Federal Legislative Draft
On November 29, 2025 at 02:13 UTC, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry unveiled a bipartisan Market Structure Draft designed to govern digital asset trading. Spearheaded by Senators John Boozman and Cory Booker, the proposal establishes comprehensive frameworks for exchange registration, market manipulation prevention and cross-border compliance. Key provisions include enhanced reporting obligations, real-time trade monitoring and standardized clearing mechanisms aimed at fostering transparency and protecting investors in cryptocurrency markets.
IRS Guidance on Staking Activities
The Internal Revenue Service issued a new Revenue Procedure offering a safe harbor for certain trusts that engage in digital asset staking. Under this guidance, qualifying trusts can stake cryptocurrency assets without jeopardizing their exempt status, provided they adhere to designated documentation and custody standards. This development addresses longstanding uncertainty around the tax treatment of staking rewards, delineating income recognition events, cost basis adjustments and withholding requirements for market participants.
Project Crypto Framework
SEC Chairman Paul S. Atkins presented 'Project Crypto,' an initiative to refine token classification beyond the traditional Howey Test application. The framework identifies three distinct non-security categories: digital commodities, digital collectibles and digital tools. Project Crypto outlines criteria for project developers and service providers to self-assess token status, emphasizing decentralization metrics, use-case logic and distribution structures. The proposal also contemplates tailored disclosure requirements and investor protection measures for each category.
Additional Regulatory Actions
Complementing these federal actions, the Commodity Futures Trading Commission highlighted its Crypto Sprint program focused on spot contract oversight, and the Department of Justice reported new enforcement actions against illicit crypto-related schemes. International regulators are also active: the European Union continues to advance its Markets in Crypto-Assets Regulation, while the Australian Securities and Investments Commission updated guidance to encourage responsible innovation.
Implications for the Crypto Ecosystem
These coordinated measures reflect a global trend toward structured regulatory environments that balance innovation with investor safeguards. Market participants should engage with public comment periods and adjust compliance strategies to align with evolving legal requirements. Ongoing dialogue between policymakers and industry stakeholders will be essential to refine these proposals and ensure sustainable growth of the digital asset sector.
Comments (0)