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Today's News Recap
Regulation First - Circle's USDC becomes first regulated stablecoin in Japan with SBI partnership, launching on March 26.
Suspended & Suspected - Binance suspends employee over insider trading allegations after internal investigation.
New Era - SEC Task Force initiates new phase for crypto enforcement
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Two Bits
State of Crypto Policy Post-Election
By: Jake Koch-Gallup
Since Trump took office this January, crypto policy in the U.S. has been moving at ~lightning speed~. With dozens of executive actions, regulatory updates, and legislative developments, it's a lot to keep track of. So, I've put together a hopefully exhaustive list of every U.S. crypto-related policy change since January.
Executive Actions
On January 23, 2025, President Trump signed an executive order with three primary directives:
Revoke Former Crypto Policies: Revoke former President Biden’s Executive Order 14067 and Treasury Department’s Framework for International Engagement on Digital Assets. Both aimed to "protect consumers, investors, and businesses” and prioritized central bank digital currency (CBDC) development.
Establish the Presidential Council of Advisers for Digital Assets (Crypto Council): Form the Crypto Council, comprising 24 individuals, including private sector founders and CEOs. This council is tasked with proposing regulatory frameworks, holding public hearings, and receiving advice from industry leaders.
Prohibit Central Bank Digital Currencies (CBDCs): Prohibit federal agencies from pursuing the establishment, issuance, or promotion of CBDCs.
On March 6, 2025, President Trump signed an executive order with two primary directives:
Establish a U.S. Digital Asset Stockpile: Create a separate reserve composed of cryptocurrencies other than BTC seized by the U.S. government. This stockpile includes assets such as ETH, XRP, SOL, and ADA, and the government explicitly stated it would not acquire additional cryptocurrencies beyond those seized.
Regulatory Changes
SEC Forms a Crypto Task Force: On January 21, 2025, acting SEC Chair Mark Uyeda established a "Crypto Task Force" led by Commissioner Hester Peirce.
SEC Rescinds SAB 121: On January 23, 2025, the SEC issued SAB 122, rescinding SAB 121, which effectively prevented banks from holding digital assets.
SEC to Stop Requiring Crypto Firms to Register as Trading Systems: On March 10, 2025, the SEC’s acting chief instructed staff to explore reversing a proposal to expand alternative trading systems definitions to include certain cryptocurrency firms.
SEC May Exempt Certain NFTs from Securities Rules: On March 21, 2025, SEC Crypto Task Force lead Hester Peirce signaled the agency may soon clarify that certain NFTs are not securities.
Treasury Lifts Sanctions on Tornado Cash: On March 21, 2025, the Treasury Department removed economic sanctions against crypto-mixing tool Tornado Cash.
Legislative Developments
Federal-Level Initiatives
Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act: Introduced on February 4, 2025, the GENIUS Act aims to establish a comprehensive regulatory framework for payment stablecoins. On March 13, 2025, the Senate Banking Committee passed the GENIUS Act with an 18-6 vote, moving it to the full Senate for debate.
Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act: On February 6, 2025, Representatives released a discussion draft of the STABLE Act. This legislation seeks to establish a framework for issuing and operating dollar-denominated payment stablecoins.
What is the difference between the GENIUS and STABLE Acts?
GENIUS offers flexibility (choice between federal/state regulation, broader reserve assets, and study of algorithmic stablecoins), while STABLE imposes stricter measures (limiting reserves to conservative instruments and a temporary two-year ban on algorithmic stablecoins).
Modern Emoluments and Malfeasance Enforcement (MEME) Act: Introduced on February 27, 2025, the MEME Act, aims to prohibit senior government officials from issuing, sponsoring, or endorsing any security, future, commodity, or digital asset.
Saving Privacy Act: Also introduced on February 27, 2025, the Saving Privacy Act aims to protect individuals' rights to transact with digital assets using self-hosted wallets.
IRS DeFi Broker Rule Repeal:
House: On March 11, 2025, the House voted 292-132 to repeal the rule. The Senate will vote again on the House version before it moves to President Trump’s desk, with the White House signaling support.
Introduction of the Financial Integrity and Regulation Management (FIRM) Act: On March 6, 2025, the Senate Banking Committee Chairman introduced the FIRM Act to prohibit federal banking agencies from considering "reputational risk" when evaluating a bank's safety and soundness.
State-Level Initiatives
Strategic Digital Asset and Bitcoin Reserve Proposals: As of March 2025, legislators in 24 states have introduced bills to establish state-level Bitcoin and/or digital asset reserves—allocating portions of state funds for crypto investments.
Digital Asset Proposals: In 23 states, new bills address broader digital asset issues, including regulatory frameworks, consumer protections, taxation, legal recognition, and blockchain integration in government services.
It feels like we’re at a major turning point. Bookmark this newsletter, and let’s check back in a few months to see how things play out.
