Crypto Assets Regulation New Chapter: The United States Promotes Digital Asset Strategic Restructuring

In March 2025, the U.S. government made significant breakthroughs in the regulation of Crypto Assets. With the signing of the "Bitcoin Strategic Reserve Act," the U.S. has for the first time incorporated a large amount of Bitcoin into the national reserve system, pioneering the supply-side reform of Crypto Assets. This initiative not only reshapes the market supply and demand landscape but also marks a key transformation in the regulatory paradigm of U.S. Crypto Assets.

The bill stipulates that 200,000 bitcoins (approximately 6% of the circulating supply) will be allocated to a permanently banned national strategic reserve. This innovative "zero-cost increase" mechanism cleverly avoids fiscal disputes while leaving room for future policy adjustments. The bill works in synergy with Texas's "Bitcoin Tax Acceptance Act," collectively reinforcing the "digital gold" attribute of Bitcoin.

The market reacted complexly to this move. In the short term, the price experienced a rise and fall due to the government not directly purchasing Bitcoin. However, as long-term positive expectations gradually formed, the price of Bitcoin began to rebound significantly, ultimately pricing at $91,000.

The U.S. move may trigger a global chain reaction. If other major economies follow suit and establish strategic reserves of Crypto Assets, it will fundamentally reshape the global digital asset valuation system. However, the impact on value ranges is relatively limited for smaller economies like El Salvador taking similar measures.

At a deeper level, the Bitcoin strategic reserve policy represents an extension of the competition for currency sovereignty in the digital age. Through this policy, the United States hopes to replicate its pricing dominance in the oil and gold markets within the Crypto Assets space. For other countries, establishing strategic reserves of Crypto Assets has transcended mere economic decision-making, becoming a strategic choice concerning national financial security.

After the implementation of the Bitcoin strategic reserve policy, the market's focus has shifted to the White House Crypto Assets Summit. The government has announced an acceleration of the Stablecoin Accountability Act, marking the entry of the U.S. Crypto Assets regulatory system into a phase of systemic reconstruction. The new legislation will establish a "federal charter + state-level license" dual-layer regulatory framework, requiring issuers to maintain 100% dollar reserves and connect to a real-time auditing system.

With the improvement of the regulatory framework, the market share of compliant trading platforms has significantly increased. Data shows that the spot trading volume of licensed platforms jumped from 42% in 2024 to 79% in the second quarter of 2025. The USDC stablecoin, with a reserve compliance rate of 99.1%, occupies 68% of the global Crypto Assets payment market.

The technological innovation of the banking system has become a new driving force for industry growth. The efficiency of cross-border payments has significantly improved, and the settlement failure rate has notably decreased. Automated KYC systems have reduced customer authentication costs, driving rapid user growth. These technological advancements are reshaping the behavior patterns of market participants.

Crypto Assets are becoming increasingly important in the macroeconomic landscape. Models from the International Monetary Fund show that the growth of the crypto market capitalization significantly contributes to GDP. The crypto market has emerged as a new conduit for US dollar liquidity, expected to handle 35% of global payment clearing volume by 2027.

However, the linkage between the crypto market and the US economy is becoming increasingly tight. The correlation between Bitcoin and the S&P 500 index has significantly increased, indicating that the fluctuations in the crypto market are closely related to the economic situation in the United States. The Federal Reserve's policy game between controlling inflation and stimulating the economy will directly impact the direction of the crypto market.

Globally, the shift in U.S. policy is triggering a regulatory paradigm shift. The "Bitcoin Strategic Reserve Act" and the "Stablecoin Accountability Act" provide replicable regulatory framework samples for the world. As countries successively introduce regulatory details, the global market is evolving from the "regulatory arbitrage" stage to the "institutional competition" stage.

In the new era where the digital economy intertwines with geopolitics, the reconstruction of the regulatory framework for Crypto Assets has become an important dimension of national financial competitiveness. Whoever can be the first to build a regulatory system that balances innovation and risk prevention will gain an advantage in the global competition of the digital economy. This regulatory paradigm shift is not only a challenge but also a historic opportunity to reshape the international financial order.

Although the United States has led the revolutionary development of the Crypto Assets market, it has also resulted in a high correlation between the Crypto Assets market and the US economy. While paying attention to the impact of the US economy on the Crypto Assets market, we need to call for active participation from countries around the world in the regulation of the Crypto Assets market to avoid excessive influence from the US on the Crypto Assets market.