Analysis-Trump agencies to set crypto policy as bill stalls, limiting industry’s gains - WKZO

With comprehensive crypto legislation stalled in Congress, policy formation has shifted to the executive branch. The Trump administration’s regulatory agencies—including the SEC, CFTC, and Treasury—are now effectively setting the rules of the road for digital assets through rulemaking and enforcement discretion. This administrative approach, while more agile than the legislative process, lacks the permanence and scope of a statute.

For the industry, this reality cuts both ways. Agency-driven policy is inherently piecemeal, often addressing specific products or activities rather than establishing a unified market framework. That fragmentation limits the predictability and legal certainty businesses need for long-term investment. Moreover, rules set by agencies can be revised or reversed by a future administration, meaning today’s guidance may not hold.

The key for market participants is to watch which agency takes the lead on various issues—such as whether the SEC or CFTC claims jurisdiction over particular crypto assets—and whether any final rules emerge before the next political transition. While the absence of a bill does not halt progress, it does cap the sector’s upside.