In recent years, with the rapid development of blockchain technology and the widespread global adoption of crypto assets, the United States, as the core of the global financial system, is poised to have a profound impact on the global digital financial landscape through its regulatory stance and policy direction. Today, based on previously compiled official US crypto asset legislation, our team has conducted a thorough analysis and reflection on its background, content, and logic. We have found that US crypto asset regulatory policy is gradually shifting from vague definitions to strict oversight, with the core goal of consolidating the dollar's hegemony by regulating the market and fostering innovation. This policy evolution is not only reshaping the US financial ecosystem but also triggering a paradigm shift and reshaping of regulation globally. Understanding the US's ambitions, we will provide a step-by-step analysis of the impact and evolving direction of the US regulatory framework.
Background and Historical Evolution of U.S. Crypto-Assets Act
In recent years, with the rapid development of crypto-assets, U.S. regulators have been continuously exploring how to define crypto-assets, how to divide regulatory authority, and how to respond to the challenges brought about by technological change. From the SEC's lawsuit against Coinbase in 2023, to the proposal of the 21st Century Financial Innovation and Technology Act (FIT21) in 2024, to the deliberations of the U.S. Stablecoin National Innovation Guidance Act (GENIUS) and the Transparency in Digital Asset Markets Act (CLARITY) in 2025, U.S. regulators have been continuously working to define crypto-assets, how to divide regulatory authority, and how to balance innovation and risk. At the same time, the U.S. Congress has also been actively responding to public concerns about financial stability and the status of sovereign currencies. For example, the proposal of the Anti-CBDC Surveillance State Act reflects concerns about the potential surveillance capabilities of the digital dollar. This series of bills not only reflects the internal game of the U.S. regulatory system, but also reveals how it redefines the tension between financial sovereignty and technological freedom in the digital financial era.
In recent years, the United States has introduced a number of important bills on crypto asset regulation. Each bill targets specific regulatory objectives and issues, reflecting the different strategies of regulators in responding to technological changes and market fluctuations. Therefore, in order to have a deeper understanding of this and to facilitate "visualization" understanding for old friends, the Sister Sa team will conduct a comparative analysis of the various plans. The entry point for comparison can be mainly discussed from the two aspects of "main regulatory objectives" and "main impacts". Specifically:
(1) The FIT21 Act aims to promote financial technology innovation by clarifying the regulatory framework, while preventing systemic financial risks. It serves as the "starting block" for U.S. crypto assets to enter the race; (2) The GENIUS Act focuses on the implementation of the compliance of stablecoins, requiring issuers to hold 100% of US dollars or Treasury bonds in reserves to enhance market confidence. It is a "historic milestone" in the legalization of U.S. stablecoins; (3) The CLARITY Act focuses on solving the problem of chaotic regulation of crypto assets. It attempts to improve market transparency through classified regulation. The bill divides digital assets into three categories: commodities, securities, and stablecoins, and grants the CFTC and SEC corresponding regulatory powers. The regulatory logic of the bill emphasizes "classified regulation" and "market transparency", and its essence is the "stabilizing force" of the US crypto asset regulatory path. (4) The "Anti-CBDC Surveillance State Act" reflects concerns about the potential impact of the digital dollar (CBDC) on the dominance of the cryptocurrency market and financial privacy. Therefore, the main content of the bill is to prohibit the Federal Reserve from issuing CBDC, which further becomes the "consolidation bill" of the US cryptocurrency market. In summary, combined with the implementation status and time nodes of the various bills that have been sorted out, old friends can use the following "US Crypto Asset Bill Sorting" chart for "visualization" to check and understand. Table 1: Overview of U.S. Crypto-Asset Bills The Global Impact of U.S. Crypto-Asset Bills The above analysis demonstrates that U.S. crypto-asset regulatory policies are constantly evolving. From early vague definitions to current categorized regulation, regulators are constantly adjusting their strategies to adapt to technological developments. Consequently, the innovative proposals have had a profound impact both domestically and globally. The SAJI team offers the following insights. Impact of US Crypto-Asset Laws on the United States As a core country or region in the global financial system, the evolution of the United States' crypto-asset policies not only affects the domestic market but also has a profound impact on the global financial landscape. In recent years, the United States has demonstrated a shift from cautious to open cryptocurrency regulation. This policy adjustment has had a significant impact on the country's financial system, economic structure, and international status. First, the United States' crypto-asset policies have promoted financial innovation and technological advancement in the country. For example, the introduction of the FIT21 Act and the GENIUS Act provides pioneering institutional guarantees for the legalization and standardization of crypto-assets, encouraging the application of blockchain technology in financial infrastructure, supply chain management, digital identity authentication, and other fields. This policy orientation not only promotes the diversified development of the US domestic financial market but also provides a growth trend for US technological development. Secondly, US crypto-asset policy proposes an innovative regulatory model for the stability of the financial system. Congressman Brian Steele once said, "The golden age of digital assets has arrived, and the United States will lead the way. Passing stablecoin and market structure legislation, and banning CBDCs, will ensure that the United States wins the Web3 race. This approach encourages innovation and development of US Web3 businesses, protects consumers from fraud, and enables us to outperform our competitors, ensuring that the United States dominates the future of blockchain technology." The CLARITY Act and the Anti-CBDC Surveillance State Act define the