If the on-chain move of the U.S. Depository Trust & Clearing Corporation (DTCC) signifies a reshaping of the "infrastructure" of the U.S. financial system, then the latest news from U.S. regulators indicates a systematic elimination of "institutional friction."

In the past 24 hours, the U.S. crypto market has witnessed two new developments that could impact the industry landscape:

• Enhanced regulatory certainty: Michael Selig has officially been sworn in as the CFTC Chairman and stated that Congress is ready to submit the crypto market structure bill to the President's desk.
• Reduced transaction costs: Bipartisan lawmakers are drafting a new bill that aims to exempt certain stablecoin payments from capital gains tax and allow the deferral of staking income recognition for five years.

This is not just isolated good news. Combined with the earlier news of DTCC receiving approval for a pilot program, it becomes clear that the U.S. is building a complete compliance loop from infrastructure to application scenarios.

Transfer of Regulatory Power

For a long time, one major challenge faced by crypto enterprises in the U.S. has been the uncertainty of regulatory rules. The "territorial dispute" between the SEC and CFTC has made it difficult for market participants to navigate.

However, with Michael Selig officially at the helm of the CFTC, this situation has reached a substantial turning point. He has clearly stated after taking office that he will promote legislation for the crypto market structure.

This is not a unilateral action by the CFTC, but rather a tacit cooperation with the SEC. Just last month, SEC Chairman Paul Atkins proposed a "four-tier classification structure," actively excluding digital commodities (such as Bitcoin and Ethereum) from the category of securities.

Now, the CFTC's legislative commitment is to take over this portion of jurisdiction relinquished by the SEC.

As congressional legislation progresses, the regulatory logic will shift from "SEC's enforcement-driven" to "CFTC's legislative-driven," ending the chaotic state of "territorial disputes" and "blind box enforcement" between regulatory agencies.

Bipartisan Proposal

If the CFTC has addressed the compliance framework issue, then the new tax bill being drafted directly targets the pain points of practical application.

Although the bill is still in draft form, the two core proposals disclosed already demonstrate lawmakers' determination to unblock payment bottlenecks:

• Proposed exemption for small payment taxes

Under current tax law, using crypto assets for payments may trigger capital gains tax reporting, significantly increasing the compliance costs of payment scenarios. The new draft proposes to exempt certain stablecoin payments from capital gains tax.

If this provision is ultimately enacted, it will institutionally eliminate the friction of crypto payments, allowing them to circulate as "currency" rather than "assets" in commercial activities.

• Proposed deferral of staking income recognition

Previously, staking income generated tax liability upon receipt. The new draft plans to allow income recognition to be deferred for five years. This aims to reduce cash flow pressure on holders and encourage long-term holding from a tax perspective.

Although there is still a distance from "draft" to "law," this represents a significant shift in Washington's direction: they are beginning to think about how to make crypto assets "usable" from a tax perspective, rather than just "manageable."

The "Panorama" of U.S. Crypto Strategy

Connecting the recent regulatory dynamics, a clear picture is emerging:

• Infrastructure layer: DTCC goes on-chain, and the clearing system begins to test the acceptance of tokenized assets.
• Regulatory layer: CFTC promotes legislation aimed at clarifying trading rules and regulatory boundaries.
• Application layer: Tax proposals follow up, attempting to reduce friction costs in payments and holdings.

This series of actions indicates that the U.S. is systematically attempting to eliminate barriers from various dimensions—technology, law, and taxation.

The "Starting Gun" for Mass Adoption

When the backend is connected, rules are clarified, and potential tax friction is removed, the mass adoption of crypto assets will no longer be a distant vision but a reality with institutional foundations.

If the DTCC going on-chain is a "reassurance" for financial institutions, then the advancement of tax proposals is a "pass" for commercial applications.

The future crypto world may truly integrate into the operation of the global financial system in a more compliant and lower-friction manner.

This content is for reference only and does not constitute investment advice. The market has risks, and investment should be approached with caution.

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