The 3 Most Important US Crypto Policies to Watch This Year

The 119th U.S. Congressional session has begun, and the digital asset sector is hoping there will soon be favorable and clear regulatory guardrails for cryptocurrency markets and stablecoins.

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During his campaign, President-elect Donald Trump pledged to transform the United States into the “crypto capital of the planet,” and, per the nonprofit industry group Stand With Crypto, the 2024 elections saw 250 “pro-crypto” members of Congress elected along with 16 “pro-crypto” senators.

While the stage appears to be set for a sea of regulatory change, with crypto proponents set to head the Securities and Exchange Commission, Department of Commerce and more, one fundamental gap remains: actual policy being drafted, sponsored and referred to the relevant House or Senate committee.

Once the new administration takes their oaths of office, there are three key things to keep an eye on, including the potential establishment of a national reserve for bitcoin; clarity around whether the SEC or Commodity Futures Trading Commission has jurisdiction over which elements of the industry; and clarity around stablecoins, including their issuance.

The prior administration’s policy centered around two bills — one on stablecoins and the other on digital asset market structure — neither of which were able to successfully make it out of their second chamber reviews.

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The 47th Administration’s Proposed Crypto-Friendly Federal Initiatives

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While the freshly elected legislature may lean pro-crypto, addressing crypto-related issues will require collaboration between Congress, regulatory agencies and industry stakeholders.

For lawmakers and regulators, the task is daunting. Can Washington craft a cohesive regulatory framework that fosters growth without stifling creativity? Will a balance be struck between protecting consumers and empowering crypto firms to innovate? These questions demand more than theoretical answers; they call for action.

The regulatory landscape for cryptocurrencies is as fragmented as the blockchain itself. Depending on who you ask, bitcoin and ethereum are either commodities overseen by the CFTC or securities falling under the SEC. Smaller tokens face even murkier classifications, leaving crypto firms trapped in a minefield of legal uncertainty.

For startups, the stakes are existential. A token classified as a security triggers stringent registration and reporting requirements, while commodities face fewer hurdles. This inconsistency can often drive innovation offshore.

Despite the urgency of explicitly delineating SEC and CFTC oversight of crypto markets, given the rise of stablecoins, it is likely that stablecoin legislation could come first. Republicans and Democrats on the House Financial Services Committee nearly reached a compromise last year, and Europe was the first major economy to pass a crypto licensing framework, Markets in Crypto-Assets (MiCA), which also dealt explicitly with stablecoins.

Marta Belcher, president of the Filecoin Foundation, explained that among the biggest contentions is whether stablecoins have to be one-to-one backed by U.S. dollars, arguing that this requirement would be “above and beyond” what is asked of other sectors.

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A Bitcoin National Reserve: Dream or Necessity?

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Perhaps the most ambitious idea being floated is the establishment of a bitcoin national reserve. According to Trump’s advisors, the proposal would involve retaining all current government-held bitcoins and accumulating more to strengthen the nation’s crypto assets. This would position the U.S. as one of the largest sovereign holders of bitcoin, increasing global confidence in its crypto market leadership.

Even if the idea gains traction, implementation would require unprecedented collaboration between Congress, the Federal Reserve, and Treasury. It’s likely a long shot, but in a world where central banks are experimenting with digital currencies, nothing is off the table.

At the same time, it is likely that the incoming administration is more inclined to be opposed to creating new regulations and in favor of increasing the clarity as to where the crypto industry can operate.

“We signed more U.S. deals in the last six weeks of 2024 (since the election) than the previous six MONTHS,” Ripple CEO Brad Garlinghouse wrote this week in a post on social platform X. “…Say what you want, but the ‘Trump effect’ is already making crypto great again — through his campaign and in the administration’s Day 1 priorities.”

“For Ripple, this is even more personal after [Securities and Exchange Commission Chair Gary] Gensler’s SEC effectively froze our business opportunities here at home for years,” Garlinghouse added.

Lawmakers, ultimately, tend to move much slower than innovation.

Still, crypto doesn’t fit neatly into existing frameworks, and that’s the root of the problem. Trump’s stance could attract capital and talent to the U.S., but without adequate oversight, the same policies that promise growth might also expose the market to risks.