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Has the chancellor done enough to save the government after weeks of official and unofficial briefings of the “most trailed budget in history”?

We knew Rachel Reeves was taking taxes to an all-time high before she was even on her feet in the Commons – thanks to the full budget being published by mistake on the Office for Budget Responsibility’s website – but what else was announced, and what didn’t she say?

Sam and Anne break down the budget and talk about:

• The smorgasbord of tax rises – taking it to an all-time high

• Britain’s economic outlook and downgrading of growth

• The opposition’s response to “the worst chancellor in history”

• A potential rebellion from her own MPs

Key takeaways

• For years, US crypto firms operated under overlapping rules from the SEC, CFTC, FTC and FinCEN. The revised 2025 plan signals Washington’s intent to build a more flexible and structured framework tailored to digital assets.

• The SEC is moving toward a model centered on innovation, capital formation, market efficiency and investor protection. This marks an acknowledgment that crypto requires dedicated rules rather than adaptations of older regulations.

• The plan may lead to exemptions, safe harbors, DLT-specific transfer agent rules and crypto market structure amendments. These steps could help integrate digital assets into traditional market infrastructure.

• The plan’s success will depend on cross-agency coordination and international alignment between regulatory agencies. Strong execution could encourage other jurisdictions to adopt more consistent global standards for crypto.

Since its early years, the US cryptocurrency industry has operated in an unclear regulatory environment. Different agencies, such as the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN), have been overlooking different aspects of the crypto ecosystem. In this scenario, crypto enterprises found it difficult to determine what was allowed and what was not.

The SEC’s revised 2025 plan is likely to usher in positive change. It suggests that Washington, DC is seeking a more flexible regulatory framework that streamlines crypto oversight while supporting innovation.

This article discusses the possible outcomes of the plan, its key points, the advantages it may bring and the risks it could involve. It also explores how the plan may influence the crypto ecosystem worldwide.

Why the SEC’s revised 2025 plan matters

Cryptocurrency has evolved well beyond its early speculative phase. Digital tokens are now traded on major platforms, institutional investors allocate funds to them, and tokenization is gradually entering traditional finance. In a fast-changing crypto landscape, regulations are always trying to catch up.

The SEC’s new agenda reflects a shift in approach. It emphasizes innovation, capital management, market efficiency and investor protection. This shows the SEC’s acknowledgment that cryptocurrencies require tailored rules rather than adaptations of existing ones.

Industry representatives have highlighted the lack of clear compliance guidelines and the conflicting interpretations of existing rules. They also point out the tendency to prioritize enforcement over guidance. The SEC’s 2025 agenda includes initiatives that align with many industry concerns.

Did you know? After the Mt. Gox exchange collapse in 2014, Japan became the first major economy to pass a dedicated crypto law in 2017. Japan officially recognized Bitcoin (BTC) as a legal payment method and encouraged exchanges to adopt bank-level security standards.

Major elements of the SEC’s 2025 plan

This comprehensive agenda outlines the key areas and initiatives the SEC will pursue to safeguard investors:

New rules for issuing and selling digital assets

The SEC intends to establish clear guidelines for the issuance of digital assets, which may include exemptions or safe harbor provisions for token projects. This would help determine when a token is considered a security, when it is not and what information issuers must provide. For startups, such clarity would reduce the uncertainty that surrounds token launches.

Permission for crypto trading on national securities exchanges

The SEC is considering changes that would allow digital assets to be traded directly on registered national exchanges and alternative trading systems. These potential amendments aim to bring crypto assets closer to the regulated infrastructure used for traditional stocks, improve surveillance, strengthen investor protections and reduce reliance on less regulated offshore platforms.

Simplified disclosure requirements

The plan aims to streamline and modernize disclosure and compliance obligations for publicly listed companies, including those involved with digital assets. This would reduce administrative burdens for both cryptocurrency-focused firms and traditional businesses and encourage broader adoption.

Clearer rules for crypto intermediaries

Broker-dealers, custodians and trading platforms have operated under uncertain regulatory requirements. The new agenda seeks to clarify how existing rules for securities intermediaries apply to cryptocurrency activities. This would allow more financial institutions, banks and fintech companies to offer crypto-related services with greater confidence.

Streamlining disclosures and reducing compliance burden

The SEC intends to propose a framework for streamlining disclosures. The agency’s primary role involves establishing disclosure standards designed to enhance clarity and mitigate investor risk. With the revised plan, the agency aims to reduce the compliance burden for public companies, particularly regarding shareholder proposals.

The following table provides a brief overview of the SEC’s revised 2025 plan:

Benefits of the SEC’s revised 2025 plan

The SEC’s 2025 plan aims to enhance protection for individual investors, promote fair competition for issuers and financial institutions and strengthen the integrity and efficiency of the capital markets.

• For cryptocurrency startups: Clearer regulations could lower legal risks and speed up product development. They would allow companies to stay in the US and grow rather than relocate abroad.

• For traditional financial institutions: Banks and asset managers would gain regulated pathways to participate in digital assets while remaining fully compliant.

• For investors (retail and institutional): Investors would benefit from better disclosures, safer trading venues and more consistent oversight of platforms. The plan could reduce risks such as hidden leverage or manipulative trading practices.

• For regulators and markets: A more unified approach would reduce overlap between agencies. It would enhance market surveillance and align cryptocurrency regulation with established financial safeguards.

Did you know? Swiss regulators classify tokens based on their economic function as payment, utility or asset, similar to how farmers classify livestock. This approach helped Switzerland become one of the earliest global hubs for token innovation.

