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Regulatory Reset Seems 'On the Way' for Banks
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July 23, 2025
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4:28Now PlayingMike Mayo, Head: US Large Cap Bank Research at Wells Fargo, breaks down recent bank earnings and the future of US financial regulation.
A cryptocurrency market structure bill advancing through Congress stands to resolve a turf fight between Wall Street regulators, but it presents risks for investors if the perennially overmatched CFTC becomes the industry’s cop on the beat.
Most tokens would be defined as commodities rather than securities and removed from the Securities and Exchange Commission’s purview under the “CLARITY Act” (H.R. 3633), which made it through the House in a July 17 vote.
Intended to clarify which agency is responsible for policing parts of the $4 trillion market, the measure would simultaneously solidify a crypto retreat under President Donald Trump’s SEC and pose acute challenges for the Commodity Futures Trading Commission.
“The SEC’s ability to police crypto markets would be much diminished,” said Lee Reiners, a lecturing fellow at Duke University who has taught courses in crypto law.
Reiners has called for merging the two agencies, a proposal SEC Chairman Paul Atkins backed during an interview with Fox Business last week, but for now the CFTC appears poised to take the reins as the crypto industry’s primary regulator.
The SEC in Trump’s second term wiped out most leftover litigation from a digital asset crackdown mounted by Biden-era Chair Gary Gensler, who filed enforcement actions that applied securities law standards to crypto offerings and exchange activity and targeted industry giants including Coinbase Global Inc. and Ripple Labs Inc. Atkins has instead teased new industry-friendly rulemaking during a series of roundtables with industry players.
The House-passed legislation would formally require the SEC to abdicate much of its jurisdiction to the CFTC, handing a win to crypto groups that often did battle with Gensler. The CFTC will likely be helmed soon by Trump nominee Brian Quintenz, the head of policy at Andreessen Horowitz’s a16z crypto arm who could initially run the agency by himself after Democratic commissioners leave.
Meanwhile, the Senate Banking Committee released a draft of its market structure legislation Tuesday and Chairman Tim Scott (R-S.C.) has pledged to finish work on the measure by Sept. 30.
An SEC spokesman declined to comment. A CFTC spokesperson didn’t respond to requests for comment.
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