Introduction
Bit has recently experienced a decline, but its status as a core US dollar asset remains unaffected. The regulatory trend is relaxed, and US dollar assets are expected to maintain a volatile upward trend.
With the implementation of the crypto-friendly policies of the Trump administration, the US crypto industry is facing unprecedented opportunities. The Treasury Department, SEC, CFTC and other core agencies are led by officials who support crypto, the White House has established a Digital Asset Working Group, and Congress has set up a Crypto Asset Committee, promoting the legalization and institutionalization of the industry. This policy orientation has boosted market confidence and accelerated the entry of mainstream financial institutions.
At the legislative level, the advancement of the FIT21 bill, the establishment of a stablecoin regulatory framework, and the softening of the SEC's enforcement attitude indicate that the crypto industry is bidding farewell to policy uncertainty and moving towards a more stable and sustainable development path. Although the market may experience volatility in the short term due to macroeconomic factors and the timing of policy implementation, the long-term trend is positive. The US is accelerating the construction of the world's most competitive crypto-financial ecosystem, and the industry is transitioning from the "Wild West" to the mainstream financial system.
I. The Trump Administration Appoints Crypto-Friendly Officials, Bringing Development Opportunities to the Industry
1. Leadership Changes in Key Regulatory Agencies
The Trump administration has demonstrated a crypto-friendly stance in the leadership arrangements of key financial regulatory agencies:
Treasury Secretary/Scott Bessent: As a hedge fund manager and crypto currency advocate, he supports Bit and DeFi, pushing the Treasury Department to relax regulations on crypto assets and providing the industry with more space in tax policies.
SEC Chairman/Paul Atkins: Former SEC commissioner, supports free market development and reduces regulatory intervention. His appointment means the SEC may reduce enforcement actions and promote market freedom.
CFTC Chairman/Brian Quintenz: As a former CFTC commissioner, he supports relaxed regulation of crypto derivatives and DeFi, and the CFTC is expected to encourage innovation rather than restrict industry development.
The appointment of these key officials has boosted market confidence, and investors expect the US regulatory environment to become more open.
2. The White House Digital Asset Working Group
The Trump administration has established the President's Working Group on Digital Asset Markets, led by White House AI and Crypto Special Advisor DavidSacks, with members including the Treasury Secretary, Attorney General, SEC, and CFTC heads.
The goals of this working group include:
Developing a national crypto currency regulatory framework - unifying market structure, consumer protection, and risk management rules.
Assessing the feasibility of Bit as a national reserve - submitting relevant policy recommendations within 180 days.
Preventing CBDC development - clearly prohibiting the Federal Reserve from developing a central bank digital currency (CBDC), maintaining the private digital currency market.
The establishment of this working group has put the US on the path to becoming a global crypto currency center, with more systematic policy advancement.
3. US Senate Banking Committee: Establishing a Digital Asset Committee
On January 23, 2025, the Senate Banking Committee established a Digital Asset Committee, chaired by Senator CynthiaLummis, to promote industry compliance: through bipartisan legislation, promote stablecoin regulation and market structure optimization, and push for Bit to become a national strategic reserve asset. Oversee financial regulators to prevent discriminatory suppression of crypto currencies, such as "Operation Choke Point 2.0".
Lummis has proposed the Strategic Bit Reserve Act, suggesting selling part of the Federal Reserve's gold reserves to purchase 1 million Bits, establishing a national Bit reserve, reflecting the Trump administration's emphasis on Bit.
The following is a list of crypto-related officials appointed by Trump since taking office:
II. US Crypto Legislation Sees a Turning Point, Regulation Relaxes, and the Industry Moves Towards the Mainstream
1. SEC Regulation Relaxes, Giving the Crypto Industry Breathing Room
Recent SEC policy adjustments indicate a softening of the regulatory attitude:
Withdrawing enforcement actions against crypto giants: Terminating investigations and lawsuits against companies like Uniswap Labs, Robinhood Crypto, OpenSea, Coinbase, and Gemini.
Recognizing the non-security status of Memecoins: Allowing some tokens to avoid the constraints of securities laws, promoting market innovation.
Enhancing industry communication: SEC Commissioner Uyeda acknowledges that past regulation has overly relied on enforcement, promising to promote policy transparency and dialogue with key industry companies and leaders.
These measures have allowed the US crypto industry to break free from frequent enforcement pressure and move towards a more stable and healthy development path.
2. Stablecoin Legislation Takes Priority, Boosting Market Confidence
On February 5, US Senator Bill Hagerty introduced a stablecoin regulation bill, bringing USDT, USDC and other stablecoins under the Federal Reserve's regulatory framework, providing compliance guidance. The bill has bipartisan support and is seen as a key step in the crypto market's transition to the mainstream financial system. After its passage, the legitimacy and security of stablecoins will be significantly enhanced, and it is expected to attract more traditional financial institutions to enter the market, further driving industry development.
3. Rescinding SAB 121, Relaxing Crypto Accounting Policies
On January 24, the SEC officially rescinded the SAB 121 crypto accounting policy, making the financial treatment of crypto asset custody business more flexible. Previously, this policy required custodians to record client crypto assets on their balance sheets, increasing compliance costs and operational pressure. After the policy adjustment, banks, exchanges, and financial institutions can more freely provide crypto asset custody services, lowering the barriers for institutional investors to enter the market.
4. The FIT21 Act: The Crypto Market Welcomes a Clear Regulatory Framework
On May 22, 2024, the FIT21 Act was passed in the House of Representatives, seen as a historic breakthrough for the US crypto industry. The act resolves the long-standing regulatory conflicts between the SEC and CFTC over crypto currencies, and clearly:
Defines the regulatory powers of the SEC and CFTC: Ending the chaotic regulatory situation and providing a unified regulatory framework.
Establishes classification standards for crypto currency securities and commodities: Resolving core legal disputes and avoiding regulatory overlap.
Clarifies token issuance and trading rules: Providing clear compliance guidance for practitioners and reducing uncertainty.
Promotes DeFi regulatory research: Facilitating the integration of decentralized finance (DeFi) with the mainstream market.
The advancement of this act has gradually legalized and institutionalized the US crypto market, boosting market confidence, and the US may become the world's most competitive crypto-financial center.
IV. Conclusion: The Crypto Industry Moves Towards the Mainstream, Entering a Golden Development Period
After the Trump administration took office, the US crypto industry's policy environment underwent a fundamental change, with the regulatory attitude shifting from high pressure to friendly, significantly boosting market confidence. The government has clarified the regulatory framework for the crypto industry through key official appointments, the establishment of a Digital Asset Working Group, and the promotion of congressional legislation.
The relaxation of SEC enforcement, the acceleration of stablecoin regulation, and the successful passage of the FIT21 Act in the House have put the crypto market on the path to legalization and institutionalization. With the continued implementation of favorable policies, the further opening of the corporate innovation environment, and the strengthening of investor confidence, sectors such as stablecoins, DeFi, and custody may see a new round of growth.
The US is accelerating the consolidation of its position as a global crypto-financial center, and the industry's golden development period is about to arrive, with crypto currencies transitioning to the mainstream financial system as an inevitable trend.
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