In July 2025, the President of the United States signed the "GENIUS Act," which is the first comprehensive digital asset regulatory legislation in U.S. history. The act establishes a federal licensing system for the stablecoin market, requiring 100% reserve backing, and is regulated by the Federal Reserve System and the Office of the Comptroller of the Currency (OCC). Additionally, the U.S. has established a "Digital Asset Strategic Reserve" aimed at enhancing the country's leadership in the global digital asset space.
At the Securities and Exchange Commission (SEC), the U.S. has formed a "Crypto Task Force" focused on developing a clear regulatory framework for crypto assets. However, these reforms have also faced opposition from certain groups. The largest labor union in the U.S., the AFL-CIO, publicly opposed the related legislation, arguing that it could pose risks to investment portfolios such as retirement funds.
The Financial Services Agency (FSA) of Japan is considering amending the "Banking Act" to allow securities subsidiaries of banking groups to offer cryptocurrency trading services. Currently, these subsidiaries are prohibited from registering crypto asset services under the Banking Act framework. If the amendment is passed, it will promote the integration of traditional financial institutions with the crypto market, enhancing market competitiveness.
In October 2025, the Financial Stability Board (FSB) released a report highlighting "significant gaps" in global cryptocurrency regulation, particularly concerning stablecoins and cross-border transactions. Although some countries have taken measures, the global regulatory framework remains inconsistent, which could impact financial stability. The FSB calls for strengthened international cooperation and unified regulatory standards to address the cross-border risks of the crypto market.
The passage of the "GENIUS Act" and policy adjustments in the U.S. have boosted market confidence in the short term. For example, after Binance founder Changpeng Zhao was sentenced to four months in prison for violating bank secrecy laws, President Trump pardoned him on October 23, 2025, leading to a positive market reaction, with BNB's price rising by 15% at one point.
However, the market also faces challenges. The inconsistency of global regulations may lead to fragmented capital flows, affecting market stability. Additionally, increased investor protection and compliance costs may pressure small and medium-sized crypto enterprises.
Looking ahead, global cryptocurrency regulation is expected to evolve towards unification and transparency. Countries need to strengthen cooperation and establish unified regulatory standards to promote the healthy development of the crypto market. Meanwhile, market participants should pay attention to policy changes and flexibly adjust their strategies to respond to the ever-changing regulatory environment.
Related: Coinbase CEO: Despite government shutdown, the cryptocurrency market structure bill is "90% complete"
Original: “Cryptocurrency Regulation Landscape: Global Policy Evolution and Market Impacts”
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