Remaining questions, risks and potential global impact

While the SEC’s revised 2025 plan looks promising, its success depends on several factors. For instance, it remains to be seen whether US agencies can coordinate effectively with regulators in other countries, given the global nature of cryptocurrencies.

The SEC will need to find an appropriate balance between fostering innovation and protecting investors. This balance will determine whether the 2025 agenda becomes successful or remains a statement of intent.

If the plan does not deliver tangible results, market participants will continue to face uncertainty. The US may lose innovation to other countries and risk its leadership in digital asset finance.

When the US updates its regulatory framework, other jurisdictions take notice. Clearer rules in the US will encourage similar regulatory changes in the European Union, the UK and Asia and foster international cooperation. This will lead to more consistent global standards for stablecoins, tokenization and custody.

The SEC’s 2025 regulatory agenda marks a significant shift toward replacing uncertainty with structure. If the proposed measures succeed, the US may enter a new phase in which cryptocurrency regulation supports responsible development and the protection of investors.

US President Donald Trump is slated to choose a new Federal Reserve chair by Christmas, and the frontrunner, Kevin Hassett, could be a boon for the crypto industry.

Hassett is a White House economic adviser who has reportedly emerged as a strong candidate for the Fed chair position. He is the director of the National Economic Council and oversaw the digital asset working group directed by the White House earlier this year.

Trump has been trying to increase his administration’s control over the Federal Reserve, the country’s central bank, thereby expanding the White House’s influence over monetary policy.

The nomination process has not yet begun, but observers are already speculating about what a Hassett chairmanship could mean for US monetary policy and crypto.

Fed frontrunner Kevin Hassett has supported crypto in the past

Hassett was an assistant professor of economics at the Columbia Business School in the 1990s. While there, he also served as an economist in the Division of Research and Statistics at the Federal Reserve Board of Governors. He was also a policy consultant with the Department of the Treasury under the administrations of former presidents George H.W. Bush and Bill Clinton.

Hassett briefly sat on the White House Council of Economic Advisors during the first Trump administration. During the president’s second term, Hassett served as director of the National Economic Council (NEC), a part of the executive branch that the president uses for setting domestic and international economic policy.

Despite a lack of clear public statements, Hassett is widely regarded as pro-crypto. In June, he revealed a stake of at least $1 million in Coinbase and that he was compensated at least $50,001 for his role on the exchange’s Academic and Regulatory Advisory Council.

The NEC, where he serves as director, oversaw the development of the White House’s digital asset working group, which published a paper earlier this year outlining the administration’s policy on crypto.

The Fed doesn’t oversee securities or commodities, so its policy changes can’t affect crypto regulation. But a crypto-friendly Fed could still have a positive impact on the industry in several ways.

Related: Bitcoiners perk up as odds of a December Fed rate cut almost double

Firstly, lower interest rates generally mean better crypto prices. Juan Leon, a senior investment strategist at Bitwise, said that the implications for markets are “strongly bullish.” He called Hassett an “aggressive ‘dove’ who has publicly criticized current rates for being too high and advocated for deeper, faster cuts.”

Zach Pandl, head of research at digital asset investment platform Grayscale, said, “On the margin Hassett should be considered positive for crypto => supports rate cuts, past Coinbase advisor, NEC director during White House crypto policy push.”

The Fed also regulates banks, namely bank holding companies, payment system access, reserve requirements and liquidity and risk rules. Tightening or loosening these rules could affect crypto companies’ access to a number of services, including:

Still, the White House has yet to make a clear nomination. Treasury Secretary Scott Bessent announced in late October that Hassett was on a short list of five nominees to replace Jerome Powell. These included former Fed Governor Kevin Warsh, current Fed Governors Christopher Waller and Michelle Bowman, and BlackRock executive Rick Rieder. A nomination is expected by Christmas.

Trump administration threatens an independent Fed

Trump has been attempting to assert more control over the Federal Reserve as a means to exert greater influence over his preferred monetary policies.

Earlier this year, he attempted to fire Federal Reserve Governor Lisa Cook. Her refusal to step down sent the case to the Supreme Court, which, for the time being, has allowed her to stay on.

In a court filing, Cook’s lawyer, Abbe Lowell, called the attempt a “broadside attack on the century-old independence of the Federal Reserve System.”

The Council of Foreign Relations has lauded the independence of this system, stating that it “shields the Federal Reserve from undue political influence, such as pressure from the White House to lower interest rates ahead of an election, which could offer short-term political gains but cause long-term economic harm.”

An independent Fed also “enhances the Fed’s credibility” and makes the market more confident in its decisions. “Crucially, it also empowers the Federal Reserve to take difficult but necessary actions, even when they are unpopular.”

John Authers, a senior editor for markets and Bloomberg Opinion columnist, wrote that choosing Hassett “appears to be about loyalty.”

“Trump regards nominating Jerome Powell eight years ago as a big mistake. Waller, Warsh and Rieder all in different ways might establish themselves as independent from the administration.”

George Pollack, a senior US policy analyst at Signum Global Advisors, reportedly said that Trump will nominate Hassett “because of his confidence that Hassett will be the candidate most likely to support the administration’s priorities.”

Were the Fed to become another arm of the administration, the results could be good for crypto markets in the short term but disastrous elsewhere. Lower-than-needed interest rates could score cheap political points but lead to increased inflation.

The Center for American Progress explained, “Knowing that the rates will be based on well-researched data, and not political whims, assures the world that the U.S. economy will remain relatively stable and its markets will remain rational.”

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