Author: Weilin, PANews
Since President Trump officially began his second term on January 20, the regulatory landscape for cryptocurrencies in the United States has been tightly packed with dramatic developments. In just eight weeks, from the resignation of the SEC chairman to Trump signing two executive orders—announcing a digital asset development plan and officially declaring a Bitcoin strategic reserve—followed by the White House hosting its first digital asset summit, the crypto market has been in constant reaction, fluctuating with various policy changes. It can be said that the entire industry is both excited and anxious.
This article will categorize these significant cryptocurrency regulatory measures and interpret their profound impact on the crypto industry.
Trump Signs Executive Order to "Enhance American Leadership in Digital Financial Technologies"
On January 23, just three days into his presidency, Trump signed the executive order titled "Enhancing American Leadership in Digital Financial Technologies," proposing the establishment of a "Presidential Digital Asset Market Working Group" to explore federal regulatory measures for stablecoins and related plans for a national digital asset reserve, while explicitly prohibiting the "establishment, issuance, circulation, or use" of Central Bank Digital Currency (CBDC).
SEC Chairman Transition and Major Regulatory Strategy Adjustments
At the Bitcoin 2024 conference held in Nashville last July, Trump promised to remove the SEC chairman Gary Gensler, who has been criticized by the crypto industry, on his first day in office. On November 22, 2024, the SEC announced that Gary Gensler would resign on Trump's first day in office. He officially stepped down on January 20. He was succeeded by Paul Atkins, CEO of Patomak Global Partners LLC and former SEC commissioner, whose nomination is currently awaiting congressional confirmation.
On January 22, the SEC immediately established a special working group for cryptocurrencies, beginning to adjust regulatory strategies, reducing the group responsible for cryptocurrency enforcement actions, and reallocating some lawyers. The SEC also launched a website for the cryptocurrency special working group, with group leader Hester Peirce listing ten priority tasks, focusing on the classification and regulation of crypto assets.
On January 24, the SEC announced the withdrawal of the much-criticized crypto accounting policy SAB 121 in its latest employee accounting announcement No. 122. SAB 121 (Staff Accounting Bulletin No. 121) required digital asset custodians to treat digital assets as liabilities and report them at fair value on the balance sheet. The cryptocurrency industry was generally concerned that it could prevent banks from custodying digital assets, effectively excluding banks from the crypto market.
Additionally, on May 22 of last year, the FIT21 Act passed in the House of Representatives, seen as a historic breakthrough for the U.S. crypto industry. This act addresses the long-standing differences between the SEC and CFTC regarding cryptocurrency regulation and is currently moving forward.
SEC Withdraws Investigations Against Crypto Companies
On February 27, the SEC terminated its investigation into Gemini Trust without taking enforcement action. Prior to this, the SEC had already withdrawn its lawsuit against Coinbase and ended investigations into OpenSea, Robinhood, and Uniswap. In the seventh week of Trump's presidency (March 3 to March 9), the SEC agreed to withdraw its lawsuit against Kraken, with no fines or admission of wrongdoing, and Kraken's business model remained unaffected.
Redefining "Exchange" and Overturning IRS DeFi Broker Rules
On March 11, news emerged that the SEC is evaluating a proposal to redefine "exchange," which could provide clearer guidance for the regulatory framework of U.S. crypto trading platforms.
At the same time, the U.S. House of Representatives passed a resolution overturning the IRS's broker rules for decentralized finance (DeFi) platforms. This rule required crypto entities to collect specific taxpayer and transaction information, which is difficult for DeFi platforms to enforce. Previously, the U.S. Senate had voted to pass this resolution, but due to budget rules, it still needs to be voted on again before being sent to President Trump for signing.
Pardon for Silk Road Founder Ross Ulbricht
On January 22, Trump fulfilled another promise made at the Bitcoin 2024 conference by pardoning Ross Ulbricht, the founder of Silk Road, who had been sentenced to life in prison without parole. Ross Ulbricht later expressed his gratitude to Trump on Twitter, who released him after 11 years of imprisonment.
Appointments of Crypto-Friendly Officials in SEC, CFTC, Treasury, and Commerce Departments
On January 20, after the presidential inauguration ceremony, the White House announced that newly sworn-in President Trump had appointed Republican Mark Uyeda as acting chairman of the SEC. Previously, Trump had announced the nomination of Paul Atkins as SEC chairman.
In the second week of Trump's presidency, the Senate confirmed his nominee for Treasury Secretary, Scott Bessent, who has an open attitude towards cryptocurrencies.
In the fourth week, Trump nominated a new chairman for the Commodity Futures Trading Commission (CFTC), Brian Quintenz, a former CFTC commissioner and executive at the event betting market Kalshi, to lead the regulatory agency.
In the fifth week, billionaire Howard Lutnick was confirmed as the next Secretary of Commerce, prompting the market to focus on how he would influence the regulatory environment for cryptocurrencies.
In both the Senate and House of Representatives, there are also crypto-friendly officials in key positions. On January 23, the Senate Banking Committee established a Digital Assets Committee, chaired by Senator Cynthia Lummis, to promote industry compliance. On March 3, House Republican leaders and Congressman Ritchie Torres jointly formed the "Congressional Crypto Caucus," aimed at promoting legislation favorable to the crypto industry and forming a voting coalition in the House of Representatives to support digital assets.
Official Announcement of Strategic Bitcoin Reserves and Digital Asset Reserves
In the sixth week of his presidency (February 24 to March 2), Trump announced on social media five major categories of crypto strategic reserves, stating that the U.S. strategic cryptocurrency reserves would include BTC, ETH, XRP, SOL, and ADA. The inclusion of ADA sparked controversy, with some market participants jokingly referring to it as "advertising space." However, on March 7, AI and cryptocurrency mogul David Sacks stated that ADA, SOL, and XRP were mentioned because they are among the top five cryptocurrencies by market capitalization.
