This article is reprinted with permission from lawyer Xiao Za, and the copyright belongs to the original author.
Today, the team led by Sister Za conducted an in-depth analysis and reflection on the background, content, and logic of some official U.S. cryptocurrency asset legislative documents previously collected and organized. They found that the U.S. regulatory policy for cryptocurrency assets is gradually shifting from vague definitions to strict regulation, with the core goal of consolidating the dollar's hegemonic position through market regulation and innovation guidance. This policy evolution not only reshapes the financial ecology within the U.S. but also triggers a shift in regulatory paradigms and a reconfiguration of the global landscape. After understanding the ambitions of the U.S., Sister Za will analyze the impact and evolution of the U.S. regulatory framework for her old friends.
01 Background and Historical Evolution of U.S. Cryptocurrency Legislation
In recent years, with the rapid development of cryptocurrency assets, U.S. regulatory agencies have been continuously exploring how to define cryptocurrency assets, how to delineate regulatory authority, and how to respond to the challenges posed by technological changes. From the SEC's lawsuit against Coinbase in 2023, to the introduction of the "Financial Innovation and Technology Act of the 21st Century" (FIT21) in 2024, and the deliberation of the "U.S. Stablecoin National Innovation Guidance Act" (GENIUS) and the "Digital Asset Market Transparency Act" (CLARITY) in 2025, U.S. regulatory agencies have been making continuous efforts to define cryptocurrency assets, delineate regulatory authority, and balance innovation with risk. Meanwhile, the U.S. Congress has actively responded to public concerns about financial stability and the status of sovereign currency, as reflected in the introduction of the "Anti-CBDC Surveillance National Act," which expresses concerns about the potential surveillance capabilities of a digital dollar. This series of legislative proposals not only reflects the internal competition within the U.S. regulatory system but also reveals how it seeks to redefine the tension between financial sovereignty and technological freedom in the digital finance era.
In recent years, the U.S. has introduced several important pieces of legislation regarding cryptocurrency asset regulation, each targeting specific regulatory goals and issues, reflecting different strategies adopted by regulatory agencies in response to technological changes and market fluctuations. Therefore, for a deeper understanding and to facilitate a "visual" comprehension for old friends, Sister Za's team will conduct a comparative analysis of the various proposals. The main points of comparison can be explored from two aspects: "main regulatory goals" and "main impacts." Specifically:
(1) The FIT21 Act aims to promote financial technology innovation by clarifying the regulatory framework while preventing systemic financial risks. It serves as the "starting gun" for U.S. cryptocurrency assets to enter the race;
(2) The GENIUS Act focuses on the compliance of stablecoins, requiring issuers to hold 100% reserves in U.S. dollars or government bonds to enhance market confidence. It is a "historic milestone" for the legalization of stablecoins in the U.S.;
(3) The CLARITY Act focuses on resolving the confusion surrounding the regulation of cryptocurrency assets. It attempts to improve market transparency through classified regulation, categorizing digital assets into three types: commodities, securities, and stablecoins, and assigning corresponding regulatory authority to the CFTC and SEC. The regulatory logic of this act emphasizes "classified regulation" and "market transparency," essentially serving as the "stabilizing force" for U.S. cryptocurrency asset regulation.
(4) The Anti-CBDC Surveillance National Act reflects concerns about the potential impact of a digital dollar (CBDC) on the dominance of the cryptocurrency market and financial privacy. Therefore, the main content of this act is to prohibit the Federal Reserve from issuing a CBDC, further becoming a "consolidating act" for the U.S. cryptocurrency market.
In summary, combined with the implementation status and timelines of the various organized legislative proposals, old friends can refer to the following "U.S. Cryptocurrency Asset Legislative Overview" chart for a "visual" understanding.
Table 1: Overview of U.S. Cryptocurrency Assets Legislation
02 The Global "Impact" of U.S. Cryptocurrency Legislation
From the above analysis, it is evident that U.S. cryptocurrency regulatory policy is continuously evolving, shifting from early vague definitions to current classified regulation, with regulatory agencies constantly adjusting their strategies to meet the demands of technological development. Therefore, due to the introduction of innovative proposals, there are profound impacts both domestically and globally, which the Sister Za team has the following insights on.
Impact of U.S. Cryptocurrency Legislation on the Domestic Front
As a core country or region of the global financial system, the evolution of U.S. cryptocurrency policy not only affects the domestic market but also has far-reaching implications for the global financial landscape. In recent years, the U.S. has shown a trend of shifting from caution to openness in cryptocurrency regulation, and this policy adjustment has significantly impacted the domestic financial system, economic structure, and international standing.
Firstly, U.S. cryptocurrency policy has promoted domestic financial innovation and technological advancement. For example, the introduction of the FIT21 Act and the GENIUS Act provides pioneering institutional guarantees for the legalization and standardization of cryptocurrency assets, encouraging the application of blockchain technology in areas such as financial infrastructure, supply chain management, and digital identity verification. This policy direction not only promotes the diversified development of the domestic financial market but also provides growth momentum for technological development in the U.S.
Secondly, U.S. cryptocurrency policy has proposed innovative regulatory models for the stability of the financial system. Congressman Brian Steil once stated, "The golden age of digital assets has arrived, and the U.S. will lead the way. By legislating on stablecoins and market structure, and prohibiting CBDCs, we will ensure that the U.S. wins the Web3 race. This proposal encourages innovation and development in U.S. Web3 businesses, protects consumers from fraud, and allows us to surpass our competitors, ensuring the future dominance of blockchain technology in the U.S." The emergence of the CLARITY Act and the Anti-CBDC Surveillance National Act has positioned the regulatory approach to U.S. cryptocurrency assets, ensuring that U.S. regulatory agencies strengthen risk control and protect investor privacy while promoting financial innovation.
