The U.S. regulatory landscape has indeed undergone a significant shift in the field of cryptocurrency. This series of actions has provided a more favorable environment for the development of cryptocurrencies such as Bitcoin, but to say that the 'SEC chairman has officially surrendered' or that there is a 'national effort to bet on Bitcoin' is somewhat exaggerated. Here is a detailed analysis:
U.S. cryptocurrency regulatory policy shift
- SEC launches 'Crypto Project': On August 1, 2025, SEC Chairman Paul Atkins announced the launch of the 'Crypto Project', aimed at reforming the current regulatory system around five major directions: issuance standards, custody, super applications, decentralized financial systems, and innovation exemptions, to clear institutional barriers for 'on-chain' financial markets.
- Trump signs stablecoin legislation: On July 19, 2025, U.S. President Trump signed (Guidance and Establishment of the U.S. Stablecoin National Innovation Act), establishing a regulatory framework for stablecoins pegged to the dollar, requiring stablecoin issuers to comply with anti-money laundering regulations and hold adequate reserves, strengthening consumer protection and enhancing the legitimacy of the cryptocurrency industry.
- The White House releases a digital asset policy document: On July 30, 2025, the White House released (Strengthening America's Leadership in Digital Financial Technology), proposing national strategic goals for U.S. digital assets, aimed at positioning the United States as a global leader in the field of digital financial technologies such as cryptocurrencies, comparing cryptocurrencies to railroads and the internet, and emphasizing a supportive mindset for innovation.
Development status of the Bitcoin market
- Bitcoin spot ETF approved: On January 10, 2024, the SEC approved the first batch of Bitcoin ETFs listed in the United States, including Bitcoin ETFs applied for by 11 companies such as BlackRock and Fidelity, further confirming the asset nature of Bitcoin and making it a mainstream allocation asset.
- Institutional holdings of Bitcoin: As of the second quarter of 2025, U.S. publicly listed companies had purchased approximately 131,000 Bitcoins, with MicroStrategy being the leader in corporate Bitcoin holdings, owning about 597,000 Bitcoins. BlackRock's iShares Bitcoin Trust ETF also holds a significant amount of Bitcoin, and the holding behavior of Wall Street giants also indicates optimism towards Bitcoin.
However, the cryptocurrency market is characterized by high uncertainty and risk. Although the U.S. policy environment has improved, there are still risks such as regulatory uncertainty and market volatility. The above information is for reference only and does not constitute investment advice.#加密市场回调
