Crypto

The SEC holds its first cryptocurrency roundtable

Published

11 months ago

March 26, 2025

The SEC holds its first cryptocurrency roundtable

Last Friday, the Securities and Exchange Commission held its first-ever crypto roundtable, a discussion with industry leaders and skeptics to answer a grand question: how should the SEC regulate crypto?

The agency under President Donald Trump is taking what many see as a friendlier approach to cryptocurrency and has already dropped a number of lawsuits against various crypto exchanges initiated during the Biden Administration.

Marketplace’s Meghan McCarty Carino spoke with Brady Dale, reporter and author of the Axios Crypto newsletter, about what was discussed and why the question of regulating crypto like a stock or a bond is a very complicated one to answer.

The following is an edited transcript of their conversation.

Brady Dale: Well, the big topic was just, how do you characterize crypto assets? You know, the skeptics on board were like, these are all securities, and they should all just be treated like securities and that’s really complicated, and the court should just sort it out. And of course, if that’s the way you do it, it’s going to take a really long time, because courts aren’t fast. And the folks the other side were like, it’s not fair to lump all of these assets into one bucket. A lot of them do very different things, and so they were encouraging the SEC to refine their approach, to look at, you know, different assets different ways. Don’t treat diesel trucks like they’re Pintos, you know, as a way you might put it, sort of thinking about cars.

Meghan McCarty Carino: So why is this such an important distinction, whether or not these digital assets are considered securities and what are kind of the arguments in each column?

Dale: The big picture of why it’s so important is, if all crypto assets were securities, they basically become useless. The folks who make these things don’t want to just trade them willy nilly forever. They don’t want to just bet on “number go up forever.” They want them to be a part of the real economy eventually, they want them to be used for all kinds of things, sorting out complex new applications for making payments. But if they’re securities, that means they’re subject to all kinds of rules and have to be tucked away in these special digital vaults controlled by third parties, and you just can’t do any of that stuff. So it’s kind of existential for these networks that they not all be treated like securities. Some of them can be, that’s fine, but just not all of them, or sure, they can be treated like securities for a while when they’re new and things are getting worked out. But if enough people are using them, if this decentralization thing people talk about really takes off, for one, then they can graduate out and can be freely traded the same way that like coffee or gold is freely traded and no one will watch it. And then that’s an okay middle ground. The other side is like, look, none of this stuff is ever going to be useful for anything. It’s all just a big casino, and so we ought to regulate it as tightly as possible. So that’s sort of the other side’s take on it.

McCarty Carino: Then there’s sort of been this bigger foundational question of what exactly the SEC has regulatory jurisdiction over? Is it the crypto token itself or the transaction? Why is this an important issue?

Dale: Man, it’s so subtle. I mean, the more attorneys I talk to, it does seem clear. And this is, I mean, this is so fuzzy, but it’s like [what] we talk a lot about is, are crypto tokens securities? And the truth is, that’s kind of the wrong question. And everyone kind of knows that, it’s just we say it this simpler way, but the real question is like, is the actual transaction, is that an investment contract? And so the easiest, there’s a lot of subtleties here, but I think the easiest distinction that can be made is one thing I think most people agree on, is if somebody is selling tokens before like a product even exists, to investors ahead of time, to raise money, to hire developers to actually build the thing, that is a kind of transaction that looks a lot more like a security, whereas once the thing is live and people can use it, then it should be able to freely trade. That’s a secondary market transaction, and maybe that’s less likely to be a security transaction. And, you know, one point that one of the attorneys made at this session on Friday was that, in fact, the SEC has never actually won a case on the idea that secondary market transactions are a security. They’ve gotten some sort of earlier stage things in courts that have kind of said it, but not a full case so that’s a fuzzier area, but one that the industry seems to be making some headway on. So yeah, it’s this really subtle point that I’m sure will leave your listeners scratching your head, but if it makes them feel better, it also leaves everyone else who’s been following this for a year scratching their head too. So it’s a tough one.

McCarty Carino: So did we get any sort of sense of what direction the SEC may be going in in the near future?

Dale: Not on Friday, because the commissioners really didn’t have much to say at it, you know. But I mean, when Commissioner [Hester] Peirce, who’s the head of the task force, announced the task force with her blog post, “The Journey Begins,” and she said a part of Americans’ freedom is the right to invest in whatever we want and that includes the right to lose money without the government telling you what is a good investment and what is a bad investment. You know, she’s very clear on the idea that the SEC is a disclosure-based regime. That means their job is to make sure investors have all the facts they need, not to tell investors like, this is good or this is bad. So I think that’s the direction we can probably expect. You know, the nice thing about blockchains is you can have 24/7, round-the-clock, complete pictures of the distributions of these tokens and assets, you know, all the time. You could probably have better disclosures than you have about the equity market now, if we have a regulator who says kind of what those disclosures should look like, and I think that’s what the industry is sort of waiting for.

McCarty Carino: The SEC has made some notable signals. It dropped several crypto lawsuits in the last couple of months, can you kind of explain what’s going on there? Which ones were of note to you?

Dale: I would like to tell your listeners that the lawsuits that were dropped were all just over this bureaucratic question of what is or isn’t a security and should, you know, a particular company have been trading this thing or not and that is true for almost all of the cases that were dropped. So most of them were cases where, like, Coinbase, for example, the SEC was saying, well, you’re letting people trade securities on your platform. And Coinbase was like, I don’t think we are. And that was a debate. You know, it’s an important question but it’s not like there’s someone deeply harmed and there’s not some big crime, you know, in the middle there. So it’s a bureaucratic question, right? It’s an important bureaucratic question. It’s a bureaucratic question. And so mostly what the SEC has done is dropped those cases in order to say, like, look, let’s figure out what the rules are and then we can decide who we should get mad at. However, when you ask, like, what stands out to me? There were two cases it was doing in which there were more serious allegations. And so that was Binance and the case against Justin Sun, the creator of this token, Tron. Folks may remember him as the guy who bought the $6 million banana artwork. And in both of those cases, the SEC was alleging various degrees of market manipulation and that’s more serious. And so it’s somewhat more disturbing that they dropped those cases without sort of dealing with that piece as much. But in most other cases, it was just over this esoteric question of like, what should the SEC be regulating and what should they leave alone?

More on this

One recent policy the SEC did land on was about meme coins, those crypto tokens branded with internet trends or celebrities, like the Shiba Inu dog that inspired dogecoin or more recently, President Trump’s meme coin.

The SEC has clarified those are not securities.

Meanwhile, World Liberty Financial, the decentralized crypto venture backed by the President and his family, says it has launched a new stablecoin — a type of crypto coin which typically has a fixed value tied to another asset, in this case, U.S. government debt.

According to reporting in the Wall Street Journal, the stablecoin — called USD1 — will be tied to short-term treasury bonds and cash deposits. It will be issued on the Ethereum network and a blockchain created by the crypto exchange Binance.

As Brady noted, Binance had been the target of an SEC lawsuit until the new administration put it on hold last month.

Crypto

Wisconsin bill targets cryptocurrency kiosk scams

Published

8 hours ago

February 19, 2026

Press Room

Wisconsin bill targets cryptocurrency kiosk scams

MILWAUKEE – The Wisconsin Assembly passed a bill that aims to rein in cryptocurrency scams, creating new consumer protections around kiosks that can be found at gas stations and convenience stores.

What they’re saying:

Criminals are known to trick victims into depositing money into the kiosks under the guise of protecting their money or paying a fine. Once the money is sent, it’s almost impossible to get back.

FREE DOWNLOAD: Get breaking news alerts in the FOX LOCAL Mobile app for iOS or Android

The amended bill that passed Thursday sets a daily transaction limit of $1,000 per person. AARP Wisconsin said the bill protects against large-scale losses.

“We know these are essentially major scam machines, and while they look like a regular bank ATM, they are not,” said AARP’s Erin Fabrizius. “People are being directed there under duress.”

What’s next:

The bill now heads to the Wisconsin Senate.

The Source: FOX6 News reviewed the bill and referenced information from AARP Wisconsin.

PoliticsNewsWisconsin

Crypto

After $3T crypto volume in 2025, CME plans 24/7 regulated trading

Published

20 hours ago

February 19, 2026

Press Room

After T crypto volume in 2025, CME plans 24/7 regulated trading

CHICAGO, Feb. 19, 2026 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, today announced that its regulated Cryptocurrency futures and options will be available for trading 24 hours a day, seven days a week beginning on May 29, pending regulatory review.

“Client demand for risk management in the digital asset market is at an all-time high, driving a record $3 trillion in notional volume across our Cryptocurrency futures and options in 2025,” said Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group. “While not all markets lend themselves to operating 24/7, providing always-on access to our regulated, transparent Cryptocurrency products ensures clients can manage their exposure and trade with confidence at any time.”

Beginning Friday, May 29 at 4:00 p.m. CT, CME Group Cryptocurrency futures and options will trade continuously on CME Globex with at least a two-hour weekly maintenance period over the weekend. All holiday or weekend trading from Friday evening through Sunday evening will have a trade date of the following business day, with clearing, settlement and regulatory reporting processed the following business day as well.

Cryptocurrency futures and options continue to reach record volumes at CME Group in 2026. Year-to-date highlights include:

Average daily volume (ADV) of 407,200 contracts, up 46% year-over-year, and average daily open interest of 335,400 contracts, up 7% year-over-year
Futures ADV of 403,900 contracts, up 47% year-over-year

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

CME-G

View original content:https://www.prnewswire.com/news-releases/cme-group-to-launch-247-cryptocurrency-futures-and-options-trading-on-may-29-302692346.html

SOURCE CME Group

Crypto

Crypto Demand Hits Underwriting

Published

1 day ago

February 18, 2026

Press Room

A growing share of young, affluent investors now hold part of their net worth in cryptocurrency — and many are reluctant to liquidate those positions to buy a home. Non-QM lenders are beginning to adjust.

Newrez has formally integrated eligible cryptocurrency holdings into its non-agency underwriting framework, allowing borrowers to use digital assets for qualification without selling them. The move places crypto alongside traditional securities accounts within the company’s Smart Series product suite, reflecting a shift in how borrowers structure their wealth.

Other non-QM lenders are moving in the same direction. Newfi Lending recently expanded its Sequoia DSCR program to allow borrowers to count a portion of Bitcoin and Ethereum toward reserve requirements without liquidation. Under Newfi’s guidelines, up to 25% of Bitcoin and Ethereum held in a Coinbase account and up to 50% of crypto ETFs or mutual funds held at institutions such as Fidelity or Schwab may be applied toward reserves, with total crypto capped at 50% of required reserves.

How It Works

Under the updated framework, eligible cryptocurrency holdings may be considered as part of the asset analysis when qualifying a borrower. Crypto is not accepted as currency for down payments, and borrowers must still close in U.S. dollars.

President of Newrez, Baron Silverstein

“The suitability is the same,” said Baron Silverstein, president of Newrez. “All we’re doing is accepting crypto assets to qualify, so it would be no different from looking at somebody’s securities account.”

Silverstein described the rollout as a measured first step within the non-agency channel, structured around established underwriting discipline rather than a new risk model. “We felt that, at least in the non-agency space, that this was an appropriate first move for us,” he said.

He noted that the approach mirrors how the GSEs treat other volatile assets held in securities accounts. “The GSEs are very prescriptive about the haircuts that they allow or require for assets in an individual’s securities portfolio account,” Silverstein said, pointing to holdings such as gold futures that also fluctuate in value.

Newrez evaluated crypto using a similar framework. Silverstein emphasized that the program does not alter core underwriting standards. “When you benchmark it in that manner, it really just becomes evaluating a price regression analysis and then what haircuts you feel are appropriate from a risk perspective on consumer-owned crypto,” he said.

Why Now?

Silverstein said demand among younger investors, ages 18 to 40, helped drive the decision, noting that borrower balance sheets increasingly include digital assets. “When we have conversations with clients — you hear it more and more — customers say they have crypto as part of their investment strategy,” he said.

The company’s press release cited the expanding global cryptocurrency market and noted that an estimated 45% of Gen Z and Millennial investors (also considered future homebuyers) own crypto.

Survey data from Coinbase shows nearly half of young investors own cryptocurrencies and rank crypto second only to real estate as a top growth opportunity. A YouGov investment trends report found Millennial and Gen Z investors are more likely to own crypto than a retirement account and are as likely to own cryptocurrency as they are to own real estate.

“My kids own crypto; I don’t,” Silverstein said. “I’m an old dog, and they have grown up in the digital age. They’re a lot more comfortable with the digital experience and using digital tools with what they do every single day.”

At the same time, Silverstein acknowledged that traditional agency programs have not yet adapted to recognize crypto assets for mortgage qualification. He framed Newrez’s move as a response to generational change.

“I think that the new customer is likely going to have crypto as part of their investment,” he continued. “That’s why I felt like this was a really good first step into the approval process for when they decide to buy a home.”

What It Means for Loan Officers

For loan officers, the update expands the range of borrowers who may qualify without restructuring their balance sheets.

“I think this will be a really big benefit for loan officers to support their customers,” Silverstein said. “If a customer comes to them and says, ‘look, 50% of my assets are in crypto,’ then they absolutely will have an option to say, ‘yeah, that can work for this type of mortgage.’”

Reaching those borrowers may require different referral strategies. A November survey from crypto infrastructure company Zerohash found that 35% of wealthy young Americans earning between $100,000 and $1 million annually had moved money away from advisors who do not offer crypto exposure. More than half of those reallocations involved between $250,000 and $1 million. The study found many younger investors rely on friends, family and online platforms such as YouTube for financial information.

Silverstein said he expects both advisors and competing lenders to adapt. “I would be surprised if you don’t see others follow suit,” he said. “That’s just my guidance and gauge on how competitive our industry is.”

The Bottom Line

Crypto is no longer a fringe conversation. For a growing segment of borrowers, it’s a meaningful line item on the balance sheet.

For loan officers, that shifts the initial discovery conversation. Instead of asking whether assets exist, the better question may be where they are held — brokerage account, retirement fund, or digital wallet. Borrowers who appear liquidity-constrained on paper may be asset-strong, but unwilling to trigger a taxable event or exit a volatile position to qualify.

Non-QM lenders are beginning to structure policy around that reality. Originators who understand which investors will recognize crypto, how haircuts are applied, and where caps apply can turn what looks like a declined file into a viable approval.

The opportunity remains limited by volatility and investor overlays. But as more wealth migrates into digital assets, the ability to navigate crypto within underwriting guidelines may become a competitive advantage rather than a niche skill.