US Policy Shifts
A notable shift is underway in the United States, with President Trump adopting a more crypto-friendly stance, signaling a move away from the previous "regulation by enforcement" approach. This change in political rhetoric is already influencing legislative reassessments aimed at establishing clearer oversight and a more collaborative regulatory framework. The Securities and Exchange Commission (SEC) has responded by launching a new Crypto Task Force, committed to crafting this clearer framework. Early indicators include the repeal of Staff Accounting Bulletin (SAB) No. 121 and the outlining of a 10-point plan covering token offerings, custody, staking, and broker-dealer rules. This marks a strategic pivot by the SEC towards an innovation-friendly stance.
Key legislative efforts, such as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, are progressing through Congress. This act aims to establish clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering (AML) laws. This legislative push suggests a preference for a market-driven stablecoin economy over a state-controlled Central Bank Digital Currency (CBDC). The prospect of clearer US regulation, coupled with the establishment of a U.S. Strategic Bitcoin Reserve via Executive Order, has significantly spurred institutional investment and conviction in the industry, contributing to Bitcoin reaching new all-time highs.
