Strengthening U.S. digital-asset policy continues to shape expectations for a more transparent crypto framework. U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets Director Jamie Selway on Nov. 20 at the SIFMA Market Structure Conference addressed rebuilding trust and how crypto fits into the evolving market structure.

“Since the summer, the Division has engaged a wide variety of market participants regarding digital assets, across a number of functions such as primary issuance, secondary trading, and custody,” he shared. “Our goal is to advise the Commission on how to facilitate ‘innovation without arbitrage.’ As policy is modernized to accommodate digital assets, I believe neither new entrants nor legacy providers should be advantaged.” Selway stressed:

We should not impose ourselves between commercial competitors. And we should trust market forces as the ultimate arbiter of value.

Selway linked this work to broader skepticism within crypto markets, reminding attendees that doubts about regulatory direction echo earlier eras. He referenced Ganson Purcell’s 1938 warning about exaggerated fears of regulatory intent to illustrate how uncertainty surrounding oversight has long influenced market behavior. Selway argued that the current trust deficit stems from past enforcement-led strategies that left digital-asset investors wary.

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The SEC Director of the Division of Trading and Markets added:

Today, in place of New York floor brokers, regional market makers, and over-the-counter dealers, we have global exchanges, DeFi platforms, app-based brokers, and non-custodial wallets.

“The competitive landscape is rapidly changing and global. The commercial stakes could not be higher,” he noted. Although industry skepticism remains, he argued that predictable standards and continued engagement can reinforce U.S. leadership in digital assets and rebuild confidence in regulatory direction.

• What crypto issues is the SEC Division evaluating now?
  It is assessing issuance, secondary trading, and custody across centralized and DeFi platforms.
• Why did Selway highlight a trust deficit in crypto markets?
  He linked it to past enforcement-heavy strategies that left investors uncertain about regulatory intent.
• How does the SEC view competition between crypto providers?
  The Division aims to support innovation without advantaging new entrants or legacy players.
• What outcome does the SEC expect from clearer digital-asset standards?
  Predictable rules are intended to boost U.S. leadership and restore market confidence.

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