US regulators submit new crypto rules draft

TLDR

US agencies have sent multiple new crypto-related regulatory proposals to the White House that could reshape how tokens, exchanges and tokenized securities are treated in the US.

1. The SEC filed an interpretive token taxonomy proposal on how existing securities laws apply to crypto assets, now under White House review, not yet in force.
2. In parallel, the CFTC, IRS and banking regulators advanced guidance on prediction markets, tax reporting and capital rules for tokenized securities, tightening oversight across the stack.
3. The next phase includes White House review, SEC commissioner votes and public comment periods, which will clarify which tokens are securities and what compliance venues must meet.

Deep Dive

1. What Regulators Filed

The US Securities and Exchange Commission (SEC) has submitted a formal commission interpretation to the White House Office of Information and Regulatory Affairs explaining how federal securities laws should apply to certain crypto assets and transactions, including a proposed token taxonomy that categorizes which tokens are treated as securities. This interpretive guidance is under review and would carry more weight than staff statements if adopted, but it does not itself create new statutes or rules yet, relying on existing securities law for enforcement terms. Reports from Cointelegraph and Yahoo Finance describe this as a major step in bringing order to digital finance and clarifying token classifications for markets and issuers.

Separately, the Commodity Futures Trading Commission (CFTC) has submitted its own proposal on prediction markets to the White House, outlining how it intends to oversee event contracts and which products qualify under its jurisdiction. Coverage from CryptoFrontNews notes that both the SEC and CFTC tracks are moving in parallel and remain distinct from ongoing broader crypto rulemakings.

2. Why It Matters For Crypto

If the SECs token taxonomy becomes the working interpretation, more tokens could be explicitly categorized as securities, which would increase registration, disclosure and market structure obligations for issuers, centralized exchanges and potentially some DeFi front ends. Clearer boundaries between SEC and CFTC jurisdiction would also decide which assets can trade as commodities (for example, on derivatives venues) versus needing securities-style oversight.

Beyond classification, US banking regulators have clarified that tokenized securities should receive the same capital treatment as traditional securities, stating that capital rules are technology neutral, which could encourage banks to issue more tokenized bonds or equities. At the user level, the IRS has proposed requiring crypto brokers to deliver tax forms like 1099-DA electronically only, aligning with its broader regime that already mandates detailed transaction reporting.

3. What To Watch Next

The SEC guidance first must clear interagency review at the White House, after which the commissions three current commissioners will vote on whether to adopt the interpretation. Only then will it become the SECs official position on token classification.

For the CFTCs prediction market work and the IRS tax-form proposal, formal rulemakings involve public comment windows, typically 60 to 90 days, before final rules are issued. In the background, a broader crypto market structure bill and related initiatives like the Clarity Act remain in legislative negotiation, which could further adjust how stablecoins and other digital assets interact with banks and capital requirements.

For crypto participants, the key signals will be the final token taxonomy language, any examples of specific token types, how major US exchanges adjust listing and disclosure policies, and whether banks accelerate tokenization projects under the clarified capital rules.

Conclusion

US regulators are not creating a single all-in-one crypto law, but a web of coordinated guidance that tightens around token classification, trading venues, prediction markets, tokenized securities and tax reporting. The details that emerge from White House review, SEC and CFTC votes, and public comment periods will shape which tokens can be widely offered in the US and under what compliance burden, so it is worth tracking how your core assets and preferred platforms respond as these drafts harden into practice.