On November 20, 2025, Jamie Selway, Director of the SEC's Division of Trading and Markets, delivered a pivotal speech at the SIFMA Market Structure Conference in New York, addressing the core debate over trust in cryptocurrency systems. Selway acknowledged that decentralized, trustless networks rely on math, code, and consensus for autonomy and efficiency, but he argued that trust, accountability, and investor protections remain fundamental to financial stability.
He emphasized the SEC's agenda under Chairman Atkins to restore confidence in traditional markets while integrating decentralized structures without hollowing out safeguards. This comes amid renewed calls from U.S. lawmakers for tighter oversight after multiple cross-chain incidents revived security concerns. Selway stated, "Our goal is to advise the Commission on how to facilitate innovation without arbitrage," and highlighted that market forces should be the ultimate arbiter, without favoring new entrants or legacy providers.
The speech signaled the SEC's deliberate approach to navigating innovation versus robustness, with policy groups in Washington pressing the SEC and CFTC to finalize guidance on decentralized trading protocols due to growing systemic risks. Selway reinforced that rebuilding trust is a top priority as digital assets gain regulatory attention.
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