Paul Atkins’ Securities and Exchange Commission delayed release of a crypto framework for certain digital assets after White House officials raised concerns about a related rule. The delay came after confusion over which proposal the agency planned to advance forced a Friday cancellation.
The commission had been set to consider both the framework and the innovation exemption. Instead, only the framework was slated for approval, and commissioners later voted on it individually.
White House meeting with crypto firms
Trump will host crypto executives at the White House on Wednesday, and Patrick Witt is expected to join the meeting as top crypto adviser. Alongside him, CFTC Chair Mike Selig and SEC Chair Paul Atkins are expected to meet representatives from Coinbase, Kraken, Ripple, Chainlink, Andreessen Horowitz, Paradigm, Nasdaq and Intercontinental Exchange.
The White House also expects attendees from the Digital Chamber, the Crypto Council for Innovation and the Blockchain Association. CME Group is not on the list of anticipated attendees and is suing the CFTC.
Innovation exemption and legislation
White House officials were concerned that the separate innovation exemption could bog down cryptocurrency legislation. The measure languishing in the Senate would enshrine the current SEC’s approach, which makes the timing of the framework more than a routine scheduling issue for firms waiting on federal rules.
An SEC spokesperson last week blamed the cancellation on “an unforeseen scheduling issue.” A separate person familiar with the process said “the regulations were still technically under review,” disputing that the crypto bill played any role.
Crypto talks without prediction markets
A White House official said prediction markets like Kalshi would not be included in the kick-off event for the CFTC Innovation Advisory Committee’s inaugural meeting. Another person familiar with the event said organizers decided to focus it solely on crypto, calling prediction markets “a big distraction from larger tech and crypto agenda.”
That narrowing leaves the Wednesday meeting centered on one question: how quickly the White House and the SEC can move a crypto framework without letting the innovation exemption slow the broader rulemaking path.
