SEC Commissioner Hester Peirce has identified 2025 as a transformative year for U.S. cryptocurrency regulation, signaling a shift from enforcement-focused oversight to a structured regulatory framework. Peirce highlighted the need for consistent rules governing token issuance and exchanges, aiming to replace the current patchwork of enforcement actions with clear standards. Peirce also proposed a division of regulatory responsibilities between the SEC and the CFTC, with the latter managing spot tokens and the SEC overseeing assets classified as securities. She emphasized the importance of self-custody, financial privacy, and integrating token issuance with existing capital formation frameworks. The comprehensive regulatory approach is expected to roll out in stages, beginning with definitions and issuance guidelines, leading to full implementation by 2026.