The US SEC and CFTC are advancing regulatory plans targeting the crypto industry and prediction markets.

PANews reported on March 5th, citing Bloomberg, that two major Wall Street regulators are advancing regulatory plans for the crypto industry and the rapidly growing prediction markets. The U.S. Securities and Exchange Commission (SEC) has submitted a commission-level guidance to the White House Office of Information and Regulatory Affairs regarding "the applicability of federal securities laws to certain types of crypto assets and certain transactions involving crypto assets." This guidance could establish token classification standards for crypto assets, clarifying which tokens fall under the SEC's jurisdiction. The Commodity Futures Trading Commission (CFTC) has also submitted a proposal to the Office of International Relations and Investment (OIRA) regarding prediction markets, and the agency is considering new rules for the industry, including issuing advance notice of proposed rulemaking. The SEC chairman stated that the agency will consider providing interpretive guidance on the classification of crypto asset tokens to ensure that investors and innovators clearly understand their regulatory obligations. The CFTC chairman had previously announced plans to develop new rules for prediction markets.