The U.S. Securities and Exchange Commission has submitted a new interpretive proposal on crypto assets to the Office of Information and Regulatory Affairs, aiming to clarify which digital assets and transactions fall under federal securities laws and which should be overseen by the Commodity Futures Trading Commission. At the same time, Eric Trump criticized JPMorgan Chase, Bank of America, and Wells Fargo, saying standard savings accounts at those banks pay only 0.01% to 0.05% APY even as the Federal Reserve pays financial firms around 4% or more.
SEC proposal seeks to define oversight lines
The filing is titled “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.” Its purpose is to give the market a clearer view of where SEC authority begins and where CFTC jurisdiction applies. The report says the guidance comes from the full Commission rather than staff alone, and introduces a taxonomy for crypto assets that could shape how different tokens and transactions are supervised in the United States.
According to journalist Eleanor Terrett, the proposal will go to a vote by the three sitting commissioners after interagency review is completed. An SEC spokesperson said the document is consistent with prior comments from Chairman Paul Atkins, who had signaled support for greater interpretive clarity. That points to a regulatory approach built on more detailed frameworks, not only enforcement actions.
Eric Trump says banks are blocking higher-yield alternatives
Trump also accused major banking interests of trying to stop crypto firms from offering more competitive returns through digital asset platforms. He singled out the American Bankers Association and other lobby groups, claiming they have spent heavily to prevent crypto companies from delivering 4% to 5% yields, or even more, to users. He also referenced legislative efforts such as the Clarity Act, arguing that banks are using the process to limit competition from the crypto sector.
In a social media post, he said big banks are “lobbying overtime” to stop Americans from getting better returns on savings while also trying to block rewards and perks for customers. He framed the campaign as a defense of entrenched banking interests rather than a response to financial stability concerns.
Clearer rules remain central for institutional participation
Financial commentator Mark Chadwick said statutory efforts such as the Clarity Act still matter, but the SEC proposal could supply a workable regulatory structure before broader legislation is settled. The report describes the move as incremental, though still meaningful for the pace at which larger institutional capital pools may engage with digital assets.
Recent approvals for Bitcoin and Ethereum exchange-traded funds have already pointed to demand for clearer rules. Many institutional firms have repeatedly cited regulatory uncertainty as a major barrier to entering the crypto market. That leaves the SEC proposal, and the broader dispute over bank savings yields versus crypto platform returns, at the center of the latest U.S. digital asset policy debate.