#美国加密立法

In 2025, the United States' cryptocurrency legislation will undergo a historic turning point. The Trump administration signed the 'Bitcoin Strategic Reserve Act', incorporating 200,000 bitcoins (6% of circulating bitcoin supply) seized by the judiciary into the national strategic reserve and permanently prohibiting their sale, reinforcing its 'digital gold' attributes through 'supply-side reform', while encouraging states to explore policies such as bitcoin tax deductions. Additionally, the '21st Century Financial Innovation and Technology Act' (FIT21) clarifies the division of responsibilities between the SEC and CFTC, with the former regulating securities-type tokens and the latter responsible for commodity-type assets and the spot market, paving the way for bitcoin ETFs.

Regulation of stablecoins has become another focal point, as the 'Stablecoin Accountability Act' mandates 100% dollar reserves and establishes a dual-layer regulatory system at the federal and state levels, accelerating the integration of banks and the cryptocurrency market. Meanwhile, the U.S. has repealed the IRS's controversial tax rules regarding DeFi platforms, shifting to 'technology-neutral' regulation, protecting privacy and encouraging innovation.

Although state-level legislation has faced obstacles, states like Texas have passed local cryptocurrency reserve bills, and the interplay of federal and state policies is gradually taking shape. Globally, U.S. policies are being emulated, with the IMF predicting that for every 10% increase in cryptocurrency market value, U.S. GDP could rise by 0.2 percentage points, and cryptocurrency assets are becoming a new conduit for U.S. dollar liquidity.

This series of legislation marks the United States' shift from 'regulatory arbitrage' to 'institutional competition', aiming to dominate the new era of digital finance. However, issues such as anti-money laundering and energy consumption still require detailed rules, and balancing innovation with risk remains a long-term challenge.