On the morning of March 7, the promised strategic Bitcoin reserves from Trump arrived! David Sacks announced on platform X that President Trump had officially signed an executive order to establish strategic Bitcoin reserves and digital asset reserves. However, since both reserves primarily rely on "criminal or civil asset forfeiture proceeds" for funding support, the market reacted negatively in the short term to the prices of tokens like BTC, although there was a slight recovery later.
In addition to the president's executive order, in terms of congressional legislation, on March 12, U.S. Senator Cynthia Lummis has reintroduced the Bitcoin bill (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2025) in the 119th Congress, which would allow the U.S. government to hold over 1 million Bitcoins. This bill was initially proposed in July 2024, requiring the U.S. government to purchase 200,000 Bitcoins annually over five years, with funding sourced from adjustments to existing funds from the Federal Reserve and the Treasury. After this revision, the U.S. government could hold additional Bitcoins through legal means (including civil or criminal forfeiture, donations, or transfers from federal agencies).
Hosting the First White House Digital Asset Press Conference and Digital Asset Summit
In the third week of his presidency (February 3 to February 9), David Sacks held the first press conference on digital assets on Capitol Hill with several U.S. lawmakers, detailing the latest plans for the development of digital assets in the U.S. by the White House and Congress. Sacks expressed hope for collaboration with congressional legislators, boldly announcing the goal of "creating a golden age for digital assets."
On March 7, the U.S. held its first White House digital asset summit, where President Trump delivered a brief speech. He stated, "Last year, I promised to make the U.S. a global Bitcoin superpower and the world's crypto capital. We are taking historic actions to fulfill that promise," and suggested, "From today, the U.S. will follow the rules that every Bitcoin holder knows—never sell your Bitcoin."
Trump mentioned that he would terminate the Biden administration's "Crackdown 2.0" against the crypto industry. However, despite reports from the scene that the summit was recognized by industry leaders, the meeting did not lead to a price increase for assets like Bitcoin and Ethereum, and the cryptocurrency market saw a significant decline after the summit.
Market Welcomes a Wave of ETF Applications
As of March 12, tokens with ETF applications include at least DOGE, LTC, HEAR, SOL, XRP, SUI, AVAX, DOT, LINK, ADA, APT, AXL, and others. According to Bloomberg analysts James Seyffart and Eric Balchunas, the current market has a relatively high probability of approval for spot ETFs for LTC, DOGE, SOL, and XRP. Expectations for other mainstream crypto assets to launch ETFs in the U.S. capital markets have significantly increased.
With significant personnel changes at the SEC, its policies are becoming more favorable towards cryptocurrencies. If the U.S. launches altcoin ETFs, it could directly prompt other countries and regions around the world to follow suit. Bloomberg analysts expect the SEC to make a decision on proposed altcoin ETFs in October of this year.
Senate Hearing on "Debanking" Sparks Widespread Discussion
On the evening of February 5, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the topic "Investigating the Real Impact of Debanking on America." Witnesses included Nathan McCauley, co-founder and CEO of Anchorage Digital; Stephen Gannon, partner at Davis Wright Tremaine LLP; Mike Ring, president and CEO of Old Glory Bank; and Aaron Klein, senior fellow in economic studies at the Brookings Institution. This hearing explored the impact of bank account closures and restrictions on financial services on businesses and individuals, and examined related policy responses.
On February 11, local time, during a Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell stated that, in light of the criticism that the crypto industry has faced due to being excluded from banking services, it is time to "revisit" the issue of debanking. Senate Banking Committee Chairman and South Carolina Republican Senator Tim Scott asked Powell if he agreed to commit to working with lawmakers to end debanking; Powell expressed his agreement. Discussions regarding "debanking" are expected to further unfold this year.
U.S. States Show Strong Interest in Bitcoin Reserves
As of March 4, 24 U.S. states have proposed draft bills for crypto reserves. Most of these bills are still in the draft proposal or house review stages, while a few states (such as Texas and Utah) are making quicker progress. However, five states (Pennsylvania, Montana, North Dakota, Wyoming, and South Dakota) have seen their related bills rejected. The reasons for rejection include concerns about the risks and volatility associated with digital assets, taxpayer fund risks, the high energy consumption of cryptocurrency mining, and the potential for digital currencies to be used for illegal activities.
Leading the way is Texas, where the Senate previously passed SB 21, which establishes a state-managed fund for holding Bitcoin and other cryptocurrencies. The Texas State Auditor will be responsible for overseeing this reserve, which will hold cryptocurrencies with a market value of at least $500 billion and will be eligible for state budget allocations.
Legislation Surrounding Stablecoin Regulatory Framework
On February 5, U.S. Senator Bill Hagerty introduced the stablecoin regulatory bill (GENIUS Act), which brings stablecoins like USDT and USDC under the Federal Reserve's regulatory framework, providing compliance operation guidelines. As of March 12, the U.S. Senate has updated the bill, with the revised version specifically expanding the "reciprocal terms for payment stablecoins in foreign jurisdictions."
During the White House summit, Trump instructed his policy executors to push for stablecoin legislation, planning to complete it before the August congressional recess. The initial goal was to submit the legislation within the first 100 days of his term, but this timeline has now been extended by four months.
Conclusion
Overall, in the eight weeks since Trump took office, there have been a series of significant adjustments in U.S. crypto regulation, with changes in policy direction and key personnel indicating a more open regulatory environment. Can the U.S. truly become the cryptocurrency capital of the world, as Trump claims? Uncertainties in policy remain, and market reactions are cautious, so the future direction of regulation will need to be closely monitored.
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