Introduction

Bitcoin has recently experienced a decline, but its status as a core asset in USD remains unaffected. Regulatory trends are easing, and USD assets are expected to maintain a fluctuating upward trend.

With the implementation of crypto-friendly policies by the Trump administration, the U.S. crypto industry is facing unprecedented opportunities. Core institutions such as the Treasury, SEC, and CFTC are led by officials supportive of crypto, the White House has established a Digital Asset Working Group, and Congress has set up a Crypto Asset Committee to promote the legalization and institutionalization of the industry. This policy direction has boosted market confidence and accelerated the entry of mainstream financial institutions.

At the legislative level, the advancement of the FIT21 Act, the establishment of a regulatory framework for stablecoins, and the softening of the SEC's enforcement stance signify that the crypto industry is bidding farewell to policy uncertainty and moving towards a more stable and sustainable development path. Although the short-term market may experience fluctuations due to macroeconomic factors and the timing of policy implementation, the long-term trend is positive. The U.S. is accelerating the construction of the world's most competitive crypto financial ecosystem, transitioning the industry from the "Wild West" to the mainstream financial system.

1. The Trump Administration Appoints Crypto-Friendly Officials, Industry Welcomes Development Opportunities

1. Key Regulatory Agency Leadership Adjustments

The Trump administration has demonstrated a crypto-friendly stance in its leadership arrangements at key financial regulatory agencies:

Treasury Secretary/Scott Bessent: As a hedge fund manager and cryptocurrency advocate, he supports Bitcoin and decentralized finance (DeFi), pushing the Treasury to ease regulations on crypto assets and provide more leeway in tax policy for the industry.

SEC Chairman/Paul Atkins: A former SEC commissioner, he supports free market development and reducing regulatory intervention. His appointment suggests that the SEC may reduce enforcement actions and promote market freedom.

CFTC Chairman/Brian Quintenz: As a former CFTC commissioner, he advocates for relaxed regulation of crypto derivatives and DeFi, and it is expected that the CFTC will encourage innovation rather than restrict industry development.

The appointments of these key officials have enhanced market confidence, with investors anticipating a more open regulatory environment in the U.S.

2. White House Digital Asset Working Group

The Trump administration established the Presidential Working Group on Digital Asset Markets, led by White House AI and Crypto Special Advisor David Sacks, with members including the Treasury Secretary, Attorney General, and heads of key regulatory agencies like the SEC and CFTC.

The goals of this working group include:

Developing a national cryptocurrency regulatory framework—unifying market structure, consumer protection, and risk management rules.

Assessing the feasibility of Bitcoin as a national reserve—submitting relevant policy recommendations within 180 days.

Preventing the development of CBDCs—explicitly prohibiting the Federal Reserve from developing a central bank digital currency (CBDC) to protect the private digital currency market.

The establishment of this working group positions the U.S. as a global cryptocurrency center, with a more systematic approach to policy advancement.

3. U.S. Senate Banking Committee: Establishing a Digital Asset Committee

On January 23, 2025, the Senate Banking Committee established a Digital Asset Committee, chaired by Senator Cynthia Lummis, to promote industry compliance: through bipartisan legislative efforts, facilitating stablecoin regulation, optimizing market structure, and pushing for Bitcoin to become a national strategic reserve asset. The committee will oversee financial regulatory agencies to prevent discriminatory suppression of cryptocurrencies, such as "Operation Chokepoint 2.0."

Lummis proposed the Strategic Bitcoin Reserve Act, suggesting the sale of a portion of the Federal Reserve's gold reserves to purchase 1 million Bitcoins, establishing a national Bitcoin reserve, reflecting the Trump administration's emphasis on Bitcoin.

Below is an overview of crypto-related officials appointed since Trump took office:

2. U.S. Crypto Legislation Sees a Turning Point, Regulatory Easing, Industry Moves Towards Mainstream

1. SEC Eases Regulations, Crypto Industry Gains Breathing Room

Recent policy adjustments by the SEC indicate a softening of regulatory attitudes:

Withdrawal of enforcement actions against crypto giants: Termination of investigations and lawsuits against companies such as Uniswap Labs, Robinhood Crypto, OpenSea, Coinbase, and Gemini.

