The SEC (Securities and Exchange Commission) is pursuing its regulatory shift with the announcement, on July 31, 2025, of major reforms to integrate cryptocurrencies and tokenized finance at the heart of financial markets. Paul Atkins, the chair of the agency, presented an ambitious plan aimed at clarifying the criteria defining a crypto-token as a security, strengthening disclosure obligations, and facilitating the establishment of tokenized securities — a development hailed as a "generational opportunity".

Furthermore, in direct connection with the oversight of Binance, the financial services provider Paxos Trust concluded, on August 7, 2025, an agreement with the State of New York, committing to pay $48.5 million, of which $26.5 M $ in fines and $22 M $ in compliance investments, following failures in due diligence and anti-money laundering standards.

These developments illustrate a strong dynamic: on one side, a more open commitment from the SEC towards crypto innovation; on the other, a tightening of controls around intermediaries, including Binance.