U.S. regulators are moving to accelerate crypto oversight by relying on interpretive rules, a tactic aimed at delivering faster clarity than traditional rulemaking. A new Government Accountability Office (GAO) review outlines the procedural route taken for a joint Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) rule, published April 8. The report focuses on process rather than evaluating the policy's merits. Central to the GAO's findings is the agencies' decision to frame the action as interpretive. The report states the rule "provides an interpretation of the definition of 'security' as applied to crypto assets." That classification determines which legal requirements apply and which can be avoided. By treating the guidance as an interpretive rule, the SEC and CFTC were able to bypass standard notice-and-comment procedures. The GAO notes the agencies concluded the interpretation could "take effect immediately" under 5 U.S.C. § 808(2) because interpretive rules are exempt from the Administrative Procedure Act's notice and comment requirements. It also records that the agencies did not publish a proposed rule or solicit public comments. The GAO further reports that regulators described the framework as one that "should reduce costs for issuers of digital securities and crypto asset-related securities," while indicating a formal cost-benefit analysis was not required. The document also notes the agencies' approach to categorizing crypto assets "based on their characteristics, uses, and functions," signaling a structured effort to map digital assets to existing securities-law concepts. While the GAO does not assess effectiveness, the review underscores a broader regulatory trend: using interpretive authority to move crypto policy into place more quickly, a development likely to influence market structure and adoption.

CFTC Chairman Mike Selig said at the Vanderbilt University Digital Assets Summit that the agency will continue to assert in court that it holds exclusive regulatory authority over prediction markets. Selig said products lawfully listed on exchanges under CFTC jurisdiction—covering sports, politics, and other event-based contracts—are within the commission's remit. He added that states cannot use gambling laws to supersede federal derivatives rules. He also noted that the DoddFrank Act empowers the CFTC to decide whether such contracts run counter to the public interest, and said the commission is moving to formalize a regulatory framework for prediction markets through the legislative process. Separately, Selig pointed to last month's final interpretive guidance issued jointly by the CFTC and the SEC, which sets out a classification system intended to clarify accountability in the handling of assets such as tokenized securities.

CFTC Chair Mike Selig said the agency will continue to assert exclusive federal oversight of prediction markets and use litigation to clarify the regulatory status of commodity derivatives markets. Speaking at the Digital Assets Summit at Vanderbilt University, Selig said that prediction products tied to sports, politics or other subjects fall under the CFTC's jurisdiction when they are lawfully listed on CFTC-regulated exchanges, and states cannot replace federal supervision by applying gambling laws. The CFTC has recently sued Arizona, Illinois and Connecticut as part of its effort to reinforce that authority. Selig added that the agency is drafting Dodd-Frank Act rules to set a clearer framework for prediction markets and is working with the U.S. Securities and Exchange Commission to build a digital-asset classification system aimed at avoiding regulatory overlap.

BlockBeats reports that on April 13, CFTC Chairman Mike Selig said in an interview that the Commodity Futures Trading Commission has "exclusive regulatory authority" over prediction markets, arguing that states cannot use state law to supersede federal derivatives rules. Selig said that any product lawfully offered on a CFTC-regulated platform falls under the agency's jurisdiction, whether tied to sports, politics, or other subjects. His remarks come as the CFTC has filed lawsuits against the states of Arizona, Illinois, and Connecticut, seeking to reaffirm federal primacy in regulating prediction markets. Selig added that the agency is working through its formal rulemaking process to spell out regulatory specifics for prediction markets, and that it welcomes input from all stakeholders as part of its evaluation. Selig also pointed to final guidance on digital-asset classification issued jointly last month by the CFTC and the SEC, which he said draws clearer lines between tokenized securities and commodities. He said that if companies later seek to self-certify digital-asset futures products, regulators can apply this framework to determine a token's status, helping keep the two agencies aligned.

Huo Xing Finance reported that on April 13, negotiations between the United States and Iran ran for more than 20 hours before ending without an agreement. Both delegations have departed Pakistan, clouding prospects for a breakthrough. After the talks, President Donald Trump said preventing Iran from obtaining nuclear weapons is Washington's ultimate red line. He said he had ordered the U.S. Navy to blockade the Strait of Hormuz and to intercept vessels paying transit fees to Iran. Trump also warned the U.S. could resume limited military strikes against Iran. U.S. developments - The White House and Trump's advisers are weighing a return to limited strikes while moving ahead with a Strait of Hormuz blockade to break the current impasse. - Trump: If there is no nuclear deal, the U.S. will "immediately" blockade the strait. He said NATO is willing to help secure the passage and that Gulf allies have begun providing support. - U.S. Central Command: Beginning at 10 p.m. on the 13th (10 p.m. Beijing time), U.S. forces will enforce a maritime blockade on Iranian ports. Central Command said it will not restrict freedom of navigation for ships traveling between non-Iranian ports through the Strait of Hormuz. - Vice President Vance: No agreement was reached and Iran rejected U.S. conditions. - Trump: Iranians have not "left the negotiating table" and are expected to return and "give us everything we want." He described the talks as ending "very friendly," adding that outside the nuclear issue the two sides had reached agreement on "most issues." - Trump: The U.S. may strike Iran's desalination and power plants. He warned that any Iranian who fires on U.S. forces or "peaceful" vessels would be sent to "hell." Iranian developments - Iranian officials said they pushed back against three "unreasonable demands" made by the U.S. during the negotiations. - Iranian president: Iran is willing to reach a balanced and fair agreement, and a deal is achievable if the U.S. returns to the framework of international law. - Iran's parliament is advancing a proposal to ban foreign military fleets from transiting the Strait of Hormuz. - Islamic Revolutionary Guard Corps: The strait is open to non-military vessels. Any warship approaching the Strait of Hormuz would be viewed as a ceasefire violation and would face a strong response. Israeli developments - Israeli media said the Israeli military is preparing another strike on Iran. - Israeli assessments said tensions on the northern front could intensify within 48 hours, prompting school closures in border towns. Other developments - Sources said the U.K. has ruled out joining a U.S.-led blockade of the Strait of Hormuz. - A U.K. government spokesperson said Britain is working with France and other partners to build a broad coalition to protect freedom of navigation in the Strait of Hormuz. - Pakistan's foreign minister called on all parties to strictly adhere to ceasefire commitments. - Officials said a second round of U.S.-Iran talks could take place within days.

