Chiiz advocated for a fan token framework, and argued that such tokens shouldn't be treated as securities. This move coincides with a shift in SEC leadership under new Chair Paul Atkins, which could signal a more crypto-friendly regulatory environment. Meanwhile, former SEC Chair Jay Clayton has been appointed interim US Attorney for the Southern District of New York.
Chiliz Meets SEC to Pave Way for American Reentry
The fan token sports betting company Chiliz is preparing to reenter the United States crypto market ahead of the 2026 FIFA World Cup. The company recently met with the US Securities and Exchange Commission (SEC) to discuss a big investment ranging from $50 million to $100 million, along with plans to relaunch operations in the US market. This move was made in a much more crypto-friendly environment under the current White House administration and a growing push for clearer digital asset regulations.
According to public SEC records, Chiliz used the meeting to advocate for a new fan token framework, and argued that such tokens should not be classified as securities. The classification of digital assets has been a contentious issue in the US, and a favorable regulatory stance could greatly impact the growth of crypto-related ventures. Chiliz’s CEO Alexandre Dreyfus also posted a photo with Bo Hines, the executive director of Trump’s Council of Advisors for Digital Assets, which also implies that the company plans to engage with government officials.
The company’s strategic timing aligns with the upcoming World Cup, which is set to be hosted by the United States in June of 2026, with Canada and Mexico also participating as co-hosts. Chiliz is banking on renewed regulatory clarity and increased public interest in global sporting events to fuel its reentry. Discussions are reportedly ongoing with National Basketball Association (NBA) and National Football League (NFL) teams about launching official fan tokens, provided there is a clear legal pathway.
Despite these plans, Chiliz recently struggled to maintain its momentum. Data from DeFiLlama reveals that the total value locked (TVL) in its ecosystem plummeted by 63.5% since December of 2024, falling from $17.8 million to $6.5 million by April 22, 2025.
Chiliz TVL (Source: DeFiLlama)
Its native token, CHZ, also saw a steep 65% decline over the past year, according to CoinMarketCap. While Chiliz still has some strong partnerships with elite football clubs like FC Barcelona, Paris Saint-Germain, and Manchester City, its US presence was previously scaled back because of the regulatory fallout from the FTX collapse in 2022. The company invested $80 million in the US in 2021 but withdrew the following year as the market environment became increasingly uncertain.
With renewed efforts to define the legal boundaries of crypto assets and growing institutional interest in Web3 innovations, Chiliz is forging ahead to reengage with US sports leagues and fans just as global attention shifts toward the 2026 World Cup.
SEC Transition Raises Expectations for Crypto Clarity
Hester Peirce, a member of the SEC’s crypto task force, recently shared her thoughts on the direction of the SEC now that Paul Atkins has been sworn in as the agency’s new chairman. Peirce previously served as counsel to Atkins during his first term at the SEC from 2004 to 2008, and expressed confidence in his leadership due to his focus on economic growth and market support. She placed a lot of emphasis on Atkins’ integrity and is also excited for the opportunity to collaborate again, especially in efforts to recalibrate the agency's regulatory approach to better serve its broader mission.
Atkins was officially sworn in on April 21, after his nomination by President Donald Trump to replace outgoing chair Gary Gensler. His appointment was seen by many in the crypto community as a potential shift toward more supportive regulation.
During his Senate confirmation hearing, Atkins faced questions about his past connections to the crypto industry, which some lawmakers suggested could present conflicts of interest. Peirce dismissed these concerns by pointing out his adherence to ethical standards and her respect for his character.
The leadership transition at the SEC happened at a time of uncertainty in the crypto space. With Atkins now in place, the agency’s makeup includes four commissioners, though only three are currently active due to recent departures. Commissioner Caroline Crenshaw is expected to leave before 2026, which could further tip the balance unless a Democrat is nominated to maintain bipartisan representation. Acting chair Mark Uyeda, who was appointed by Trump in January, indicated he will resume his regular commissioner role, leaving Atkins to take over full chair responsibilities.
This period of change follows widespread criticism of the SEC’s enforcement-led approach to crypto under Gensler. During his time at the agency, it filed numerous high-profile lawsuits against major firms like Coinbase, Ripple, and Binance. Since the beginning of the year, however, many of these cases have been dropped, and industry stakeholders are hopeful for a regulatory reset.
Peirce explained that there is now a shared desire for clear and constructive crypto regulations, and stated that the agency’s ultimate goal should be to create a transparent framework that supports innovation and compliance.
Former SEC Chair Jay Clayton Returns in Top Legal Post
Jay Clayton, the former Chair of the SEC, also recently confirmed his appointment as the interim US Attorney for the Southern District of New York. The role places him at the helm of one of the most influential legal jurisdictions in the country, and was granted after a procedural move by Senate Minority Leader Chuck Schumer blocked a Senate vote on Clayton’s confirmation.
(Source: Truth Social)
Schumer used a “blue slip” , which is a Senate tradition that allows senators to reject nominees from their home state, to halt the process on April 16. As a result, Clayton can serve in the position for up to 120 days without official Senate confirmation, with his interim term set to expire around Aug. 20.
(Source: US Attorney's Office)
Clayton replaces Damian Williams, who led several high-profile prosecutions. This includes the conviction of former FTX CEO Sam Bankman-Fried and other major crypto-related cases. Clayton said his priorities as interim attorney will include safeguarding public safety, preserving the integrity of the financial system, defending national security, and combating fraud, especially schemes targeting the elderly and vulnerable populations. President Donald Trump nominated Clayton over five months ago, and criticized Schumer’s maneuver as politically motivated as Clayton had bipartisan Senate support and complied fully with the nomination process.
The Southern District of New York, the nation’s oldest federal judicial district, oversees a region that includes New York City and surrounding counties and often handles big cases involving financial crimes. Clayton served as SEC Chair from 2017 to 2020, and has a nuanced track record with cryptocurrency.
While his administration filed 56 enforcement actions against crypto firms, he has since spoken a lot more positively about blockchain technology and tokenization. He even described them as transformative for financial systems. He is also positive about Bitcoin as a store of value, though he did not approve any Bitcoin ETFs during his time at the SEC.
