<div id="readability-page-1"><div>1. The US's Absorption of the Cryptocurrency Industry Following President Trump's re-election, the government introduced a series of aggressive pro-cryptocurrency policies. This marks a sharp shift from past stances—previously, the cryptocurrency industry was primarily seen as an object of regulation and control. The US has entered a previously unimaginable phase, rapidly absorbing the cryptocurrency industry into its existing system with near-unilateral decision-making. The shift in the positions of the SEC and CFTC, as well as the involvement of traditional financial institutions in cryptocurrency-related businesses, all indicate widespread structural changes are underway. It is particularly noteworthy that all of this has occurred only one year after President Trump's re-election. What specific changes have taken place in the US at the regulatory and policy levels so far? 2. A Year of Shift in the US Stance on Cryptocurrencies In 2025, with the Trump administration taking office, US cryptocurrency policy underwent a major turning point. The executive branch, Congress, and regulatory agencies worked together, focusing on reducing market uncertainty and integrating cryptocurrencies into existing financial infrastructure. 2.1. The Securities and Exchange Commission (SEC) Previously, the SEC primarily relied on enforcement actions to address cryptocurrency-related activities. In major cases involving Ripple, Coinbase, Binance, and Kraken staking services, the SEC filed lawsuits without providing clear standards on the legal attributes of tokens or what activities are permitted, and its enforcement was often based on hindsight. This led cryptocurrency companies to focus more on managing regulatory risks than on business expansion. This stance began to shift after the resignation of Chairman Gary Gensler, who held a conservative view of the cryptocurrency industry. Under Paul Atkins' leadership, the SEC adopted a more open approach, beginning to build foundational rules aimed at bringing the cryptocurrency industry under its regulatory framework, rather than relying solely on litigation. A key example is the announcement of the &#34;Crypto Project.&#34; Through this project, the SEC demonstrated its intention to establish clear standards to define which tokens are securities and which are not. This once directionless regulator is beginning to reshape itself into a more inclusive institution. 2.2. U.S. Commodity Futures Trading Commission (CFTC)<img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406059?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406059"/>Source: Tiger ResearchIn the past, the CFTC's involvement in cryptocurrencies was largely limited to the regulation of the derivatives market. However, this year, it has taken a more proactive stance, formally recognizing Bitcoin and Ethereum as commodities and supporting their use by traditional institutions.The Digital Asset Collateral Pilot Program is a key initiative. Through this program, Bitcoin, Ethereum, and USDC have been approved as collateral for derivatives trading. The CFTC applies discount rates and risk management standards to treat these assets in the same way as traditional collateral. This shift indicates that the CFTC no longer views crypto assets purely as speculative instruments, but has begun to recognize them as stable collateral assets comparable to traditional financial assets. 2.3. Office of the Comptroller of the Currency (OCC) Previously, the OCC maintained a distance from the cryptocurrency industry. Cryptocurrency businesses had to apply for licenses state by state, making it difficult to enter the federal banking regulatory system, limiting business expansion, and structurally hindering connections with the traditional financial system, thus mostly operating outside the regulated system. This approach has now changed. The OCC chose to bring cryptocurrency companies under the existing banking regulatory framework rather than exclude them from the financial system. It issued a series of explanatory letters (formal documents clarifying whether specific financial activities are permitted), gradually expanding the scope of allowed businesses to include crypto asset custody, trading, and even bank payments for on-chain transaction fees. This series of changes culminated in December when the OCC conditionally approved national trust bank bylaws for major companies like Circle and Ripple. This move is significant because it grants these crypto companies equal status with traditional financial institutions. Under a single federal regulatory body, they can operate nationwide, and transfers that previously required intermediary banks can now be processed directly, just like traditional banks. 2.4. Legislation and Executive Orders 2.4. Legislation and Executive Orders<img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406619?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406619"/>Source: Tiger ResearchIn the past, although the United States began to consider stablecoin legislation as early as 2022, repeated delays led to a regulatory vacuum in the market. There was a lack of clear standards regarding reserve composition, regulatory authority, and issuance requirements, making it impossible for investors to reliably verify whether issuers held sufficient reserves, raising concerns about the transparency of some issuers' reserves.The GENIUS Act addressed these issues by clearly defining stablecoin issuance requirements and reserve standards. It requires issuers to hold reserves equivalent to 100% of the issuance amount and prohibits the re-collateralization of reserve assets, while centralizing regulatory authority under federal financial regulatory agencies. Thus, stablecoins have become legally recognized digital dollars with guaranteed legal tender status. 3. Direction Set, Competition and Checks and Balances Coexist Over the past year, the direction of US cryptocurrency policy has been clear: to integrate the cryptocurrency industry into the formal financial system. However, this process has not been uniform or frictionless. Internal disagreements persist within the US. The controversy surrounding the privacy-focused mixing service Tornado Cash is a prime example: the executive branch actively enforced the law to block illicit fund flows, while the SEC chairman publicly warned against excessive suppression of privacy. This indicates that the US government's understanding of cryptocurrencies is not entirely unified. However, these disagreements do not equate to policy instability; rather, they are closer to the inherent characteristics of the US decision-making system. Institutions with different responsibilities interpret issues from their own perspectives, sometimes openly expressing dissent, moving forward through checks and balances and persuasion. The tension between strict enforcement and the protection of innovation may cause short-term friction, but in the long run, it helps to make regulatory standards more specific and precise. Crucially, this tension has not hindered progress. Even during debates, the US has been advancing on multiple fronts simultaneously: SEC rule-making, CFTC infrastructure integration, OCC institutionalization, and congressional legislation establishing standards. It does not wait for complete consensus but allows competition and coordination to proceed concurrently, driving the system forward. Ultimately, the US has neither completely let cryptocurrencies run their course nor attempted to suppress their development, but has simultaneously reshaped regulation, leadership, and market infrastructure. By channeling internal debate and tension into momentum, the United States has chosen a strategy that will steer the global cryptocurrency industry towards itself. The past year has been crucial precisely because this direction has transcended mere rhetoric and translated into concrete policies and implementation.</div></div>

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Under the Trump administration, the US crypto industry has seen significant transformation. Aggressive pro-cryptocurrency policies have been introduced, shifting from regulation to integration into the financial system. The SEC, CFTC, and OCC have adopted more inclusive approaches, recognizing crypto assets as stable collateral and integrating them into existing frameworks. Legislation like the GENIUS Act has clarified stablecoin issuance requirements, marking a major shift in US cryptocurrency policy.

One year into the Trump administration, the transformation of the US crypto industry