Crypto market awaits new SEC rules

September and October have traditionally been active months for the U.S. regulatory agenda. The new leadership at the SEC promises more openness and transparency, and for the first time in years, crypto investors see real prospects for progress—not just in rhetoric, but in action. Ahead lie decisions that could significantly reshape the value of cryptocurrencies, investment accessibility, and the overall architecture of the digital asset market. Pivotal announcements on ETFs, tokens, stablecoins, and the SEC's infrastructure initiatives are expected this fall.

What the SEC is focusing on this fall

The main point of attention is applications to launch new spot ETFs based on altcoins. Following the successful rollout of bitcoin and ether funds earlier this year, the market is anticipating further liberalization. But this is far from the only issue on the table.

The SEC has announced that by the end of October it will publish policy papers on token classification, update the rules for retail participation in staking, and issue a verdict on its sandbox infrastructure for decentralized platforms. These actions could shape the direction of the U.S. crypto market for the next 3 to 5 years.

It's worth noting that the crypto market has become systemically significant—in 2025, the total market capitalization of digital assets surpassed $3.8 trillion, with over 30% of assets managed through regulated financial institutions. Pressure on the SEC is unprecedented. Here’s what the market expects from the SEC in the coming months:

• Approval of new crypto ETFs, including multi-asset funds for SOL, ADA, XRP, and other liquid altcoins.
• A framework for token classification, clearly separating utility tokens, security tokens, and commodity digital assets.
• Updated staking regulations, distinguishing between passive network participation and the provision of investment services.
• Implementation of a regulatory sandbox model, legalizing pilot DeFi platforms and DAOs with limited obligations.
• Foundational rules for stablecoins, including reserve requirements, transparency standards, and issuance restrictions for dollar-pegged tokens.
• Jurisdiction alignment, clarifying the division of oversight between the SEC and CFTC to avoid regulatory overlap on derivatives and hybrid tokens.

The market’s ability to move toward broader institutional adoption will hinge on these decisions.

Possible outcomes

The evolution of the crypto market depends largely on how flexible the SEC chooses to be. In a moderately positive scenario, the approval of ETFs and token regulation could build investor confidence and liquidity. Analysts expect that in this case, capital inflows will grow, the U.S. will strengthen its position as a tech hub, and even some projects that previously left due to regulatory uncertainty may return.

In a negative scenario—if decisions are delayed or overly strict rules are imposed—short-term volatility could follow, along with an outflow of liquidity to more favorable jurisdictions and a slowdown in the pace of asset tokenization in the financial sector.

Fall 2025 will be a test not only for the SEC but for the entire U.S. crypto ecosystem. Investors are hoping for a reasonable balance between consumer protection and innovation. And while the market structure has become more mature, its future direction will depend on regulatory resolve and the SEC’s ability to engage in real dialogue with the industry.