Impact of U.S. Cryptocurrency Legislation on the Global Front
U.S. cryptocurrency policy not only affects the domestic market but also has profound implications for the global financial system and regulatory framework.
Firstly, the U.S. policy shift provides a reference and model for other countries. For example, the European Union's "Regulation on Markets in Crypto-Assets" (MiCAR) has been inspired to some extent by U.S. policy, attempting to encourage investor protection and curb speculative cryptocurrency asset development through a clear regulatory framework. Additionally, the adjustment of U.S. policy may prompt other countries to revise their regulatory policies to maintain competitiveness, thereby promoting the normalization and internationalization of the global cryptocurrency market.
Secondly, U.S. cryptocurrency policy has significant implications for global financial stability and capital flows. Due to the cross-border nature of cryptocurrency assets, U.S. policy choices may impact international financial stability, cross-border capital flows, and the sovereignty of other non-U.S. currencies. For instance, U.S. support for cryptocurrency development may weaken the ability of emerging market countries to manage cross-border capital flows and create competitive pressure on regions and countries like the EU and China that are promoting central bank digital currency development. Furthermore, the U.S. government's open attitude towards cryptocurrency may accelerate the convergence of cryptocurrency regulation globally, facilitating the legalization and normalization of cross-border cryptocurrency transactions.
In summary, U.S. cryptocurrency policy not only has profound implications for the domestic financial system and economic structure but also significantly impacts the global financial system, regulatory framework, and competitive landscape of financial technology. In the future, as more countries engage in discussions on cryptocurrency regulation, U.S. policy direction will continue to play an important role globally.
03 The Evolutionary "Trends" of U.S. Cryptocurrency Legislation
The evolution of U.S. cryptocurrency regulatory policy is showing a clear trend, with the core goal of promoting the cryptocurrency market from chaos to regulation through an "ambitious" legislative path, ultimately achieving the continuation of dollar hegemony. This trend is not only reflected in the rapid advancement of current policies but also indicates that more innovative legislation will be introduced in the future to consolidate the U.S.'s dominant position in the global financial system.
From the current "trend," U.S. cryptocurrency regulatory policy exhibits significant strategic intent, aiming to transition the digital currency market from a chaotic state to an orderly operation. The Trump administration explicitly proposed in the executive order "Strengthening America's Leadership in Digital Financial Technology" to establish a "safe and growth-friendly regulatory framework" to unleash the innovative potential of the cryptocurrency industry. This policy direction is reflected not only at the administrative level but also at the legislative level. For example, the FIT21 Act and other proposals follow a prudent and inclusive regulatory policy orientation, encouraging "responsible financial innovation" and providing ample space for the continued development of the cryptocurrency industry. With the advancement of these proposals, the U.S. is expected to further consolidate its dominant position in the global cryptocurrency market.
Looking at the "trend" for the next decade, U.S. policy indicates that more innovative legislation will be introduced to meet the new demands of market development. While the Trump administration is pushing cryptocurrency regulatory policy back to the main line of "supporting innovative development," it also recognizes the core role of stablecoins in the digital finance sector, with the dollar's dominant position in the stablecoin market being a key advantage for the U.S. Therefore, the U.S. Congress is advancing two key pieces of legislation aimed at creating a regulatory framework for payment stablecoins, which may further consolidate the dollar's status as a reserve currency in the digital finance sector. Additionally, recent developments in the digital currency field indicate that the U.S. is attempting to strengthen its control over the international financial system in the digital age, and these initiatives may reinforce dollar hegemony while hindering the efforts of developing countries to promote diversification in the international monetary system.
From the perspective of achieving the ultimate goal, the fundamental objective of U.S. cryptocurrency regulatory policy is to ensure the continued consolidation of dollar hegemony through the improvement of regulatory frameworks and policy guidance. The U.S. already leads in terms of market share and influence in the global cryptocurrency market. According to Chainalysis data, from July 2023 to June 2024, the inflow of cryptocurrency funds into the U.S. reached approximately $900 billion, far surpassing other countries and regions; at the same time, in 2023, the number of cryptocurrency holders in the U.S. approached 53 million, with a cryptocurrency ownership penetration rate (the proportion of holders to the total population) reaching 15.6%, significantly higher than the global average of 6.8%. Therefore, all regulatory reforms and policy adjustments made by the U.S. aim to become the global cryptocurrency center, and this strategy will profoundly impact the global financial landscape and the position of dollar hegemony. As policies gradually take effect, the U.S. is expected to further consolidate its leading position in the global cryptocurrency market and promote the development of the global financial system towards a more normalized and institutionalized direction through the improvement of regulatory frameworks.
04 Final Thoughts
In summary, the U.S. is clearly demonstrating its strategic intent to regulate the market, lead innovation, and consolidate financial hegemony through a series of pioneering cryptocurrency regulatory acts. This policy evolution is not only profoundly reshaping the domestic financial ecology but also triggering a wave of regulatory paradigm shifts and landscape reconfigurations globally, with its influence being significant.
The Sister Za team would like to conclude: As seasoned players in the cryptocurrency space, we need not feel envious or anxious. Opportunities have always been in our hands, and each of you will make your own decisions. No matter how strong the U.S. momentum, we believe that the Hong Kong region will also catch up with its unique advantages. "The wind rises at the edge of the green plumes, and the waves form between the subtle ripples," let’s wait and see!
Related: BitMine's $1 billion buyback plan currently leans more towards stocks rather than more Ethereum (ETH)
Original: “U.S. Cryptocurrency New Policy: Continuation of Hegemony or Financial Innovation?”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
