The SEC's A-C-T strategy represents a fundamental shift from punitive litigation to proactive guidance, utilizing a new three-pillar framework to provide regulatory clarity necessary for institutional crypto adoption. The framework stands for Advance, Clarify, and Transform, with the Advance pillar focusing on modernizing the SEC's technological expertise through Project Crypto and regular lunch-and-learn sessions. The Clarify pillar established a coherent five-category taxonomy for digital assets on March 17, 2026, including digital commodities, digital collectibles (NFTs), utility tokens, payment stablecoins, and digital securities. The Transform pillar addresses the broker-dealer ecosystem by allowing certain technology providers to operate crypto interfaces without registering as full broker-dealers, provided they don't exercise control over transactions.
Coinbase announced that Senate negotiators have reached a compromise on the disputed stablecoin rewards provision tied to the CLARITY Act. According to reports from Coinbase, the agreement could help the bill move toward a Senate markup after months of delay. The dispute centered on whether crypto firms and stablecoin issuers can offer rewards to users, with banks arguing that yield-like rewards could pull deposits away from lenders while crypto firms said they need room to reward real platform use. Coinbase Chief Policy Officer Faryar Shirzad stated that "in the end, the banks were able to get more restrictions on rewards, but we protected what matters," noting that crypto platforms kept the ability to offer rewards based on real network and platform activity.
Peter Thiel's Founders Fund closed a new $6 billion fund, marking the largest raise in the firm's history. As reported by Coinbase, the vehicle will focus mainly on late-stage startup investments, with $4.5 billion coming from limited partners, including sovereign wealth funds, and the remaining $1.5 billion contributed by Thiel, management and employees. The fund positions Founders Fund to compete for large private technology deals and demonstrates that major venture firms can still attract capital for mature startups despite many companies delaying public listings.
The New York Stock Exchange filed a proposed rule change with the SEC to allow tokenized versions of eligible securities to trade on its market. According to reports from Coinbase, the plan would operate under DTC's three-year tokenization pilot program. Eligible tokenized securities must maintain the same CUSIP, ticker, rights and privileges as their traditional versions, trading on the same order book and following the same execution priority. Clearing and settlement would remain through DTC on a T+1 basis, with the NYSE also stating it is "assessing various methods of tokenization" and may file additional proposals if it chooses another structure.
The SEC's A-C-T strategy has integrated stablecoins into its regulatory framework, classifying most dollar-backed stablecoins as payment stablecoins rather than securities. This alignment with the 2025 GENIUS Act ensures stablecoins can function as a medium of exchange and bridge between traditional and digital finance without the burden of being treated as investment products. The strategy provides a clear pathway for stablecoins to transition from securities during initial fundraising phases to digital commodities once networks achieve sufficient decentralization and issuer commitments are met.
