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What new changes are emerging in cryptocurrency regulation?
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On his third day in office, January 23, U.S. President Trump signed the Executive Order on Enhancing American Leadership in Digital Financial Technology. The order proposed the establishment of the Presidential Digital Asset Market Working Group to explore federal regulatory measures for stablecoins and plans for a national digital asset reserve. It also explicitly prohibits the creation, issuance, circulation, or use of central bank digital currencies.
Last July, at the Bitcoin 2024 conference in Nashville, Trump delivered a speech, promising to remove SEC Chairman Gary Gensler—who has faced strong criticism from the crypto industry—on his first day in office. On November 22, 2024, the SEC announced that Gensler would step down on Trump’s first day in office. On January 20 of this year, he officially resigned. His successor is Paul Atkins, CEO of Patomak Global Partners LLC and a former SEC commissioner. His nomination is currently awaiting congressional confirmation.
On May 22 last year, the FIT21 bill was passed by the House of Representatives and was regarded as a historic breakthrough for the U.S. crypto industry. The bill resolves the long-standing differences between the SEC and the CFTC on cryptocurrency regulation, and the bill is currently being promoted.
The U.S. House of Representatives passed a resolution to overturn the IRS's broker rule for decentralized financial platforms. The rule requires crypto entities to collect specific taxpayer and transaction information, which is difficult for DeFi platforms to implement. Previously, the U.S. Senate had voted to pass the resolution, but due to budget rules, it still needs to be voted on again before it can be sent to President Trump for signature.
As of March 12, the tokens that have applied for ETFs include at least DOGE, LTC, HEAR, SOL, XRP, SUI, AVAX, DOT, LINK, ADA, APT, AXL, etc. According to statistics from Bloomberg analysts James Seyffart and Eric Balchunas, the current market approval probability for LTC, DOGE, SOL and XRP spot ETFs is relatively high. The market's expectations for other mainstream crypto asset ETFs to be launched in the US capital market have clearly increased.
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