New developments are anticipated in the field of crypto regulation in the U.S.: the release of a fresh draft of a large-scale digital asset law is expected. This step occurs against the backdrop of ongoing discussions and specific concerns from financial regulators, including the U.S. Treasury. The actions of American authorities have a huge impact on the entire global crypto market, and understanding their logic is crucial for all participants. Let's look at how past legislative attempts, current concerns of the authorities, and what to expect from the new document are interconnected.
Discussions about the need for clear rules for the crypto market in the U.S. have been ongoing for several years. One of the most significant attempts to bring clarity was made about a year ago. In May 2024, just before the key hearings on crypto regulation on May 6, the Republican-controlled House of Representatives introduced a draft of a large-scale digital asset regulation bill—the so-called Digital Asset Bill (FIT 21). The aim of this document was to clearly define how the U.S. would approach the regulation of cryptocurrency markets, stablecoins, and overall oversight of the sector. FIT 21 even successfully passed a vote in the House of Representatives, which was an important step demonstrating the desire of part of Congress to establish clear rules of the game.
However, despite such significant efforts, the process of adopting comprehensive crypto legislation has proven to be complex and not quick. And while work on creating a legal framework continues, regulators do not cease to closely examine the potential risks posed by digital assets, especially those closely tied to the traditional financial system.
This is evidenced by an important document from the U.S. Treasury, published recently in April 2025. It is a request to the Treasury Borrowing Advisory Committee (TBAC) to analyze potential risks to financial stability associated with 'digital money' and 'tokenized assets.' According to the presentation, special attention is given to stablecoins and tokenized money market funds. Essentially, the Treasury is concerned about how these new financial instruments, especially stablecoins, which play a critically important role in the crypto market as a bridge between traditional and digital finance, may interact with the existing financial system and create systemic risks if not properly monitored or regulated. This shows that, despite past legislative initiatives, questions of financial stability in the context of digital assets remain acute and require ongoing analysis from key financial departments at the highest level.
Against the backdrop of these lingering concerns from the Treasury and the general desire for clarity, the legislative process in the U.S. is gaining new momentum. According to the latest data, a new draft of a comprehensive digital asset regulation bill is expected to be published in early May 2025 (literally in the coming days, just before key hearings in Congress scheduled for next week, around May 6). It is reported that this new draft will largely rely on the provisions of last year's Digital Asset Bill (FIT 21), which, as a reminder, already passed a vote in the House of Representatives in May 2024. This demonstrates that lawmakers, despite the complexities and ongoing scrutiny of risks by regulators, continue to work on creating a comprehensive legal framework.
The emergence of a new draft of the bill is an important signal. It shows that the regulatory process in the U.S. has not stalled but is developing iteratively. This may be a step towards the much-needed clarity, but it also reminds us of the complexity of achieving consensus on such a broad topic. The market will undoubtedly closely monitor the text of the new document and the reactions to it. Questions related to stablecoins and how the new rules will affect their interaction with traditional finance (which concerns the Treasury so much) are likely to be in the spotlight.
So, the attention of the crypto market is once again focused on Washington in anticipation of this new draft bill. It can be assumed that the emergence of a new project is a logical step that shows that lawmakers are not giving up on creating a workable regulatory system. Given the experience of last year's FIT 21 and the clearly expressed concerns of the Treasury in the April document, it can be expected that the regulation of stablecoins, clear distribution of powers between the SEC and CFTC, as well as aspects of financial stability and investor protection will remain at the center of attention in the new document. This project is not just a repetition of what has been done, but an attempt to take into account previous lessons and current challenges. Will it finally bring the long-awaited clarity to the market and pave the way for the mass adoption of cryptocurrencies? This is the main question that investors and industry participants will seek answers to, carefully examining every detail of the document after its publication.
