Cryptocurrency exchanges under control
The US is changing the rules of the game for crypto exchanges
Из выпуска мониторинга No. 3 (27), March 2026 · выпуск целиком, PDF · на сайте Института Гайдара
In March 2026, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have reached an agreement, aimed at delimiting their powers in relation to cryptocurrency assets. Until now, there has been uncertainty about whether certain crypto assets should be considered securities or commodities, but it was this classification that determined which regulator was responsible for oversight.
The key result of the agreement was the introduction of a new category, digital goods. The most well-known cryptocurrencies, including Bitcoin, Solana, and XRP, have already been included in this category. This decision has reduced the risk of their subsequent classification as securities.
This approach is based on the determination of the value of these assets primarily by characteristics of their functioning, as well as the market relationship between supply and demand, rather than by the expectation of profit from actions of third parties.
For this reason, they will not be considered securities, and their circulation as digital commodities will be subject to CFTC regulation.
In Russia, a similar approach can be observed in terms of classification of digital currency: a bill was registered in the State Duma ”On digital currency and dig- ital rights”, where digital currency is considered as property.
The volume of crypto asset flows at- tributed to Russians
However, approaches begin to diverge. In the US, classifying some crypto assets as digital goods is important not only for determining their legal nature but also for shaping a new market infrastructure model.
If the draft law CLARITY Act is adopted in the United States, crypto exchanges that trade assets recognized as digital commodities will come under the control of the CFTC.
For existing crypto exchanges, this will mean the need to obtain a new status, which is provided for by the bill, that is, the status of a digital commodity exchange.
Thus, the American approach presupposes not only the delimitation of competence between the SEC and the CFTC, but also the emergence of a new special market actor.
The Russian draft law, by contrast, while permitting digital currency trading on exchanges and organized trading platforms, integrates it into the existing infrastructure by requiring an exchange or trading system license.
This imposes existing restrictions on future crypto exchanges for traditional participants: the ability to trade on the platform only through a broker, restrictions on foreign investors, etc.
What is next?
If the CLARITY Act is passed, the United States will effectively move toward creating a separate regime for crypto exchanges and other infrastructure for the circulation of digital goods.
In Russia, by contrast, the legalization of digital currency is now being dis- cussed through its inclusion in the existing financial system, without cre- ating an independent status for crypto exchanges. Therefore, further reg- ulatory development in the US will likely be associated with the emer- gence of new specialized market actors, while in Russia, it will involve ex- tending the rules already in place for traditional exchange infrastructure to digital currency circulation.
From the monitoring issue No. 3 (27), March 2026. Download the full issue (PDF) · issue page at the Gaidar Institute
