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As of March 2025, the US government's attitude towards virtual currencies has shown a significant policy shift, centered on the 'support for innovation and regulatory balance' led by the Trump administration, reflecting a strategic intention to integrate with the traditional financial system. Below is a comprehensive analysis of the current policy dynamics:

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### One, Policy Shift: From Caution to Active Support
Since taking office in 2024, the Trump administration has prioritized cryptocurrency as a national strategic issue, reversing the strict regulatory stance of the Biden era through multiple executive orders and policy adjustments. For example:
1. **Repeal of Restrictive Policies from the Biden Era**: Abolish Biden's 2022 executive order on cryptocurrency regulation (EO 14067) and establish a 'Presidential Working Group on Digital Asset Markets' aimed at reducing regulatory barriers, promoting innovation, and ensuring US leadership in the global digital economy.

The regulatory policy of the Chinese government towards virtual currencies has always been centered on preventing financial risks and maintaining economic security. Since the joint notice issued by the People's Bank of China and ten other departments in September 2021 (on further preventing and addressing the risk of virtual currency trading speculation), our country has established the strictest regulatory system for virtual currencies in the world and promoted standardized industry development through systematic policy combinations.

### I. Comprehensive Deepening of the Regulatory Framework
1. **Legal System Improvement**
The newly revised judicial interpretation by the Supreme People's Court in 2023 raised the sentencing standards for illegal fundraising and money laundering involving virtual currencies by 30%. In judicial practice, there have been multiple rulings on virtual currency pyramid schemes with amounts exceeding 10 billion yuan. The Beijing Internet Court's ruling in 2023 on the "invalid contract case of Bitcoin mining machines" established judicial precedent, clarifying that domestic virtual currency-related transactions are not protected by law.