US financial regulators have rolled out nine agency actions since Aug. 18, addressing various stages of the digital asset lifecycle from fundraising to safekeeping. The moves come as lawmakers continue to debate broader market frameworks, leaving regulatory agencies to shape the industry through exemptions, staff positions, and proposed rules.
Among the recent developments is a custody framework proposed by the SEC on Oct. 1, designed to allow investment advisers and regulated funds to hold crypto under specific rules. Chairman Paul Atkins described the proposal as establishing a compliant custody path where none existed previously. The action follows several other regulatory steps, including SEC proposals concerning token offerings and electronic recordkeeping, alongside staff guidance on token functionality.
In the derivatives and trading sectors, the SEC granted a five-year Innovation Exemption on Sept. 17 to permit qualifying Tokenized Securities Venues to trade tokenized NMS stocks. Simultaneously, CFTC staff issued no-action relief for passive software providers connecting users to registered futures firms, and registered Coinbase Clearing LLC as a derivatives clearing organization to clear fully collateralized futures, options, and swaps.
Four of the recent regulatory pieces are currently operational, including the Innovation Exemption, CFTC software relief, CFTC FAQ updates, and Coinbase Clearing's registration. Other initiatives, such as the Regulation Crypto Assets proposal, the transfer-agent proposal, and the custody framework, remain at the proposal stage pending public comments and final rules. Additionally, a CFTC market framework proposal was sent to White House review on Sept. 17.
These regulatory shifts connect directly to broader market developments. Citi recently raised its 12-month Bitcoin forecast to $113,000 from $82,000, citing ETF inflows and expected growth in adviser and brokerage allocations. A CoinShares survey in August showed digital-asset allocations ticking up to 1.2%, with regulation remaining a top concern for investors. Analysts note that if current proposals reach final rules aligned with CFTC frameworks, issuance, trading, and custody could operate under a unified regulatory structure supporting broader institutional adoption.
