GuShiio.com Bitcoin has recently fallen, but its status as a core asset in the U.S. dollar has not been affected. Regulatory trends are relaxed, and US dollar assets are expected to maintain a volatile upward trend.
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Bitcoin has recently fallen, but its status as a core asset in the U.S. dollar has not been affected.Regulatory trends are relaxed, and US dollar assets are expected to maintain a volatile upward trend.
With the implementation of the Trump administration’s crypto-friendly policies, the U.S. encryption industry has ushered in unprecedented opportunities.Core institutions such as the Ministry of Finance, SEC, and CFTCLed by pro-encryption officials, the White House was establishedDigital Assets Working Group, established by CongressCrypto Assets Committee, promote the legalization and institutionalization of the industry. This policy orientation has enhanced market confidence and accelerated the entry of mainstream financial institutions.
inlegislative levelThe advancement of the FIT21 Act, the establishment of a regulatory framework for stablecoins, and the softening of the SEC’s enforcement attitude mark that the crypto industry is bidding farewell to policy uncertainty and moving towards a more stable and sustainable development path. Although the short-term market may fluctuate due to the impact of macroeconomics and policy implementation timing, the long-term trend is positive. The United States is accelerating the construction of the world’s most competitive crypto financial ecosystem,The industry is moving from the “Wild West” to the mainstream financial system.
1. The Trump administration appoints crypto-friendly officials, and the industry welcomes development opportunities
1. Leadership adjustments of key regulatory agencies
The Trump administration has demonstrated a crypto-friendly stance on leadership arrangements for key financial regulators:
Treasury Secretary Scott Bessent:As a hedge fund manager and cryptocurrency advocate, he supports Bitcoin and decentralized finance (DeFi), pushes the Treasury Department to relax regulation of cryptoassets, and gives the industry more room in tax policy.
SEC Chairman/Paul Atkins:A former member of the SEC, he supports the development of free markets and reduces regulatory interference. His appointment means that the SEC may reduce enforcement actions and promote free market development.
CFTC Chairman/Brian Quintenz:As a former CFTC member, he supports loose regulation of crypto derivatives and DeFi, and expects the CFTC to encourage innovation rather than restrict industry development.
The appointments of these key officials have boosted market confidence, as investors expect a more open U.S. regulatory environment.
2. White House Digital Assets Working Group
The Trump administration established the President’s Working Group on Digital Asset Markets, led by David Sacks, White House Special Advisor on AI and Cryptography, and includes the Treasury Secretary, Attorney General, and heads of key regulatory agencies such as the SEC, and CFTC.
The goals of the working group include:
Develop a national cryptocurrency regulatory framework–Unify market structure, consumer protection and risk management rules.
Assessing the feasibility of Bitcoin as a national reserve– -Submit relevant policy suggestions within 180 days.
Stop CBDC from developing–The Federal Reserve is explicitly prohibited from developing Central Bank Digital Currency (CBDC) and maintaining the private digital currency market.
The establishment of this working group has enabled the United States to move towards a global cryptocurrency center and policy advancement has become more systematic.
3. Senate Banking Committee: Establish a Digital Assets Committee
On January 23, 2025, the Senate Banking Committee established the Digital Assets Committee, chaired by Senator Cynthia Lummis, to promote industry compliance: through bipartisan legislation, promote stablecoin regulation, optimize market structure, and promote Bitcoin as a national strategic reserve asset. Supervise financial regulators to prevent discriminatory suppression of cryptocurrencies, such as “OperationChokepoint 2.0”.
The Strategic Bitcoin Reserve Act proposed by Lummis proposes to sell part of the Federal Reserve’s gold reserves, purchase 1 million bitcoins, and build a national bitcoin reserve, which reflects the importance the Trump administration attaches to Bitcoin.
