作者：冷风Meta

Author: Jack Inabinet, Senior Analyst at Bankless; Translator: @jinsecaijingxz

The institutionalization of cryptocurrencies is taking shape at an unprecedented pace.The latest guidance document released by the U.S. Commodity Futures Trading Commission (CFTC) is a landmark document, indicating how the agency will shape the future direction of the industry..

Last week, the derivatives regulator announced that it would allow registered futures exchanges to conduct spot cryptocurrency trading. Just yesterday, the agency approved a three-month pilot program authorizing registered exchanges to use Bitcoin, Ethereum, or USDC as collateral for trading.

Today, we will delve into the recent regulatory moves by the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission, and analyze the true meaning of "regulatory clarity" for the future development of the industry.

1From severe crackdown to clear regulation

The cryptocurrency industry is no stranger to regulatory action.

In recent years, regulation has largely manifested as enforcement actions—regulatory agencies have sued crypto companies, accusing their products of violating federal law. More recently, it has taken the form of "no-action letters," where regulators promise not to take enforcement action as long as the companies operate within specified limits.

The industry has long called for constructive regulatory clarity that can truly expand access to cryptocurrencies. Now, the U.S. Commodity Futures Trading Commission appears to be delivering on that promise with two recent announcements.

With more traditional financial exchanges introducing cryptocurrency spot markets, access to digital assets (from volatile cryptocurrencies to tokenized physical asset markets) is improving.Similarly, as more exchanges begin to accept digital assets as collateral, the use cases for digital assets are expanding.

By approving the integration of crypto infrastructure with registered exchanges, the U.S. Commodity Futures Trading Commission has fundamentally enhanced the utility of blockchain-based assets.

2Regulatory roadmap

In addition to the two recent measures by the U.S. Commodity Futures Trading Commission mentioned above,US financial regulators are working to push for comprehensive cryptocurrency regulatory reform.The U.S. Securities and Exchange Commission (SEC) is also seeking to issue market structure guidance for cryptocurrency builders.

Two major regulatory agencies are working together to advance President Trump's cryptocurrency agenda.The U.S. Commodity Futures Trading Commission is launching a "crypto sprint," while the U.S. Securities and Exchange Commission is working to bring "crypto projects" to fruition.

While specific implementation details are not yet clear, we are certain that President Trump's agenda requires (among other things):The U.S. Commodity Futures Trading Commission has been given "explicit authorization to regulate the spot market for non-securities digital assets," while the Securities and Exchange Commission has been tasked with developing clear guidance on the interaction between securities laws and digital assets.

In the coming years, the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission are expected to finalize rules for digital asset trading, clearing obstacles for the unimpeded circulation of approved digital assets in the U.S. capital market.

at the same time,As banking institutions receive clear guidance from regulators such as the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, digital assets will increasingly integrate into the traditional financial system; and law enforcement agencies (particularly the Treasury Department and the IRS) will institutionalize their authority to enforce U.S. laws and regulations in the blockchain field..

3Regulation or overstepping boundaries?

After experiencing harsh treatment from regulators during the Biden era, the cryptocurrency industry warmly welcomed the bottom-up guidance shift from regulators under the Trump era. However, the risk of regulators overstepping their bounds in the struggle for control over digital assets remains a real concern for the industry.

For example, the U.S. Commodity Futures Trading Commission was established to regulate the commodity futures market, not the commodity spot market. With its new mandate to regulate the cryptocurrency spot market, the agency will ultimately decide which cryptocurrencies qualify as digital asset commodities—a previously ungranted power that unsettlingly approaches regulatory overreach.

If this trend continues, the Trump administration may successfully integrate blockchain technology into the financial system. However, achieving this agenda may also come with the risk of establishing comprehensive financial controls and expanding the scope of regulatory oversight.

Cryptocurrencies are undoubtedly entering an institutional era.Regulated trading platforms are opening their doors to digital assets, banking institutions are preparing to integrate crypto infrastructure, and federal agencies are drafting long-awaited digital asset rules..

However, the reality that regulators must make decisions reveals a deeper truth:Once the regulatory framework is embedded in the law, any attempt to deviate from the norms will once again become a clear target for enforcement action.