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ARTICLE · 20 AUGUST 2025

President's Working Group Report Lays Foundation For U.S. Crypto Market Structure

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On July 30, 2025, the President's Working Group on Digital Asset Markets released a comprehensive report recommending substantial regulatory action and legislative proposals aimed...

United StatesTechnology
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On July 30, 2025, the President's Working Group on Digital Asset Markets released a comprehensive report recommending substantial regulatory action and legislative proposals aimed at providing clearer pathways for crypto issuance, trading, and banking engagement. In the absence of new legislation, the report urges securities and derivatives regulators—the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC)—to utilize existing authorities to offer immediate regulatory clarity.

The report directs the SEC to develop safe harbors and exemptions tailored to crypto-related activities, including securities distributions involving digital assets and token airdrops. It also proposes an innovation exemption to enable new business models, echoing prior suggestions by SEC Chairman Paul Atkins (previously discussed here). The CFTC, in parallel, is tasked with clarifying the commodities status of tokens, overseeing spot markets for

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