The U.S. cryptocurrency market is facing an unprecedented policy "triple whammy"! This week, the White House released a long-awaited digital asset policy report, outlining a broad regulatory roadmap for cryptocurrencies. Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) announced it is considering allowing spot cryptocurrency trading, and the U.S. Securities and Exchange Commission (SEC) updated its accounting rules for stablecoins and launched the ambitious "Project Crypto" initiative. Even more explosively, President Trump is preparing to sign an executive order aimed at combating the "de-banking" of cryptocurrency companies by financial institutions. These three major developments collectively form a "green light" for U.S. cryptocurrency market regulation, signaling that a trillion-dollar influx is about to explode, fundamentally rewriting U.S. financial regulations.
- White House Digital Asset Report Released: The "Regulatory Bible" for U.S. Cryptocurrencies
Since President Trump requested the establishment of a digital asset market working group in January, this report has been highly anticipated, even being hailed by some in the crypto community as the industry's "regulatory bible."
Comprehensive Roadmap: This 163-page report, prepared by the President's digital asset market working group, solidifies the government's stance on stablecoin regulation, tax reform, and federal market oversight. It outlines a broad regulatory roadmap for cryptocurrencies, proposing policy recommendations across multiple crypto-related areas, aiming to position the U.S. as a leader in the digital asset market.
Core Recommendations: The report recommends that Congress authorize the CFTC to regulate the spot market for non-security digital assets, embrace DeFi technology, and require the SEC and CFTC to immediately initiate digital asset trading at the federal level. It also emphasizes modernizing digital asset banking regulation, strengthening the dollar's status, combating illegal finance in the digital age, and ensuring fairness and predictability in digital asset taxation.
Industry Response: Ji Kim, CEO of the Crypto Innovation Committee, stated that the report covers everything and provides clear regulatory guidance. Rebecca Rettig, legal counsel at Jito Labs, also believes that this roadmap offers guidance for achieving true regulatory transparency in the U.S. crypto industry.
- CFTC and SEC New Regulations: "Green Light" for Crypto ETPs and "Project Crypto"
The two major U.S. financial regulatory agencies—CFTC and SEC—have also released significant positive signals.
CFTC: Breaking the Ice for Spot Crypto Trading: On August 5, the CFTC announced that it is considering allowing spot cryptocurrency trading on registered futures exchanges and is seeking stakeholder input. CFTC Acting Chair Caroline Pham stated that the agency aims to provide regulatory clarity for listing spot crypto assets on CFTC-registered futures exchanges (DCM). This is seen as the CFTC's first response to the White House report and an important step towards the compliance of spot crypto trading.
SEC: Update on Stablecoin Accounting Rules and "Project Crypto": On August 5, the SEC updated its staff guidance on stablecoin accounting rules. The core of the new guidance is that if a stablecoin pegged to the dollar has a guaranteed redemption mechanism and its value stability is linked to another type of asset, it may be classified as a "cash equivalent."
"Project Crypto": SEC Chair Paul Atkins announced a far-reaching new policy on July 31—"Project Crypto." This SEC-led blockchain reform initiative has a clear goal: to fundamentally rewrite the regulatory logic for the U.S. in the era of crypto assets, allowing financial markets to "move on-chain" and realize the grand vision outlined by the Trump administration—to make the U.S. the "crypto capital of the world." Atkins believes that decentralized financial systems, such as automated market makers (AMM), can essentially achieve non-intermediated financial market activities and should be granted legitimate status at the institutional level.
Compliance Bridge for RWA Track: Atkins explicitly stated in his speech that he will promote the tokenization of traditional assets and specifically mentioned ERC-3643 as a token standard worth referencing in the regulatory framework. ERC-3643 incorporates mechanisms for permission control, identity verification, and transaction restrictions, which can directly meet current securities regulations regarding KYC, AML, and accredited investors, and is expected to become a key bridge connecting the SEC with Ethereum and linking TradFi with DeFi.
Entrepreneurs Returning to the U.S.: The SEC will establish reclassification standards for crypto assets, providing clear disclosure norms, exemption conditions, and safe harbor mechanisms for common on-chain economic activities such as airdrops, ICOs, and staking. This means that project teams will no longer need to "pretend not to issue tokens," and the U.S. may once again become their first choice for token fundraising.
- Trump's Executive Order: Combating "De-banking" and Easing Restrictions for Crypto Companies
On August 5, The Wall Street Journal reported that President Trump is preparing to sign an executive order targeting the de-banking practices of financial institutions against businesses and individuals, including cryptocurrency companies.
Addressing Discrimination Issues: The executive order aims to address discrimination against cryptocurrency companies and conservative individuals, threatening to impose fines on banks that cut off customer relationships for political reasons and to take consent orders or other disciplinary actions.
Investigating Violations: The executive order also directs regulatory agencies to investigate whether any financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws.
This executive order will directly address the long-standing banking service challenges faced by crypto companies, clearing obstacles for industry development.
- Market Impact and Institutional Fund Flows
These regulatory developments have had a significant impact on the crypto market:
Institutional Funds Pouring In: Strategy announced the purchase of approximately $2.46 billion worth of 21,021 bitcoins, increasing its total holdings to 628,791 bitcoins, solidifying its leadership position in the "Bitcoin treasury." The BTC/USD trading volume during U.S. trading hours has risen to 57.3%, indicating a continued increase in the dominance of dollar-based funds in the market.
Ethereum Under High Attention: Glassnode data shows that the proportion of Ethereum open interest has risen to nearly 40%, reaching a new high since April 2023. Standard Chartered Bank analysts believe that treasury-type companies are continuously increasing their ETH holdings, reflecting its rising strategic position in asset allocation. If the inflow of funds remains strong, ETH is expected to break through the $4,000 mark.
Conclusion:
The U.S. crypto policy "triple whammy"—the release of the White House digital asset report, the new regulations from the CFTC and SEC, and President Trump's executive order against "de-banking"—collectively form a "green light" for U.S. cryptocurrency market regulation. These measures indicate that the U.S. is fundamentally reshaping its financial regulations to establish clear rules for the cryptocurrency market. This is not the end of the crypto industry but a new beginning, a transformative moment as crypto assets evolve from self-governance to institutional logic. It signifies that this once-experimental field is growing into a crucial part of the global financial infrastructure, with a trillion-dollar influx about to explode, and the U.S. is poised to become the "crypto capital of the world."
Related: The U.S. Securities and Exchange Commission (SEC) clarifies that certain liquid staking activities do not fall under the scope of securities law.
Original article: “U.S. Crypto Policy Fires Three Arrows: Loosening Regulations on Spot Trading, Stablecoins, and Anti-Debanking Measures”
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。