The following is a list of crypto-related officials appointed by Trump since taking office:
|
name |
positions |
advocated |
|
JD Vance |
Vice President |
Vance has always been in favor of the crypto industry and is critical of the U.S. Securities and Exchange Commission’s regulatory policies on crypto. There is a saying in the Silicon Valley venture capital circle: “The best way to get to know a person deeply is to analyze his venture capital portfolio.” In 2021, Vance has an estimated net worth of $5 million, including assets and income, and then in 2022, based on his latest financial disclosure, he holds $100,000 to $250,000 in Bitcoin on Coinbase and invested approximately $15,000 in DEX Etex. It can be said that Vance is the first U.S. presidential candidate to own Bitcoin. |
|
Scott Bessent |
Cabinet/Minister of Finance |
Bessent has a positive attitude towards cryptocurrencies, once saying that “cryptocurrencies are about freedom” and believes that Bitcoin can attract young people and new investors and help cultivate American market culture. Bessent is positive about cryptocurrencies and recently spoke against issuing central bank digital currencies. In addition, Bessent will be a member of the new “Presidential Digital Asset Markets Working Group” established in an executive order issued by Trump on January 23. |
|
Paul Atkins |
SEC/Chairman |
Atkins is CEO of Patomak Global Partners LLC, a company that provides advisory services to financial companies and cryptocurrency companies. He is co-chairman of the Token Alliance, a cryptocurrency industry lobby group sponsored by the Digital Chamber of Commerce. Paul Atkins has long advocated the adoption of less restrictive regulatory frameworks for emerging technologies such as cryptocurrencies and blockchain, believing that such frameworks can promote innovation and reduce regulatory barriers that hinder their development, thereby promoting the development of the crypto field and providing financial markets. Bring huge innovation and development opportunities. Atkins advocates a coordinated regulatory framework and calls for reducing overlapping and cumbersome regulations that can stifle innovation. He believes that the regulation of blockchain and crypto markets is not only a matter for the federal government, but also involves many other jurisdictions, and attention needs to be paid to regulatory differences between different jurisdictions. |
|
Hester Peirce (also known as the “Crypto Mom”) |
SEC/Cryptocurrency Task Force/Team Leader |
Hester Peirce is currently a member of the SEC and the head of the SEC’s Crypto Working Group, which has a significant influence on the entire SEC’s subsequent crypto policy. Recently, Peirce pointed out the need to give the encryption industry greater regulatory clarity, and also released a statement “There Must Be Some Way Out of Here”, which mainly explains some of his views on encryption policies. The article’s attitude towards the entire trusteeship rule is somewhat relaxed. In addition, the clear distinction between tokenized securities and recognition of compliance, including considering amending current securities laws to support “programmable securities”, may directly contribute to the RWA explosion. The trend of the entire SEC turning to rule legislation is clear, and the compliance costs and enforcement efforts brought about may change simultaneously. If it is actually implemented, it will be more beneficial to the industry as a whole. |
|
Landon Zinda |
SEC/Cryptocurrency Task Force/Member |
Landon Zinda has resigned as policy director at the Coin Center, a cryptocurrency advocacy group, to join the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Task Force. On February 4, SEC Acting Chairman Mark Uyeda announced that Zinda has become its legal adviser and senior adviser to the Cryptocurrency Task Force. The former Coin Center director will work with Chief of Staff Richard Gabbert and Chief Policy Advisor Taylor Asher on a task force led by Commissioner Hester Peirce. |
|
Brian Quintenz |
Commodity Futures Trading Commission (CFTC)/Chairman |
Brian Quintenz is a former policy director for a16z’s crypto division. Acting Chairman of the CFTC Pham said in a statement that she and Quintenz had worked on a number of important initiatives during their tenure as a CFTC commissioner and believed he would achieve equal success in the field of cryptocurrencies and innovation. |
|
David O.Sacks |
White House Special Advisor on Cryptocurrencies and Artificial Intelligence (Crypto-Tsar) |
Early interviews with David O.Sacks demonstrated his deep insight and firm belief in the cryptocurrency industry. As early as 2018, David O.Sacks joined the advisory committee of the decentralized transaction agreement 0x core team. Later, in February 2020, Harbor was acquired by digital asset custodian Bit Go. David O.Sacks once said in an interview with CNBC that Harbor has resolved the compliance issue of asset tokenization and has a huge opportunity for blockchain to bring more liquidity and transparency to private securities. |
|
Tom Emmer |
Vice Chairman, U.S. Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence |
Emmer said it believes the United States has a “great opportunity” to lead the future of digital assets. Emmer has been an active supporter of cryptocurrency and has introduced cryptocurrency-focused bills in the past few years, including a bill aimed at clarifying the classification of digital assets. |
|
Bo Hines |
Presidential Advisory Council on Digital Assets/Executive Director |
Bo Hines, as head of the newly formed Crypto Advisory Board, reports directly to David Sacks. Bo will work with David to promote innovation and growth in digital assets while ensuring industry leaders have the resources they need to succeed. Hines received funding from the pro-cryptocurrency PAC in the 2022 congressional campaign. Business Insider reported that part of the funding came from former FTX executive Ryan Salame, who is currently serving a seven-and-a-half-year sentence after pleading guilty to multiple charges including conspiracy to make illegal political donations. |
|
Bryan Steil |
Digital Assets Working Group/Chairman |
House Financial Services Committee Chairman French Hill and Representatives Dan Meuser, Andy Barr and Bryan Steil urged the Federal Deposit Insurance Corporation (FDIC) to implement clearer regulations on digital assets. |
|
Cynthia Lummis |
Chairman of the Senate/Banking Committee/Digital Assets Committee |
Support the use of Bitcoin as a national reserve asset and promote the clarity of the regulatory classification of cryptocurrencies. |
2. The U.S. Cryptography Act has ushered in a turning point, with supervision relaxed and the industry moving towards the mainstream
1. SEC regulation relaxes, giving the crypto industry breathing space
The SEC’s recent policy adjustments indicate a softening of regulatory attitudes:
Withdraw enforcement actions against the crypto giant:End investigations and lawsuits against Uniswap Labs, Robinhood Crypto, OpenSea, Coinbase, Gemini and other companies.
