In the wake of President Donald Trump's inauguration on January 20, 2025, the US Securities and Exchange Commission (SEC) underwent a seismic shift in its approach to cryptocurrency regulation. Under the leadership of Acting Chair, Mark T. Uyeda, and later Chair, Paul Atkins, the agency moved away from the enforcement-heavy stance of the previous administration toward a more collaborative framework aimed at fostering innovation. This transformation aligns with Trump's pledge to make America the “crypto capital of the world ”, as outlined in executive orders and policy reports. Since January 2025, the SEC has launched task forces, dismissed litigations, hosted roundtables and proposed rule changes to integrate digital assets into mainstream finance. These actions have been praised by industry leaders for providing much-needed clarity while positioning the US as a global leader in blockchain technology. Indeed, some do ask, is this now payback time for the $millions crypto companies poured into Trump’s re-election funds?
Source: J Meyers
The SEC's proactive era began immediately after the inauguration. On January 21, 2025, acting Chair, Uyeda, announced the formation of the Crypto Task Force, a dedicated unit led by Commissioner Hester Peirce. This task force was tasked with developing a comprehensive regulatory framework for digital assets, emphasising innovation over punitive measures; the initiative marked a departure from prior years. Indeed, in 2024, the Securities and Exchange Commission brought 33 enforcement actions on crypto-related companies, imposing fines on of $4.98 billion. Instead, the task force focused on dialogue, with Peirce stating in her February 4 speech - “The Journey Begins”- that “we must distinguish crypto asset securities alongside crypto assets that are not securities" to enable responsible growth.” Building on this momentum, the SEC began dismantling its enforcement backlog. In February 2025, the agency dismissed a high-profile civil action against Coinbase, citing the task force's ongoing work to craft clearer policies. This was part of a broader trend: the Commission voluntarily dismissed or stayed the majority of its litigation against crypto industry participants since January. On February 27, another dismissal was announced, signalling a regulatory thaw. These moves were complemented by Uyeda's directive in early April to review prior staff statements on crypto risks and securities laws, aiming to reduce uncertainty for market participants. As spring unfolded, leadership solidified with Paul Atkins' confirmation as SEC Chair on April 9, followed by his swearing-in on April 21. Atkins, a former commissioner known for his pro-innovation views, quickly accelerated the agenda. On April 11, Uyeda delivered remarks at the Crypto Task Force Roundtable on Crypto Trading, emphasising the need for adaptable rules: “We must ensure that our regulatory framework supports innovation without compromising investor protection.”
May brought further engagement. On May 8, Peirce proposed a “safe harbor” and regulatory sandbox for crypto projects on blockchain, allowing temporary exemptions to test innovations under SEC oversight. At the Bitcoin 2025 Conference on May 29, she declared: “We can't ignore it” - referring to the transformative potential of digital assets. Uyeda echoed this on May 12 at a task force roundtable, calling for “regulatory clarity on real-world asset tokenization” to unlock blockchain's benefits in traditional finance. These efforts included a roundtable on tokenization, exploring how it could reshape markets. June saw Atkins directly involved - on June 9, he spoke at the Crypto Task Force Roundtable on Decentralized Finance (DeFi), highlighting the need for balanced oversight: “DeFi represents a paradigm shift, and our regulations must evolve to harness its potential.” This built toward July's milestones - on July 9, Peirce issued a statement on the tokenization of securities, describing it as “enchanting, but not magical” and urging practical integration into existing frameworks. A landmark action came on July 29, when the SEC approved in-kind creations and redemptions for crypto exchange-traded products (ETPs), facilitating easier access for investors. Uyeda, in his statement, noted: “This approval marks a step toward integrating crypto into mainstream investment vehicles, providing greater efficiency and transparency.” The crescendo arrived on July 31, with Atkins' major address: “American Leadership in the Digital Finance Revolution” unveiling “Project Crypto”. This initiative directs staff to draft “clear and simple rules of the road” for crypto distributions, custody and trading. Atkins further emphasised that “we want to make rules for crypto companies very straightforward so that investors have certainty”, acknowledging that full implementation may take time but is essential for US leadership. Finally, on August 1, the SEC announced that the Crypto Task Force would host a series of roundtables across the US to gather input from stakeholders, ensuring inclusive policy development. These actions, supported by a White House report urging enhanced crypto legislation, reflect a concerted effort to balance innovation with protection. Whilst challenges remain, such as navigating DeFi complexities, the SEC's 2025 trajectory has invigorated the industry. As Atkins put it, this is a “blueprint to achieve President Trump's vision”. So, with ongoing guidance and rule proposals expected, America is poised to reclaim its dominance in the crypto arena.
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But what is next? Having passed the GENIUS Act and created greater clarity around the issuance of stablecoins and complete rejection of a CBDC ,Trump’s administration now turns to the CLARITY Act. Mature, decentralized blockchains and their native tokens are to be regulated as digital commodities under the CFTC, whilst tokens tied to securities or equity-like rights stay with the SEC. Issuers get a clear path: prove decentralization within four years, register, disclose and trade freely in secondary markets without the shadow of unpredictable enforcement. The bill modernizes market infrastructure, creates new registration categories for exchanges, brokers and dealers, and bakes transparency into every stage of issuance and trading. Supporters say it unlocks innovation, lures institutional capital and cements US leadership in digital assets. Critics warn it could create regulatory gaps. Either way, if enacted, the CLARITY Act could become the blueprint for global crypto governance shifting America from a defensive crouch to an offensive play in the blockchain era. The SEC’s pivot under Trump has been nothing short of whiplash. In just months, it’s gone from crypto’s chief antagonist to its unlikely champion dismissing billion-dollar lawsuits, dismantling its enforcement backlog and inviting the very industry it once hunted into the policymaking room. But this isn’t just about friendlier rules, it’s about a power play. Backed by Trump’s open ambition to make the US the “crypto capital of the world” and buoyed by industry cash, the SEC is setting a global precedent with initiatives like “Project Crypto,” tokenization roadmaps and a nationwide tour to gather input before locking in the playbook.
Now, with the CLARITY Act looming, splitting mature decentralized tokens to the CFTC and keeping securities-like assets with the SEC, the US is poised to give crypto the one thing it’s craved for over a decade: certainty. If it works, it could draw a flood of capital, cement America’s leadership and rewrite the balance of power in finance. If it fails, the gaps it leaves could be just as historic. Either way, the age of regulatory guerrilla warfare is over the offensive has begun.
About the Author:
Jason Meyers is the lead architect of Auditchain Labs AG which developed Pacioli.ai, the world’s first web3 regulatory disclosure automation infrastructure. Jason is a former investment banker and took many companies public including Alexion Pharmaceuticals ($40 billion exit to AstraZeneca), VCA,($9 billion exit to Mars Inc) and Medarex, Inc ($2.5 billion exit to Bristol Myers). Follow @JasonMeyersNYC on X.
This article first appeared in Digital Bytes (26th of August, 2025), a weekly newsletter by Jonny Fry of Team Blockchain.