One Year Into Trump’s Second Term, U.S. Crypto Policy Shifts Toward Integration

• U.S. regulators shifted from enforcement-led actions to formal rulemaking that integrates crypto into finance.
• SEC, CFTC, and OCC aligned oversight to treat crypto assets under existing market frameworks.
• Stablecoin legislation closed regulatory gaps with full-reserve rules and federal supervision.

One year after President Donald Trump returned to the White House, the United States has taken concrete steps to fold the crypto sector into its existing financial system. Federal agencies and lawmakers have moved in parallel to reduce regulatory uncertainty and apply traditional financial rules to digital assets, marking a clear departure from the enforcement-driven approach of prior years.

In 2025, the executive branch, Congress, and financial regulators adjusted their approach to treating crypto markets. Rather than attempting to replace or dismantle the industry, U.S. policy has focused on aligning digital assets with established financial infrastructure, using familiar supervisory tools and statutory frameworks.

At the center of this shift is the U.S. Securities and Exchange Commission. Following the resignation of former Chair Gary Gensler, the agency shifted its approach away from regulation through litigation. Under new leadership, the SEC launched “Project Crypto,” signaling its intention to define objective criteria that distinguish securities from non-securities. This marked a transition from case-by-case enforcement toward baseline rulemaking.

Expanded Role for the CFTC

The Commodity Futures Trading Commission has also expanded its role. Previously focused on crypto derivatives, the agency formally recognized Bitcoin and Ethereum as commodities in 2025. Through its Digital Asset Collateral Pilot Program, the CFTC approved Bitcoin, Ethereum, and USDC for use as collateral in derivatives markets, applying standardized haircuts and risk controls similar to those used for traditional assets.

This approach placed select crypto assets within established collateral management systems, reflecting their treatment alongside conventional financial instruments.

Banking Access Through the OCC

A major structural change occurred at the Office of the Comptroller of the Currency. After years of limiting crypto firms to state-level licensing, the OCC issued interpretive letters clarifying that federally supervised banks may engage in crypto custody, trading, and related payment activities.

In December, the agency conditionally approved national trust bank charters for firms including Circle and Ripple, enabling nationwide operations under a single federal regulator.

Legislative Action on Stablecoins

Congress also addressed long-standing gaps in stablecoin oversight. The GENIUS Act established uniform federal standards, requiring issuers to hold reserves equal to 100% of outstanding stablecoins and prohibiting the rehypothecation of these reserves. Supervisory authority was consolidated under federal financial regulators, providing a statutory framework that had been absent since earlier legislative efforts stalled.

Despite broad alignment on integration, differences persist across agencies. Debates over enforcement actions, including those involving privacy-focused services, highlight unresolved questions around compliance and civil liberties. These disagreements, however, have not slowed regulatory execution.