Recognition of Memecoins as non-securities: Allowing certain tokens to avoid the constraints of securities regulations, promoting market innovation.

Strengthening industry communication: SEC Commissioner Uyeda acknowledged past over-reliance on enforcement and committed to promoting policy transparency and dialogue with major industry firms and leaders.

These measures have allowed the U.S. crypto industry to escape frequent enforcement pressures and move towards a more stable and healthy direction.

2. Stablecoin Legislation on the Agenda, Market Confidence Strengthened

On February 5, U.S. Senator Bill Hagerty proposed stablecoin regulatory legislation, bringing USDT, USDC, and other stablecoins under the Federal Reserve's regulatory framework, providing compliance operational guidelines. This bill has garnered bipartisan support and is seen as a key step for the crypto market towards mainstream financial systems. Once passed, the legitimacy and security of stablecoins will significantly increase, expected to attract more traditional financial institutions into the market and further drive industry development.

3. Repeal of SAB121, Easing Crypto Accounting Policies

On January 24, the SEC officially repealed the SAB121 crypto accounting policy, allowing for more flexible financial treatment of crypto asset custody businesses. Previously, this policy required custodians to include clients' crypto assets on their balance sheets, increasing compliance costs and operational pressures. After the policy adjustment, banks, exchanges, and financial institutions can more freely offer crypto asset custody services, lowering barriers for institutional investors to enter the market.

4. FIT21 Act: Clear Regulatory Framework for the Crypto Market

On May 22, 2024, the FIT21 Act was passed in the House of Representatives, regarded as a historic breakthrough for the U.S. crypto industry. This act addresses the long-standing disagreements between the SEC and CFTC regarding cryptocurrency regulation and clarifies:

Regulatory powers of the SEC and CFTC: Ending the chaotic regulatory situation and providing a unified regulatory framework.

Classification standards for cryptocurrency securities and commodities: Resolving core legal disputes and avoiding regulatory overlap.

Clear rules for token issuance and trading: Providing practitioners with clear compliance guidance and reducing uncertainty.

Promoting research on DeFi regulation: Facilitating the integration of decentralized finance (DeFi) with mainstream markets.

The advancement of this act is gradually legalizing and institutionalizing the U.S. crypto market, enhancing market confidence, and positioning the U.S. to become the world's most competitive crypto financial center.

4. Conclusion: The Crypto Industry Moves Towards Mainstream, Welcoming a Golden Development Period

Since the Trump administration took office, the policy environment for the U.S. crypto industry has undergone fundamental changes, with regulatory attitudes shifting from high pressure to friendly, significantly boosting market confidence. The government has gradually clarified the regulatory framework for the crypto industry through key official appointments, the establishment of a digital asset working group, and legislative efforts in Congress, providing a more stable policy environment.

The SEC has relaxed enforcement, stablecoin regulation is accelerating, and the FIT21 Act has successfully passed the House of Representatives, with the crypto market rapidly moving towards legalization and institutionalization. As favorable policies continue to be implemented, the environment for corporate innovation is further opening up, investor confidence is strengthening, and areas such as stablecoins, DeFi, and custody may welcome a new round of growth.

The U.S. is accelerating its consolidation of the global crypto financial center position, and the golden development period for the industry is about to arrive, with cryptocurrencies moving towards the mainstream financial system becoming an inevitable trend.

About Us

Metrics Ventures is a data and research-driven liquidity fund for the secondary market of crypto assets, led by a team of experienced crypto professionals. The team possesses expertise in primary market incubation and secondary market trading, actively contributing to industry development through in-depth on-chain/off-chain data analysis. MVC collaborates with senior influencers in the crypto community to provide long-term empowerment support for projects, such as media and KOL resources, ecological collaboration resources, project strategies, and economic model consulting capabilities.

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