The U.S. crypto regulatory landscape is evolving as the SEC and CFTC move toward closer collaboration under the Trump administration's second year. SEC Chair Paul Atkins is spearheading Project Crypto, focusing on token classification and innovation exemptions. Concurrently, CFTC Chair Michael Selig is pushing for rule clarity through the 'Crypto Sprint' initiative. Experts anticipate the 2026 regulatory framework to emphasize SEC-led innovation and CFTC-driven market expansion. A key focus remains on countering the financing of terrorism, influencing liquidity and crypto market dynamics. Former SEC attorney Howard Fischer noted this as the closest coordination between the agencies, predicting it will shape the 2026 agenda.