Hello, Binance crypto enthusiasts! This is your cheerful (but cautious) analyst. The noise around American crypto regulation in recent months is such that it feels like Washington has suddenly invented a bicycle powered by blockchain. We are promised a "new era," "clear rules," and other benefits of regulatory civilization. But let’s take a closer look at this shine of fresh paint before we are blinded by excessive optimism.
The chief conductor of this orchestra of change is the current occupant of the White House, known in certain circles as POTUS. He seems seriously intent on making the USA a global center for crypto innovations. Statements from Washington now sound completely different than a year or two ago. While previously high offices often echoed notes of skepticism and concern, the rhetoric has now shifted to recognizing the potential of the technology and a desire to integrate digital assets into the existing financial system. And this is not just talk: we see concrete steps, such as discussions on creating a strategic crypto reserve – well, that sounds at least... original for a country that not long ago branded Bitcoin as a tool for criminals. The reduction in the degree of persecution for the mere act of using cryptocurrencies is certainly encouraging. But let’s not forget: not only the rhetoric is changing, but possibly the interests as well. While the American leader publicly supports crypto, his family, as reported, is quite successfully engaged in that very crypto business. Such an interesting dualism of power and personal finance. Conclusion: there is support from above, and this changes the rules of the game. How sincere and long-term it is will be shown by time and, perhaps, new elections.
The echo of change has reached the Securities and Exchange Commission, an organization whose name still triggers a nervous tic in many crypto entrepreneurs. The new head of the SEC, Paul Atkins, who stepped onto the stage in April-May 2025, resolutely distanced himself from "regulation by enforcement." Great! This phrase seems to have already been patented as the main accusation against his predecessor. Instead, we are promised a "rational regulatory framework." Sounds solid, right? Only the devil, as always, is in the details, and "rationality" in bureaucratic corridors can sometimes take quite bizarre forms. Atkins talks about the need for clear rules for the issuance, storage, and trading of crypto assets. Wonderful. But the industry has been waiting for these rules for about ten years. Attempts to use "exemptions" or "safe harbors" are a step in the right direction, but how quickly they will be implemented and whether they will get bogged down in endless approvals is an open question. Conclusion on the SEC: the change in rhetoric is obvious, intentions seem noble. But restructuring a huge bureaucratic machine is no easy task, and the path from beautiful statements to functioning rules can be long and thorny. There's no need to put away lawyers just yet.
And, of course, we cannot forget about Congress – a place where noble intentions often die under the weight of party disagreements and lobbying interests. There is activity, no doubt about it. Bills on stablecoins appear and disappear, then resurface in somewhat altered forms. Stablecoins are perhaps the only area where the chance of any movement toward legislative consolidation is somewhat tangible. Why? Because they are already too big to ignore and too important for potential integration with traditional finance. However, the question of delineating the powers of the SEC and CFTC is the eternal song of American crypto regulation. Each regulator wants to grab their piece of the pie, and convincing them to reach an agreement on paper is a Herculean task. Conclusion on Congress: there is plenty of talk, enthusiasm is variable. The chances of passing any significant law on crypto, aside from stablecoins, remain, to put it mildly, uncertain.
So what’s the outcome? May 2025 in the USA is a time of hope, but not a time for complacency. The political winds have shifted, and that is already a huge achievement after many years of struggle. The new rhetoric from the White House and the SEC inspires cautious optimism. However, between statements about a "rational framework" and real, functioning rules lies a vast distance. Congress continues its leisurely games, where the speed of decision-making is measured not in weeks but rather in financial quarters (if not years).
So yes, there is change, and that is good. But let’s be realistic. The road to complete regulatory clarity in the USA still looks more like a dirt road with unexpected bumps rather than a smooth highway. And while the builders of this road argue about where to lay the new lane, participants in the movement still have to drive carefully, glancing around. We will keep an eye on developments – after all, this is just the beginning of a new chapter in the history of crypto in America.
