SEC final crypto market structure rules — what changes for the major exchanges

The SEC published final rules under the new market structure act. Coinbase and Kraken get clean operating licenses; the offshore set has 18 months to comply.

The SEC published final rules under the 2025 crypto market structure act. The headline outcomes: Coinbase and Kraken get clean US operating licenses under the new framework, the listing standards converge with traditional securities listings, and offshore exchanges (Binance, OKX, Bybit) have 18 months to comply with the new disclosure regime or block US users.

The structural read is consolidation. Mid-tier US-only exchanges that have been gating coins on regulatory uncertainty can now list more aggressively. The largest offshore players will likely formally exit the US market within 12 months and let the regulated US set absorb the activity.