Regulation

Regulation is the single most consequential variable in crypto markets that does not show up on a price chart. The asset class exists in its current institutionally-investable form because of two regulatory wins — the spot Bitcoin ETF approval in January 2024 and the spot Ethereum ETF approval in May 2024.

Our regulation coverage focuses on what is actionable for readers and what is structurally important. We do not transcribe every congressional hearing. We do read the rulemakings, the comment letters, the appellate-court briefs, and the international regulators' speeches.

What you will find here

• SEC vs CFTC jurisdictional fights — the unresolved question of who regulates spot crypto markets in the US.
• Spot ETF & product approvals — single-coin, basket, staking-enabled, in-kind creation/redemption.
• EU MiCA implementation — the first major comprehensive crypto framework.
• Stablecoin regulation — the US stablecoin bill and EU MiCA stablecoin rules.
• Tax & accounting — IRS reporting, wash-sale debate, FASB fair-value rule.
• International — UK FCA, Singapore MAS, Hong Kong SFC, UAE VARA.

The big US policy questions right now

• Market structure legislation. The FIT21-descended framework that cleared committee in 2025.
• Staking & yield-bearing token treatment. Whether staked-ETH ETFs and LSTs are securities.
• Stablecoin issuer prudential rules. The federal payment-stablecoin pathway.
• Tokenised securities & RWAs. The SEC's posture on tokenised offerings and money-market funds.

The international picture

The EU is the only major jurisdiction with a comprehensive crypto regime that has been live for more than a year. MiCA is imperfect but it is a framework. The UK is following on a long lag with the FCA's authorisation regime.

How regulation actually shows up in prices

Regulatory news rarely moves prices in the direction the headline suggests, and almost never on the day it lands. The 2024 spot ETF approval was a textbook "buy the rumour, sell the news." Our framework: read the rule, understand what it lets institutions do that they could not do before, and price the resulting demand curve.

Related coverage

• Bitcoin — the asset whose regulatory clarity made the institutional story possible.
• Ethereum — where the live regulatory question is staking.
• DeFi — where regulation is least settled and most consequential.
• Analysis — our long-form policy pieces.

For methodology see /methodology/. The morning briefing flags meaningful regulatory developments.