Urgent Crypto Regulation: US Bill, Bybit EU License, and CFTC Calls for Power

The world of crypto moves fast. Keeping up with daily developments is crucial for anyone involved in the digital asset market. Today brought significant news on the regulatory front, alongside key business expansions, signaling how the industry continues to evolve under increasing scrutiny and formal frameworks. Here’s a breakdown of the major events that unfolded.

US Congress Advances Crypto Regulation Efforts

A notable development today is the introduction of a new bipartisan bill in the US Congress. This proposed legislation aims to establish a clearer regulatory framework for digital assets. The “Digital Asset Market Clarity Act of 2025,” or CLARITY Act, has support from both Republican and Democratic lawmakers, highlighting a growing consensus on the need for defined rules.

Key aspects of the CLARITY Act include:

• Defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets to resolve jurisdictional questions.
• Requiring digital asset developers to provide detailed disclosures about their projects, structure, and ownership.
• Introducing new compliance standards for firms interacting directly with customers, such as brokers and dealers. These standards include clear customer disclosures, asset segregation, and conflict of interest mitigation.

This US crypto bill represents a step towards bringing more structure and consumer protection to the market, building on previous legislative efforts.

Bybit MiCA Approval Signals EU Expansion

In Europe, the cryptocurrency exchange Bybit achieved a significant milestone by securing regulatory approval under the European Union’s Markets in Crypto-Assets (MiCA) framework. Bybit obtained a MiCA license from Austria’s Financial Market Authority (FMA).

This approval allows Bybit EU to operate as a regulated crypto asset service provider (CASP) across all 29 member states of the European Economic Area (EEA). To support this expansion, Bybit has established its European headquarters in Vienna, Austria. The move enables Bybit to serve a large European user base under MiCA’s harmonized rules, designed to ensure regulatory consistency, combat illicit finance, and protect consumers. This step demonstrates Bybit’s commitment to compliance and global regulatory engagement.

Former CFTC Chair Calls for Expanded CFTC Authority

Adding to the regulatory discussion, former Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam shared his perspective on the need for greater regulatory clarity. Speaking on May 28, Behnam argued that the crypto market will remain vulnerable and largely unregulated unless the CFTC is granted expanded authority.

Behnam’s view is that many of the largest tokens function as commodities. He pointed out that the SEC’s authority primarily covers securities, while the CFTC is a derivatives regulator. This jurisdictional gap, according to Behnam, leaves the spot market for many digital assets without adequate oversight. He stressed that without new authority for the CFTC to regulate non-security digital asset cash markets, customers and investors face increased risks of harm, fraud, manipulation, and conflicts of interest.

Summary of Today’s Crypto News

Today’s news highlights the ongoing global push for clearer crypto regulation. In the US, a bipartisan US crypto bill is moving forward to define agency roles and impose compliance requirements on the digital asset market. Simultaneously, a major exchange, Bybit, has successfully navigated the European landscape, securing Bybit MiCA approval for expansion. Meanwhile, voices like former Chair Behnam continue to advocate for specific regulatory powers, emphasizing the need for greater CFTC authority to protect market participants. These developments collectively shape the future operational and legal environment for the crypto industry worldwide.