Recognize Memecoin’s non-securities attributes:Allow some tokens to avoid the constraints of securities regulations and promote market innovation.
Strengthen industry communication:SEC Commissioner Uyeda acknowledged that supervision relied too much on law enforcement in the past and promised to promote policy transparency and engage in dialogue with major industry companies and leaders.
These measures have freed the U.S. encryption industry from frequent law enforcement pressure and moved in a more stable and healthy direction.
2. Stabilizing currency legislation on the agenda, increasing market confidence
On February 5, U.S. Senator Bill Hagerty proposed a stablecoin supervision bill to incorporate stablecoins such as USDT and USDC into the Federal Reserve’s regulatory framework and provide compliance operational guidance. The bill has bipartisan support and is seen as a key step for the crypto market to move towards the mainstream financial system. After its adoption,The legitimacy and security of stablecoins will be greatly improved, and it is expected to attract more traditional financial institutions to enter the market and promote the further development of the industry.
3. Revocation of SAB121 and loosening of cryptographic accounting policies
On January 24, the SEC officially revoked the SAB121 crypto accounting policy, making the financial processing of the crypto asset custody business more flexible. Previously, the policy required custodians to include customer crypto assets on their balance sheets, increasing compliance costs and operational pressure.After policy adjustments, banks, exchanges and financial institutions can provide crypto asset custody services more freely, reducing barriers for institutional investors to enter the market.。
4. FIT21: The crypto market ushers in a clear regulatory framework
On May 22, 2024, FIT21 was passed in the House of Representatives and was regarded as a historic breakthrough in the U.S. encryption industry. The bill resolves long-standing differences between the SEC and the CFTC over cryptocurrency regulation and clarifies:
Regulatory powers of the SEC and CFTC:End the chaotic regulatory situation and provide a unified regulatory framework.
Classification standards for cryptocurrency securities and commodities:Resolve core legal disputes and avoid regulatory overlap.
Clarify token issuance and trading rules:Provide practitioners with clear compliance guidance and reduce uncertainty.
Promote DeFi regulatory research:Promote the integration of decentralized finance (DeFi) with mainstream markets.
The advancement of this bill will gradually legalize and institutionalize the U.S. crypto market and enhance market confidence. The United States may become the most competitive crypto financial center in the world.
4. Summary: The encryption industry is moving towards the mainstream and ushering in a golden period of development
After the Trump administration came to power, the policy environment of the U.S. encryption industry has undergone fundamental changes. The regulatory attitude has shifted from high-pressure to friendly, and market confidence has been greatly improved. Through the appointment of key officials, the establishment of a digital asset working group, and the promotion of legislation in Congress, the government has gradually clarified the regulatory framework of the crypto industry and provided a more stable policy environment.
The SEC relaxed enforcement, accelerated stablecoin regulation, successfully passed the House of Representatives, and the crypto market is rapidly moving towards legalization and institutionalization. As favorable policies continue to be implemented, the corporate innovation environment is further opened up, investor confidence is enhanced, and fields such as stablecoins, DeFi, and custody may usher in a new round of growth.
The United States is accelerating its consolidation of its status as a global crypto-financial center. The golden period of development for the industry is approaching, and it has become a general trend for cryptocurrencies to move into the mainstream financial system.
