The Crypto industry is showing an increasingly obvious change:
Regulatory discussions are no longer just about "whether to regulate," but have started to focus on "how to incorporate Crypto into the existing financial system."
In the past few days, Germany, U.S. banks, PayPal, and Consensys have all made new moves.
Germany plans to adjust its tax rules for cryptocurrency assets; PayPal is further expanding its stablecoin business; U.S. Bank has completed pilot cross-border payments using its own stablecoin; and Consensys plans to spin off MetaMask into an independent company. Meanwhile, the U.S. Senate is continuing negotiations for key procedural voting on the CLARITY Act on September 15.
Looking at these events together, the boundary between Crypto and traditional finance is rapidly thinning.
First, a summary
- Germany plans to eliminate tax advantages for long-term Crypto holdings and is considering taxation similar to capital gains, with a related proposal involving a tax rate of 25%.
- U.S. Bank completed the cross-border payment pilot of its own stablecoin USBDC, with transactions conducted via Stellar.
- PayPal continues to promote PYUSD and PYUSDx, extending stablecoins beyond payment tools to business scenarios.
- MetaMask plans to split from Consensys into an independent company by the end of 2026.
- CLARITY Act is expected to face a key procedural vote on September 15, with whether it can garner sufficient bipartisan support remaining a major variable.
Germany: Crypto taxes are starting to align with stocks
Germany currently has a relatively unique tax arrangement for long-term Crypto holdings.
The latest reform direction is to eliminate the tax exemption for holdings over one year and incorporate crypto asset gains into a fixed tax rate system similar to capital assets, with the tax rate of 25% being the focus of market attention.
If successfully implemented, the tax logic for German Crypto investors will be closer to that of traditional financial assets like stocks and funds.
This indicates a significant change:
Crypto is transforming from a "special asset" into an investment that requires management like standard financial assets.
For local investors in Germany, this may reduce the tax attractiveness of long-term coin holding; however, from a regulatory perspective, a unified tax system may also make it easier for institutions to understand and participate in the digital asset market.
Banks begin to issue their own stablecoins
More noteworthy than tax system changes is that U.S. banks are genuinely entering the stablecoin issuance phase.
On September 9, U.S. Bank announced the completion of real-time cross-border payment pilot of its own dollar stablecoin USBDC.
Transactions are conducted on the Stellar public blockchain, involving fund transfers between entities in North America and Europe while retaining the bank's existing risk control, compliance, and operational systems.
The significance of this event lies in:
Previously, stablecoins were predominantly Crypto companies entering the payment sector.
Now it is starting to turn into:
Banks issuing on-chain dollars themselves.
PayPal is also advancing in a similar direction.
Its PYUSD has already covered 70 markets and continues to expand into business and payment scenarios. The emergence of PYUSDx means that businesses can use customized stablecoin infrastructure based on their operational needs.
Therefore, in the future, the competition for stablecoins may not just be among USDT and USDC, but:
Crypto native stablecoins vs bank stablecoins vs payment giant stablecoins.
Why does MetaMask want to become independent?
At the same time, wallet infrastructure is also beginning to reposition itself.
Consensys plans to spin off MetaMask into an independent company by the end of 2026, separating it from the parent company's business system.
This may suggest that MetaMask will no longer just be an Ethereum wallet but will further develop into a user entry point, payment, and consumer finance platform.
If stablecoins are becoming the infrastructure for on-chain payments, then wallets are the real entry points for users into this financial system.
From this perspective, the independence of MetaMask and the expansion of bank stablecoins and PayPal stablecoins share a certain industrial chain connection:
Stablecoins manage "money," public chains handle "settlement," and wallets provide "user entry."
CLARITY Act determines how fast the U.S. can move
The U.S. is currently in a more critical regulatory negotiation stage.
The CLARITY Act seeks to further clarify whether digital assets belong to securities or commodities, and which areas the SEC and CFTC should respectively oversee.
The Senate is expected to hold a key procedural vote on September 15, but there are still obvious divergences among the banking industry, Crypto sector, and bipartisan legislators. Controversies focus on stablecoin rewards, anti-money laundering, bank deposit competition, and the conflict of interest of government officials involved with Crypto.
Therefore, the CLARITY Act is not a regular regulatory bill.
What it truly determines is:
Whether the U.S. can establish a sufficiently clear set of digital asset market rules.
If progressed smoothly, it may further reduce the legal costs for institutions entering the Crypto market; if it falls into a stalemate again, the uncertainty of U.S. Crypto regulation will persist.
What really deserves attention is "Crypto financialization"
Putting these events together reveals a clearer trend:
Germany is standardizing Crypto investment taxes;
banks are starting to issue their own stablecoins;
PayPal is pushing stablecoins into business payments;
MetaMask is developing into an independent financial platform;
the U.S. is attempting to establish a unified regulatory framework through the CLARITY Act.
The experience of Crypto may no longer simply be of a "bull-bear cycle."
Instead, it represents a deeper restructuring of financial infrastructure.
What truly deserves notice in the future may not be which country is the most "friendly," but rather:
Who can first genuinely connect public chains, stablecoins, wallets, and the traditional financial system.
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