Draft legislative language circulated on Capitol Hill earlier this week as negotiators again tried to settle how stablecoin rewards should be treated. The issue has been stuck for about a year and, according to Coin Center policy director Jason Somensatto, remains the main obstacle to moving broader crypto legislation forward.

The SEC and CFTC released 68 pages of interpretive crypto guidance last week, outlining a token taxonomy for stablecoins, digital commodities and "digital tools" that the agencies said are not securities. Officials and industry lawyers said the update could lift near-term confidence, but may be easier to unwind than legislation if a future administration changes course. Several speakers argued only a comprehensive market-structure bill passed by Congress can deliver durable regulatory certainty.

On Tuesday, the SEC and CFTC released a 68-page interpretation outlining how federal securities laws apply to various cryptocurrencies and related activities. The guidance says most digital assets, including stablecoins, digital commodities and certain "digital tools," are not securities and explains when non-security crypto assets can become investment contracts.

Commodity Futures Trading Commission Chair Michael Selig has appointed former federal prosecutor and private sector litigator David Miller to lead the agency's enforcement division. Miller previously worked at Greenberg Traurig, Morgan Lewis and the U.S. Department of Justice, focusing on commodities, securities, digital assets and national security, and will oversee enforcement as the CFTC takes on a larger role in crypto and prediction markets. His arrival coincides with shifting enforcement priorities and staffing questions at both the CFTC and the Securities and Exchange Commission.

On Tuesday, Sen. Richard Blumenthal said he had opened an inquiry into Binance and requested records tied to alleged Iran-linked sanctions evasion. His letter to CEO Richard Teng seeks materials on Iranian users and actions involving compliance staff, coming a little over two years after the exchange’s guilty plea and over $4 billion in penalties.

Taylor Lindman, formerly deputy general counsel at Chainlink Labs, has been appointed chief counsel to the SEC's crypto task force. He takes over from Michael Selig, who later became CFTC chair, while the task force led by Commissioner Hester Peirce continues roundtables on tokenization and decentralized finance.

The SEC's Division of Trading and Markets issued guidance on Thursday allowing broker-dealers to apply a 2% haircut to proprietary positions in certain payment stablecoins. Commissioner Hester Peirce said the change could enable brokers to expand activities involving tokenized securities and other crypto assets. Industry voices added it may reduce friction by aligning treatment with money-market funds.

According to Canary Capital and Grayscale, two spot SUI ETFs launched on Wednesday, with SUIS listing on Nasdaq and GSUI on NYSE Arca. Both provide direct price exposure to SUI, and Canary's product adds net staking rewards via the network's proof-of-stake design. Sui is a Layer 1 developed by Mysten Labs.

On Tuesday evening, the U.S. Commodity Futures Trading Commission told the Ninth Circuit that Congress granted it exclusive jurisdiction over futures and event contracts, in a case involving Crypto.com and the state of Nevada. The filing underpins the agency's stance that fast-growing prediction markets, such as Kalshi and Polymarket, fall squarely under its federal authority, even as multiple states and lawmakers challenge that view and raise concerns about gambling, consumer protection and public interest.