The White House is reviewing a US Securities and Exchange Commission proposal to change how brokers can work with digital assets. The proposal was sent to the Trump administration's Office of Management and Budget earlier this week. President Donald Trump has vowed to make the US into the "crypto capital of the world" and approved an executive order in 2025 seeking to establish "regulatory clarity" for digital financial technology.
Building on the commission's efforts to provide regulatory clarity and fit-for-purpose rules that support innovation in crypto asset markets, the commission is expected to consider a proposal to amend broker-dealer financial responsibility, recordkeeping, and reporting requirements to address the application of these rules to cryptoassets. The Wall Street regulator continues to press forward with digital asset rulemaking after landmark crypto market structure legislation failed to move through the Senate earlier this year. With digital assets among some of the Trump administration's policy priorities, the SEC is expected to move forward swiftly as it tries to finalize the remainder of its rulemaking agenda in that space.
The Commodity Futures Trading Commission sent a separate proposal, to offer greater consumer protection measures in prediction markets, to OMB this week. "We've heard the concerns of public commenters about inadequate consumer protections for retail loud and clear," CFTC Chairman Michael Selig said in August, referring to retail traders in prediction markets. "These amendments would also establish clear expectations for product governance, market design, and incentive programs," he said at the time.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing