A cryptocurrency lobbying organization claims that the U.S. is back on track to lead the cryptocurrency industry following the White House's latest cryptocurrency report, which calls for national financial regulators to maintain consistency in digital asset regulation.
The report, released last week, marks a potential end to the long-standing jurisdictional dispute between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over how to classify and regulate cryptocurrencies.
"We have legal precedents—Bitcoin, Ethereum, and many other digital assets are more like commodities," said Ji Hun Kim, the new CEO of the advocacy group Crypto Council for Innovation, in an exclusive interview with Cointelegraph.
"The presidential working group report reflects this, and I do believe the CFTC will play an important role in regulating these digital commodities—not securities."
Kim attended the public release of the White House report, stating that the time for the U.S. to lead the global cryptocurrency race "has come." While other jurisdictions have been ahead for years, the U.S. is now in a "crypto sprint" phase, with both the SEC and CFTC indicating plans to swiftly implement the report's recommendations.
The SEC, under the previous administration, faced widespread criticism from the cryptocurrency industry for its enforcement-style regulatory approach, filing lawsuits against crypto companies based on existing securities laws. This crackdown, combined with what later became known as the "Operation Choke Point 2.0" de-banking wave, led to crypto companies losing access to traditional financial services.
"This is another example of how clear, strong, and positive the report is—it clarifies that banks should be allowed to participate in various digital asset activities," Kim stated.
The past uncertainty in the U.S. regulatory environment has driven many crypto companies overseas. Dubai has quickly become a popular destination with its dedicated crypto regulatory authority. Singapore and Hong Kong are also increasingly attractive, offering favorable tax treatment and formal licensing systems for cryptocurrency exchanges.
But the grass is not always greener. Despite improving global regulatory clarity, industry participants are realizing that clarity does not always mean crypto-friendly—and the U.S. is becoming increasingly so.
Earlier this year, Dubai's Virtual Assets Regulatory Authority tightened regulations, giving companies 30 days to comply with updated rules. Singapore expelled unlicensed companies that exploited regulatory loopholes by only serving overseas clients. Meanwhile, Hong Kong's cautious pace in issuing licenses indicates it does not welcome all applicants.
Hong Kong's Stablecoin Regulation officially took effect last Friday, establishing a new licensing system for stablecoin issuers, with some scholars suggesting that Hong Kong's stablecoin regulatory framework is expected to play a key role in China's digital yuan strategy.
The European Union has also established stablecoin regulatory rules through its broader Markets in Crypto-Assets (MiCA) framework. In response, the U.S. has introduced the GENIUS Act—seen as an important tool to maintain the dollar's dominance in the global financial system.
Kim supports this stance, arguing that CBDCs pose a direct threat to privacy. Instead, he points out that the GENIUS Act offers a viable, market-driven alternative.
"With GENIUS, you can see a significant growth and development of [private stablecoins]. I think the main focus should be on these types of stablecoins," he added.
Shortly after the White House cryptocurrency report was released, the SEC launched the "Crypto Project," an initiative aimed at creating formal guidance for digital asset companies and attracting crypto firms back to the U.S. in response to the White House report.
The SEC proposed to simplify licensing by allowing brokers to operate across various asset classes with a unified license. It also aims to establish a clearer distinction between securities and commodities.
"Being classified as a security should not be a badge of shame," Atkins stated. "Many issuers will prefer the product design flexibility offered by securities laws, and investors will benefit from the opportunity to receive dividends, voting rights, and other typical features of securities."
Meanwhile, the CFTC is positioning itself to play a more central role in regulating non-security digital assets. CFTC Acting Chair Caroline Pham stated on August 1 that the CFTC will launch a "crypto sprint" to implement the presidential working group's crypto recommendations.
This division of labor—CFTC regulating the digital commodity spot market, SEC focusing on tokenized securities—is at the core of the CLARITY Act, which Kim describes as key to ending the jurisdictional tug-of-war between the two agencies. While the bill has passed the House, it is still awaiting action in the Senate.
"You will see an increase in cooperation between the two agencies. This is a theme that many people overlook in this report. It is also included in the president's January executive order, which directs agencies to work together in providing clarity, guidance, and rulemaking," Kim stated.
Bitcoin (BTC) supporters have expressed views on how the White House cryptocurrency report has missed the mark, as it lacks anticipated updates on Bitcoin reserves.
This concern is echoed outside the cryptocurrency industry as well. Over 80 organizations representing civil rights and consumer groups oppose the CLARITY Act, claiming it "loosens regulation" of the crypto industry by legitimizing risky businesses.
Recently, Senator Elizabeth Warren, along with Senators Chris Van Hollen and Ron Wyden, urged the Office of the Comptroller of the Currency to address potential conflicts of interest arising from the Trump family's cryptocurrency ventures.
But Kim disagrees with this characterization. For him, the White House report and the latest regulatory developments involving the GENIUS and CLARITY Acts represent a shift in regulatory philosophy rather than a loosening of regulations.
"I don't think this is a loosening of regulations," he said. "I think this is saying, 'Hey, we recognize the unique properties of digital assets. We want to work with the industry to ensure we best combat illegal finance, protect consumers and investors, and provide clear rules of the game for the industry.'"
With the two major national financial regulatory agencies now largely aligned with the White House, the U.S. seems poised to move past infighting and ambiguity.
Related: The U.S. Securities and Exchange Commission (SEC) will launch a national tour for its cryptocurrency special working group, holding 10 roundtable discussions across the country.
Original article: “Crypto Council for Innovation Chief Says the Time is Now for the U.S. to Lead the Global Crypto Race”
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