Regulatory Breakthrough Sparks Optimism

The United States is accelerating efforts to establish crypto market leadership following a landmark White House report urging financial regulators to harmonize digital asset oversight. Crypto Council for Innovation CEO Ji Kim described the development as pivotal, telling Cointelegraph: "The time is now for America to reclaim its position in this technological race."

Ending the SEC-CFTC Turf War

The Presidential Working Group report specifically addresses the long-running jurisdictional conflict between the Securities and Exchange Commission and Commodity Futures Trading Commission. 【Recent data】 shows over 70% of crypto enforcement actions since 2022 involved disputed classifications between securities and commodities.

"Bitcoin, Ether and similar assets clearly function as commodities," Kim emphasized during the exclusive interview. The report's framework designates the CFTC as primary regulator for non-security digital assets while maintaining SEC authority over tokenized securities.

Global Regulatory Contrasts Emerge

While the US moves toward coordinated oversight, international approaches reveal stark differences:

• Dubai's VARA imposed 【30-day compliance deadlines】 this year
• Singapore expelled 12 unlicensed firms in Q2 2025
• Hong Kong approved just 4 exchange licenses through July

——"Regulatory clarity doesn't automatically mean industry friendliness,"—— Kim observed, noting many offshore firms now reconsider US operations.

Stablecoins Become Geopolitical Battleground

The GENIUS Act positions US dollar-pegged stablecoins as tools for financial system dominance, contrasting with China's CBDC ambitions. Interestingly, while Beijing tests digital yuan integration through Hong Kong's new stablecoin rules, President Trump's January executive order banned Federal Reserve-issued digital currencies outright.

"Private sector stablecoins offer better privacy protections," Kim argued, highlighting 【$18B】 in circulating US-regulated stablecoins versus China's pilot CBDC transactions.

Regulators Launch Implementation Plans

Within days of the White House report: • SEC announced "Project Crypto" for streamlined licensing
• CFTC initiated 60-day "crypto sprint" for rule updates
• House passed CLARITY Act (awaiting Senate action)

The coordinated push aims to resolve what industry calls "Operation Chokepoint 2.0" banking restrictions that drove 【$120B】 in crypto business overseas since 2023.

Balancing Innovation and Oversight

Despite criticism from some lawmakers, Kim rejects claims of deregulation: "This establishes smart rules for digital assets' unique attributes." The approach focuses on:

1. Preventing illicit finance
2. Protecting consumers
3. Providing operational clarity

As global crypto competition intensifies, US regulators appear aligned for the first time on creating what Kim calls "the infrastructure for responsible innovation." Market observers will watch for Senate action on the CLARITY Act in coming weeks—a potential final piece in America's crypto framework puzzle.