Tiger Research: One Year into the Trump Administration, the Transformation of the U.S. Crypto Industry
Under the Trump administration's second term, the U.S. has aggressively shifted toward pro-cryptocurrency policies, aiming to integrate the industry into the existing financial regulatory framework rather than suppress it. Over the past year, key agencies including the SEC, CFTC, and OCC have implemented significant changes: the SEC moved from enforcement-heavy approaches to creating clearer rules for token classification; the CFTC recognized Bitcoin and Ethereum as commodities and allowed their use as collateral; the OCC granted national trust bank charters to major crypto firms like Circle and Ripple, enabling federal-level operations. Congress passed the GENIUS Act, establishing strict reserve requirements for stablecoins. Despite internal tensions—such as debates over privacy tools like Tornado Cash—the U.S. is advancing a cohesive strategy to absorb crypto into traditional finance, reducing uncertainty while supporting innovation and aiming to position itself as the global center for the industry.
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