation is undergoing a notable shift. After years of jurisdictional tension, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are moving toward a more collaborative regulatory framework for digital assets.
SEC Chairman Paul Atkins has outlined a more structured regulatory vision, emphasizing the need for a clear token classification system to determine whether digital assets fall under securities or commodities law. Central to this effort is Project Crypto, an initiative aimed at modernizing regulatory oversight while allowing room for compliant innovation. Atkins has also supported the introduction of new exemption mechanisms designed to reduce friction for legitimate crypto projects.
In parallel, the SEC has approved clearer standards for listing various crypto exchange-traded funds (ETFs) and has identified asset tokenization—including tokenized securities and real-world assets—as a regulatory priority moving forward.
Meanwhile, the CFTC is expanding its influence in the digital asset space under newly appointed Chairman Michael Selig. Through its “Crypto Sprint” initiative, the agency is accelerating rule clarification and positioning itself as the primary regulator for crypto commodities such as Bitcoin. The CFTC’s approach places a strong emphasis on market structure, trading activity, and derivatives, reflecting its traditional role in overseeing commodities markets.
Industry observers expect this evolving relationship to lead to a dual-track regulatory model by 2026. Under this framework, the SEC would focus on institutional innovation, token issuance, and tokenized assets, while the CFTC would take the lead on crypto commodities and broader market expansion.
Former SEC senior attorney Howard Fischer noted that this level of cooperation between the two agencies is unprecedented in his experience. He believes that sustained SEC–CFTC collaboration will shape the U.S. crypto regulatory agenda through 2026 and beyond.
This shift marks a potential turning point for the U.S. crypto industry, signaling a move away from regulatory uncertainty and toward clearer, more coordinated oversight.
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U.S. Crypto Regulation Shifts Toward SEC–CFTC Collaboration

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