Elliptic's latest *2025 Global Crypto Regulation Review* points out that countries have shifted this year from a 'law enforcement-heavy' approach to focusing on 'innovation.' Banks, stablecoins, and Asian financial hubs are set to dominate the next phase of policy development. The U.S. has seen the most significant changes: Trump has made crypto a core policy priority, pushing for the introduction of the federal stablecoin framework GENIUS Act. The DOJ has stopped 'regulation by prosecution,' and the SEC has established a crypto task force to restore confidence in U.S. crypto innovation. The report states that stablecoins are transitioning from 'centralized IOUs' to on-chain native assets, being used as collateral, settlement, and yield tools, which will influence protocol design. Banks in the U.S., EU, and Hong Kong are preparing to enter stablecoin issuance and custody, with institutional participation seeing structural growth. Global stablecoin regulations are being rolled out intensively, with steady progress in Hong Kong, the UK, South Korea, Singapore, the UAE, and others. (Decrypt) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=53422