If the Depository Trust & Clearing Corporation (DTCC) going on-chain signifies that the U.S. financial system is reshaping its 'infrastructure,' then the latest news from U.S. regulators is systematically eliminating 'institutional friction.'
In the past 24 hours, the U.S. crypto market has witnessed two new developments significant enough to influence the industry landscape:
- Enhanced Regulatory Certainty: Michael Selig was officially sworn in as Chairman of the CFTC and stated that Congress is ready to submit the crypto market structure bill to the President's desk.
- Reduced Transaction Costs: Bipartisan lawmakers are drafting a new bill proposing to exempt certain stablecoin payments from capital gains tax and allow a 5-year deferral for recognizing staking income.
These are not isolated positive developments. Combined with the earlier news of the DTCC's approved pilot program, it becomes clear that the U.S. is constructing a complete compliance loop, from infrastructure to application scenarios.
Regulatory Power 'Handover'
For a long time, a major challenge for crypto businesses in the U.S. has been the uncertainty of regulatory rules. The 'turf war' between the SEC and CFTC has made it difficult for market participants to adapt.
However, with Michael Selig officially taking the helm at the CFTC, this situation has seen a substantive turning point. He explicitly stated his intention to promote crypto market structure legislation after taking office.
This is not a unilateral action by the CFTC but a coordinated effort with the SEC. Just last month, SEC Chairman Paul Atkins proposed a 'four-tier classification structure,' proactively categorizing digital commodities (like Bitcoin, Ethereum) outside the scope of securities.
Now, the CFTC's legislative commitment is precisely to take over this portion of jurisdiction ceded by the SEC.
As congressional legislation progresses, the regulatory logic will shift from 'enforcement-driven by the SEC' to 'legislation-driven by the CFTC,' ending the chaotic state of 'jurisdictional disputes' and 'enforcement by surprise' among regulators.
Bipartisan Proposal
If the CFTC addresses the compliance framework issue, then the new tax bill being drafted directly tackles the pain points of practical application.
Although the bill is still in the draft stage, its two core proposals, as disclosed, already demonstrate lawmakers' determination to remove payment bottlenecks:
- Proposes Exemption for Small Payment Taxes
Under the current tax code, using crypto assets for payments can trigger capital gains tax reporting, significantly increasing the compliance cost for payment scenarios. The new draft proposes exempting certain stablecoin payments from capital gains tax.
If this clause is ultimately enacted, it will institutionally eliminate the friction of crypto payments, allowing them to truly circulate as 'currency' rather than 'assets' in commercial activities.
- Proposes Deferred Recognition of Staking Income
Previously, Staking收益 generated tax liability upon receipt. The new draft plans to allow income recognition to be deferred for 5 years. This aims to reduce the cash flow pressure on holders and encourage long-term holding at the tax system level.
Although there is still a distance from 'draft' to 'law,' this represents a significant shift in the wind from Washington: they are beginning to think about how to make crypto assets 'easy to use' from a tax perspective, not just 'easy to regulate.'
The 'Panorama' of U.S. Crypto Strategy
Stringing together the recent regulatory dynamics, a clear picture is emerging:
- Infrastructure Layer: DTCC goes on-chain; the clearing system begins trialing the acceptance of tokenized assets.
- Regulatory Layer: The CFTC promotes legislation, striving to clarify trading rules and regulatory boundaries.
- Application Layer: Tax proposals follow up, attempting to reduce friction costs for payments and holding.
This series of actions indicates that the U.S. is attempting to systematically eliminate obstacles from various dimensions—technology, law, and taxation.
The 'Starting Gun' for Mass Adoption
When the backend is connected, rules are clear, and potential tax friction is removed, the mass adoption of crypto assets is no longer a distant vision but a reality with an institutional foundation.
If DTCC going on-chain is the 'reassurance' for financial institutions, then the progress of the tax proposal is the 'expected pass' for commercial applications.
The future crypto world may integrate into the operation of the global financial system in a more compliant, lower-friction manner.
*This content is for reference only and does not constitute investment advice. The market carries risks, and investment requires caution.
