Two major regulatory agencies on Wall Street have joined forces to enter the market. Is the "barbaric era" of cryptocurrency and prediction markets coming to an end?

Wall Street’s top regulator is moving forward with plans to regulate the cryptocurrency industry and surging prediction markets, new initiatives that could have far-reaching consequences for broader financial markets.
After months of public statements from regulators and political wrangling in Congress, the Securities and Exchange Commission (SEC), which oversees U.S. stocks, and the Commodity Futures Trading Commission (CFTC), which regulates derivatives trading, have submitted plans to the White House. While the details are sketchy, this bureaucratic step is one of the most meaningful moves by market regulators under the Trump administration to date.
U.S. financial regulators have dramatically reversed their approach since Trump took office last year, taking a far friendlier approach to regulating digital assets and so-called “event contracts” compared with the Biden era. The plan enacted under Trump could eventually provide a formal road map for these industries and institutionalize the soft regulatory approach that officials are currently taking.
Both industries have recently moved closer to mainstream finance, with prediction markets exploding into multi-billion dollar businesses and digital asset companies enjoying the backing of a president who wants to make the United States the "crypto capital" of the world. Now, in a favorable political environment, the industries are on track to get the clear guidance they have been pushing for, with regulators taking a crucial step this week.