Timeline
- 9.0
Washington Goes All-In on Crypto: Trump, SEC, CFTC Advance New Rules
This week, the SEC proposed its first crypto-specific rulemaking, Regulation Crypto Assets, allowing certain offerings of up to $5 million over four years or $75 million annually without full registration. President Trump hosted crypto executives at the White House and pressed Congress to pass a "fair version" of the Clarity Act, while CFTC Chairman Mike Selig launched the Innovation Advisory Committee and warned that the CFTC would use existing authorities to build its own crypto regime if the Act stalls. This marks a coordinated shift in U.S. crypto policy from enforcement toward formal rulemaking across both the SEC and CFTC, with White House backing. If enacted, these proposals could materially reshape how digital assets are issued and traded in the U.S., affecting issuers, exchanges, and investors. The SEC proposal includes a conditional safe harbor for crypto assets once an issuer's essential managerial efforts have ended, and it would preempt certain state securities registration requirements. The proposal was formally issued days after the scheduled vote was abruptly cancelled, and CFTC Chairman Selig has already directed staff to explore crypto-asset rules.
- 8.5
Trump Says CFTC Working to Bring Hyperliquid to US
At a White House meeting with crypto executives, President Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the United States in a fully compliant manner. HYPE jumped 23% and LIT rose 20% following the announcement, while Bitcoin climbed to $72k and Ether passed $2,300. The statement signals a potential regulatory pathway for offshore perpetual futures venues to operate in the US, which could reshape how Americans access leveraged crypto trading. It also shows the SEC and CFTC advancing their own rulemaking while the Clarity Act remains stalled in Congress. Hyperliquid is an offshore venue where traders use perpetual futures—contracts with no expiration date—by connecting a wallet, a structure that bypasses the intermediaries US derivatives rules assume exist. The CFTC has been building toward this by clearing Coinbase Derivatives and Kalshi for similar products, and its Innovation Advisory Committee meets Thursday.