U.S. Pushes Forward with Bitcoin Reserve and Crypto Reforms as SEC Prepares October Roundtable

The United States is moving toward a historic shift in how it approaches cryptocurrency. Lawmakers are advancing the BITCOIN Act of 2025, a bill that would direct the Treasury to build a massive Bitcoin reserve, while regulators ease rules for banks and prepare new guidelines for tokenized securities. At the same time, the Securities and Exchange Commission (SEC) has scheduled an October roundtable to focus on crypto privacy, blockchain surveillance, and the registration of Layer-2 (L2) networks, showing that oversight and innovation are evolving side by side.

Building a Strategic Bitcoin Reserve

The BITCOIN Act, introduced in March 2025 by Representative Nicholas Begich and Senator Cynthia Lummis, outlines an ambitious plan for the Treasury to acquire 1 million Bitcoin over five years. Lawmakers describe the reserve as a financial safeguard, much like the Strategic Petroleum Reserve, but instead of oil, it would hold “digital gold.” The bill requires the government to hold the Bitcoin for at least 20 years, ensuring it is not quickly sold or traded. Supporters argue this long-term strategy will strengthen the dollar’s resilience and provide a hedge against inflation. Currently, the U.S. already holds about 210,000 BTC, mostly from federal seizures, but this proposal would significantly expand that number.

In March, President Trump signed an executive order laying the groundwork for this reserve. Later in July, the GENIUS Act established national standards for stablecoins and tokenized assets, further supporting the government’s push to integrate digital finance into official policy.

Changing Rules for Banks and Tokenized Assets

One of the major barriers to crypto adoption by traditional finance has been custody rules. Until this year, banks faced heavy capital requirements if they wanted to hold crypto for customers, making it costly and impractical. In 2025, regulators repealed SAB 121, clearing the way for banks to offer crypto custody without those restrictions. Industry leaders see this as a green light for major institutions to finally step into the market.

Meanwhile, the SEC has been working on Project Crypto, announced in July by SEC Chair Paul Atkins. This initiative creates clearer rules for tokenized securities, stocks and bonds issued and traded on blockchain networks. The goal is to make financial markets faster and more efficient through real-time settlement. In September, Nasdaq filed a proposal to begin trading tokenized stocks, a move that could bring blockchain firmly into mainstream capital markets.

Complementing these efforts, the CLARITY Act helped resolve long-standing confusion between the SEC and the Commodity Futures Trading Commission (CFTC), clarifying which regulator oversees different types of digital assets. By reducing this overlap, policymakers hope to encourage more companies to innovate without fear of conflicting rules.

State-Level Bitcoin Reserves and Global Context

Interestingly, the federal push has been matched by state initiatives. States such as Louisiana and Oklahoma have passed their own Bitcoin reserve laws, building small strategic holdings of their own. This patchwork of state policies has increased pressure on Washington to establish a national standard, avoiding a fragmented system across the country.

Internationally, the United States is also competing for leadership. Europe has introduced its Markets in Crypto Assets (MiCA) framework, while China continues to test digital currency projects. By moving forward with the Bitcoin reserve and reforms on tokenized securities, the U.S. aims to keep pace with these global rivals.

Concerns and Criticism

Not everyone is convinced that holding such a large Bitcoin reserve is without risk. Critics point to the volatility of the crypto market, where prices can rise and fall dramatically within short periods. They also warn of potential custody breaches, emphasizing the need for advanced cybersecurity and transparent management of the reserve.

There are also concerns about whether tokenized securities and blockchain-based trading might disrupt traditional markets in unintended ways. Regulators stress that innovation must go hand in hand with strong investor protections.

Supporters say the Bitcoin reserve would give the U.S. a financial tool to protect against inflation and strengthen its balance sheet in the digital era. They also argue that tokenized securities and custody reforms could unlock trillions of dollars in new markets, making financial systems faster and more inclusive. Skeptics, however, stress the risks of over-exposure to a volatile asset and caution that any misstep in custody or oversight could shake investor confidence.

SEC Roundtable in October

In addition to legislation, regulators are hosting critical discussions. The SEC announced a roundtable for October 2025, focusing on three key areas:

• Crypto privacy — how to balance personal financial privacy with anti-money laundering rules.
• Blockchain surveillance — the role of monitoring tools in preventing fraud and illegal activity.
• Layer-2 (L2) registration — whether networks built on top of blockchains like Ethereum should register under existing securities rules.

This roundtable is expected to bring together policymakers, industry leaders, and academics to shape the next phase of U.S. crypto regulation.

Timeline of Key 2025 Milestones

• March 6: President Trump issues executive order creating a framework for a national Bitcoin reserve.
• March 11: BITCOIN Act introduced in Congress.
• July 18: GENIUS Act signed, setting rules for stablecoins and tokenized assets.
• July 31: SEC launches Project Crypto to modernize securities regulations.
• September 8: Nasdaq submits proposal to trade tokenized stocks.
• October (upcoming): SEC hosts roundtable on crypto privacy, surveillance, and L2 registration.

Final Takeaway

The United States is entering a new phase of crypto policy. With the BITCOIN Act advancing, custody rules easing, and tokenized securities gaining traction, digital assets are moving closer to the financial mainstream. At the same time, regulators are carefully weighing privacy, surveillance, and security questions at upcoming events like the SEC’s October roundtable.

The coming months may prove decisive in determining whether the U.S. becomes a global leader in digital finance or continues to play catch-up with other regions. Either way, 2025 is shaping up to be a turning point for cryptocurrency in America.