On September 23, Acting Chairman of the Commodity Futures Trading Commission (CFTC) Caroline Pham announced the launch of an initiative focused on the use of tokenized collateral, including stablecoins, in derivatives markets. This initiative is part of the CFTC’s broader efforts to implement recommendations from the Report authored by the President’s Working Group on Digital Asset Markets.
On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA.
On September 19, the U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public input on the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This ANPRM builds upon the Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets issued by Treasury on August 18, which remains open for comment until October 17, 2025.
On September 19, the U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public input on the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This ANPRM builds upon the Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets issued by Treasury on August 18, which remains open for comment until October 17, 2025.
The Report authored by the Presidential Working Group on Digital Assets Markets (PWG), titled “Strengthening American Leadership in Digital Financial Technology,” along with the accompanying fact sheet, outlines several key objectives aimed at positioning the U.S. as a leader in digital asset markets. Among its objectives are reinforcing the role of the U.S. dollar, modernizing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) rules for the digital assets ecosystem, and ensuring fairness and predictability by establishing clear regulatory oversight.
On September 5, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force. This initiative aims to enhance the Division of Enforcement’s capabilities in identifying and combating cross-border fraud that adversely affects U.S. investors. As global markets become increasingly interconnected, the SEC’s proactive approach underscores its commitment to safeguarding the integrity of U.S. capital markets.
The Securities and Exchange Commission (SEC) has unveiled its Spring 2025 Rulemaking Agenda, and it’s clear that the crypto market is a focal point. While some anticipated the new Administration would bring in a period of deregulation, the SEC has a busy agenda now that Congress has starting working on establishing a comprehensive regulatory framework to govern the burgeoning crypto market. The agenda is a significant policy shift from prior rulemaking periods during which the SEC, under former Chair Gensler, focused on private fund advisers and increased disclosure requirements. The agenda is also a testament to the Trump Administration’s commitment to establishing clear guidelines and regulations that will shape the future of digital assets.
On September 2, the staff of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a Joint Staff Statement regarding the listing of leveraged, margined, or financed spot retail commodity transactions on digital assets. Specifically, the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk shared their view that “current law does not prohibit” SEC- or CFTC-registered exchanges from facilitating trading of those spot crypto asset products.
In a significant move aimed at enhancing regulatory clarity and fostering global market access, particularly for offshore cryptocurrency firms, the U.S. Commodity Futures Trading Commission (CFTC) issued a new advisory on the Foreign Board of Trade (FBOT) registration framework. This development, announced on August 28, 2025, by Acting Chairman Caroline D. Pham, marks a pivotal step in aligning U.S. trading regulations with the evolving landscape of global derivatives markets.
As digital assets continue to reshape the financial landscape, regulatory clarity around stablecoins is increasingly vital. The GENIUS Act, signed into law by President Trump in July, establishes the first-ever federal regulatory system for stablecoins and aims to position the U.S. as the global leader in digital assets. This is a historic shift in U.S. digital asset policy, prioritizing consumer protection, financial stability, and national security, while aiming to cement America’s leadership in the global digital currency revolution.