One way or another, the U.S. crypto industry is likely to receive official policy that defines which digital assets get what treatment from which federal agencies. The problem: It might not last.

Securities and Exchange Commission Chairman Paul Atkins is focused on reversing the “head in the sand” approach he accuses his predecessors of having on crypto policy, and he’s ready to issue rules that give the industry the regulatory clarity it craves. The catch, though, is that such rules won’t be locked down and can be erased by the same kind of commission vote that puts them in place. They won’t be backed by a targeted law that makes them unassailable by future administrations.

“We need a firm grounding in statute so we can’t have any…