Two Years Ago vs Today: Looking at Crypto Regulation in the US

§ 01 Executive Snapshot

• What: The evolution of U.S. crypto regulation from uncertainty to a more structured framework.
• Who: U.S. regulators, including the SEC, CFTC, and notable figures like Federal Reserve Chairman Jerome Powell and various crypto firms.
• Why it matters: The shift towards regulatory clarity is crucial for institutional adoption and market stability in the crypto sector.

§ 02 Key Developments

• The stablecoin-specific GENIUS Act was signed into law in July 2025, representing the first digital asset policy in the U.S.
• The proposed Clarity Act defines the classification of digital assets under securities law and introduces anti-money-laundering obligations for crypto platforms.
• The SEC rescinded SAB 121 through SAB 122, easing the burden of crypto custody for public companies and banks.

§ 03 Strategic Context

• Historically, the U.S. crypto industry faced significant uncertainty, relying on enforcement actions rather than formal regulations, which hampered institutional participation.
• Recent developments indicate a movement towards regulatory normalization, with agencies beginning to coordinate and establish clear guidelines for digital assets.

§ 04 Strategic Implications

• The immediate effect is a more predictable regulatory environment, which could enhance institutional participation in the crypto market.
• Long-term, the establishment of clear regulations will likely foster innovation and the safe scaling of blockchain technologies.

§ 05 Risks & Constraints

• Potential delays in the passage of the Clarity Act could stall momentum in regulatory advancements.
• Divergent regulations across different markets and products may still create challenges for interoperability and compliance.

§ 06 Watchlist / Forward Signals

• The progress of the Clarity Act through Congress is a critical milestone to watch in the coming months.
• Future developments will hinge on the successful coordination between the SEC and CFTC regarding crypto asset regulations.