US approach to crypto-asset regulation, ensuring that US regulators strengthen risk control and investor privacy protection while promoting financial innovation. The Global Impact of US Crypto-Asset Laws US crypto-asset policies not only impact the domestic market but also have a profound impact on the global financial system and regulatory framework. First, the US policy shift provides a reference and inspiration for other countries. For example, the EU's Markets in Crypto-Assets Regulation (MiCAR) was partly inspired by US policies and seeks to encourage investor protection and curb the development of speculative crypto-assets by clarifying the regulatory framework. Furthermore, US policy adjustments may prompt other countries to adjust their regulatory policies to maintain competitiveness, thereby promoting the standardization and internationalization of the global crypto-asset market. Second, US crypto-asset policies have had a significant impact on global financial stability and capital flows. Due to the cross-border nature of crypto-assets, US policy choices may impact international financial stability, cross-border capital flows, and the sovereign rights of other non-US currencies. For example, US support for the development of cryptocurrencies could undermine the ability of emerging market economies to manage cross-border capital flows and create competitive pressure on regions and countries like the EU and China that are promoting the development of central bank digital currencies. Furthermore, the US government's open approach to crypto-assets could accelerate global regulatory convergence and promote the legalization and standardization of cross-border cryptocurrency transactions. In summary, US crypto-asset policies have profoundly impacted not only the US financial system and economic structure, but also the global financial system, regulatory framework, and fintech competition. As more countries join the discussion on crypto-asset regulation, US policy direction will continue to play an important role globally. The Evolution of US Crypto-Asset Laws: The Evolution of US Crypto-Asset Regulatory Policy: The core objective of the evolution of US crypto-asset regulatory policy is clearly to move the cryptocurrency market from chaos to regulation through ambitious legislative approaches, ultimately ensuring the continuation of the US dollar's hegemony. This trend is not only reflected in the rapid advancement of current policies, but also foreshadows the introduction of more innovative legislation to consolidate the US's dominant position in the global financial system. From the current perspective, US crypto-asset regulatory policy demonstrates a clear strategic intent, aiming to move the digital currency market from chaos to orderly operation. In its executive order, "Strengthening American Leadership in Digital Financial Technology," the Trump administration explicitly calls for the establishment of a "safe and growth-friendly regulatory framework" to unleash the innovative potential of the crypto industry. This policy orientation is reflected not only at the administrative level but also at the legislative level. For example, bills like the FIT21 Act adhere to a prudent and inclusive regulatory approach, encouraging "responsible financial innovation" and providing ample space for the continued development of the crypto industry. With the advancement of these bills, the United States is expected to further consolidate its dominant position in the global cryptocurrency market. Looking ahead to the next decade, US policy suggests that more innovative legislation will be introduced to adapt to emerging market demands. While the Trump administration is pushing cryptocurrency regulatory policy back toward supporting innovative development, it also recognizes the central role of stablecoins in digital finance, and the dollar's dominant position in the stablecoin market is a key advantage for the United States. Therefore, the US Congress is advancing two key pieces of legislation aimed at establishing a regulatory framework for payment stablecoins, which could further consolidate the dollar's reserve currency status in digital finance. Furthermore, the United States' recent progress in the digital currency sector suggests it is attempting to strengthen its control over the international financial system in the digital age. These moves could entrench the dollar's hegemony and hinder developing countries' efforts to promote diversification of the international monetary system. From the perspective of ultimate goal, the fundamental objective of US crypto asset regulatory policies is to ensure the continued consolidation of the dollar's hegemony by improving the regulatory framework and providing policy guidance. The United States already holds a leading share and influence in the global cryptocurrency market. According to Chainalysis data, cryptocurrency inflows into the United States between July 2023 and June 2024 reached approximately $900 billion, far exceeding any other country or region. Furthermore, in 2023, the number of cryptocurrency holders in the United States reached nearly 53 million, with a cryptocurrency penetration rate (the proportion of holders to the total population) reaching 15.6%, far exceeding the global average of 6.8%. Therefore, all regulatory reforms and policy adjustments made by the United States are aimed at becoming a global cryptocurrency hub, a strategy that will profoundly impact the global financial landscape and the dollar's hegemony. With the gradual implementation of these policies, the United States is expected to further consolidate its leading position in the global cryptocurrency market and, through improvements to its regulatory framework, promote a more standardized and institutionalized global financial system. Final Wording
Overall, the United States is adopting a series of groundbreaking crypto-asset regulatory bills, clearly demonstrating its strategic intent to regulate the market, lead innovation, and consolidate its financial hegemony. This policy evolution is not only profoundly reshaping the domestic financial ecosystem but also triggering a global regulatory paradigm shift and restructuring, with its impact being undeniable. The Sister Sa team would like to conclude by saying: As seasoned crypto players, we have no need to be jealous, let alone anxious. Opportunities are always within our grasp, and you, as long-time friends, will make your own decisions. Even if the US continues to gain momentum, we believe that Hong Kong, China, will surely catch up thanks to its unique advantages. "The wind starts from the tip of the green duckweed, and the waves form between the ripples." Let's wait and see.
Anais
Weatherly