In 2025, the U.S. government took an important step in the Crypto Assets field. The Trump administration introduced a series of bills aimed at regulating and promoting the development of Crypto Assets, including the highly anticipated "Genius Act." These bills collectively established the first systematic Crypto Assets regulatory framework in the United States.

The new regulatory framework imposes strict requirements on stablecoins, including a 1:1 dollar peg and monthly reserve asset disclosures. This initiative aims to enhance the transparency and credibility of stablecoins. At the same time, the new policy allows the banking sector to participate in the custody of crypto assets, paving the way for traditional financial institutions to enter the crypto field.

The clear delineation of regulatory responsibilities is also a major highlight of the new policy. Commodity tokens will be regulated by the Commodity Futures Trading Commission (CFTC), while security tokens will be overseen by the Securities and Exchange Commission (SEC). This classification-based regulatory approach is expected to provide clearer compliance guidance for industry participants.

In addition, Trump signed a remarkable executive order that opened channels for pension investments in encryption of up to $12.5 trillion. This decision immediately triggered a market reaction, causing the price of Bitcoin to soar more than $2,000 in a single day.

However, this new policy has also sparked controversy. Supporters believe that it will help consolidate the global position of the dollar, attract international capital back to the United States, and may alleviate America's debt pressure. Critics, on the other hand, worry that it may increase risks in the financial system and potentially lead to gaps in consumer protection.

In any case, the series of measures taken by the Trump administration will undoubtedly have a profound impact on the global Crypto Assets industry. It not only redefines the regulatory landscape for Crypto Assets in the United States but may also inspire other countries to follow suit, promoting the coordination and unification of global Crypto Assets regulation. As these policies are implemented, we will closely monitor their long-term effects on the market, regulation, and investors.