Source: Cointelegraph Original: "{title}"
According to industry leaders and legal experts, U.S. cryptocurrency regulation needs to provide clearer guidelines on stablecoins and banking relationships before lawmakers prioritize tax reform.
"In my view, tax is not necessarily the top priority for upgrading U.S. crypto regulation," said Mattan Erder, legal counsel for the third-layer decentralized blockchain network Orbs.
Erder told Cointelegraph that for U.S. lawmakers, adopting a "tailored regulatory approach" in areas like securities law and eliminating "banking barriers" are priorities that would bring "more room for growth" to the industry.
"The new Trump administration is clearly fully supportive of cryptocurrency and is taking steps that we could only dream of a few years ago (including during his first term)," he said. "It seems likely that crypto regulation will gain clearer and more reasonable guidelines across all areas, including taxation."
However, Erder pointed out that the goals achievable by President Trump solely through executive orders and regulatory agency actions are limited. "At some point, the law itself needs to change, and for that, he needs the support of Congress," he said.
Trump's executive order on March 7 directed the government to use cryptocurrency assets seized in criminal cases to establish a national Bitcoin reserve, which is seen as a signal of the federal government's increasing support for digital assets.
Despite the government's recent moves to support cryptocurrency, industry experts say that crypto companies may continue to face difficulties in accessing banking services at least until January 2026.
"It is still too early to say that 'debanking' is over," because "Trump won't be able to appoint new Federal Reserve governors until January next year," said Caitlin Long, founder and CEO of Custodia Bank, during Cointelegraph's daily show Chainreaction on X.
The Crypto Debanking Crisis: #CHAINREACTION https://t.co/nD4qkkzKnB
A lawsuit led by Coinbase in June 2024 resulted in the release of letters revealing that U.S. banking regulators had requested certain financial institutions to "pause" crypto banking operations, leading to peak industry outrage over the so-called debanking.
David Pakman, managing partner of crypto investment firm CoinFund, stated that a regulatory framework for stablecoins could encourage more traditional financial institutions to adopt blockchain-based payment methods.
"Some legislation in the U.S. that may pass soon, such as the stablecoin bill, will bring many traditional banks, financial services, and payment companies onto the crypto track," Pakman said during Cointelegraph's live show Chainreaction on March 27.
"When we talk to them, we hear this firsthand; they want to use the crypto track as a low-cost, transparent, 24/7 network that does not rely on intermediaries to transfer funds."
These comments come as the industry awaits progress on U.S. stablecoin legislation, which, according to Bo Hines, executive director of the President's Digital Asset Advisory Committee, could be achieved within the next two months.
The GENIUS Act (full name: "Guiding and Establishing U.S. Stablecoin National Innovation") will set collateral guidelines for stablecoin issuers while requiring full compliance with anti-money laundering laws.
Related: The UAE is expected to launch a digital dirham in Q4 2025.
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