Kraken has secured a rare foothold inside the U.S. payments system after its Wyoming-chartered banking subsidiary, Kraken Financial, won approval for a Federal Reserve account. The authorization does not apply to the broader Kraken crypto exchange. The Federal Reserve Bank of Kansas City approved the account on March 4, 2026. Reuters reported the arrangement is limited in scope, includes specific restrictions, and carries an initial one-year term. The account connects Kraken Financial more directly to the Federal Reserve's payment rails used by banks, potentially reducing reliance on intermediary banks for certain transactions. It is not a full master account and does not place the firm on the same footing as a traditional commercial bank. The decision is closely watched because digital-asset companies have long sought tighter links to the U.S. banking system, efforts that have faced resistance from regulators and incumbent banks. The approval could influence how other firms pursue access and intensify calls for clearer guidance on how crypto-related banking fits within existing payment and oversight frameworks. Fed access comes with explicit limits According to Reuters, the account provides access to Fedwire and allows Kraken Financial to hold limited overnight balances. That setup could speed wholesale fund movements and trim some banking costs. The access remains constrained: Kraken Financial cannot earn interest on reserve balances, cannot tap the Federal Reserve's emergency lending facilities, and does not receive access to FedNow or ACH under the current structure. Reuters said Federal Reserve Vice Chair for Supervision Michelle Bowman characterized the approach as "a bit of an experiment," underscoring official caution and the sense that the account functions as a controlled test case rather than a broad opening of central bank services. Criticism from banks and lawmakers The move has drawn pushback from banking groups and members of Congress who argue a crypto-linked firm should not gain a direct channel into U.S. payment infrastructure without clearer rules and a fuller public rationale. Reuters reported the American Bankers Association and Rep. Maxine Waters raised concerns spanning money-laundering risk, operational risk, and the absence of a well-defined framework for limited-purpose Fed accounts. Waters sent a letter to the Kansas City Fed on March 26 requesting more detail on the approval process. Despite the criticism, the decision may signal a path for other nontraditional institutions. Reuters reported that Ripple, Anchorage Digital, and Wise have expressed interest in similar access, and that the Fed has been exploring restricted account models. Kraken Financial's approval may now serve as an early template in the coming debate over who qualifies for direct entry to America's payment system.

CME's FedWatch tool, cited by CNBC, indicates markets are pricing in a 1.6% chance the Federal Reserve raises rates by 25 basis points at its April meeting, versus a 98.4% probability it leaves rates unchanged. For June, FedWatch shows the odds of a cumulative 25-basis-point cut have fallen to 0%, while the probability of rates remaining steady stands at 98.2% and the likelihood of a cumulative 25-basis-point hike is 1.8%.

Hungary's shock election result is reverberating beyond Budapest, raising the prospect of a major reset in how the EU's Markets in Crypto-Assets (MiCA) regime is implemented at the national level. Opposition leader Péter Magyar and his pro-EU Tisza Party are projected to win a strong parliamentary majority, ending Prime Minister Viktor Orbán's 16-year hold on power. Magyar said Orbán called to congratulate him on the victory. The vote signals a sharp turn back toward Brussels after years of friction over rule-of-law and economic policy. Political analyst Ian Bremmer called the outcome "a historic win for the Hungarian people," while European Commission President Ursula von der Leyen wrote that "Europe's heart is beating stronger in Hungary tonight." Under Orbán, Hungary introduced a strict "validation" regime that required crypto exchanges to obtain special certification, backed by criminal penalties for noncompliance. The measures were widely viewed as going beyond MiCA's harmonized framework, and the European Commission had already opened infringement proceedings over the added national restrictions. A Magyar-led government is expected to roll back the Orbán-era rules, a move that could defuse the EU dispute and restore regulatory clarity for firms operating under MiCA. DeFi analyst Fefe Demeny said the shift could curb corruption and create a more level playing field, arguing that innovation in Hungary has been suppressed and expressing hope for faster progress in AI, blockchain, and other emerging industries. The policy reversal could also reopen the door for major providers. Revolut, which paused crypto services for Hungarian customers during the 2025 crackdown, could return if barriers are lifted. Industry commentary in July 2025 noted that Revolut and Bitstamp had temporarily suspended cryptocurrency services after the government criminalized crypto transactions as part of a broader legislative package. The election outcome is also being cited as a win for crypto prediction markets. Traders on Polymarket reportedly placed millions of dollars betting against an Orbán victory, positions that now appear well-timed as the results firm up. Market participants are watching for broader EU implications. If Hungary retreats from national add-ons, it may strengthen the bloc's push for a unified digital-asset market by reinforcing the expectation that member states apply MiCA without extra domestic layers. Final results and government formation are still pending, but Orbán's defeat could reshape more than Hungary's politics—it may help redraw Europe's crypto regulatory map.

The FBI said losses tied to crypto-related fraud climbed to a record $11.4 billion in 2025, with older Americans bearing the heaviest impact.