Under the second Trump administration, U.S. regulatory attitudes have fundamentally shifted toward supporting digital assets. That has created new momentum for legislation on cryptocurrencies, including stablecoins. President Trump signed an executive order declaring crypto a national priority and supporting “the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
This atmospheric change could soon lead to regulation that is tailored to cryptocurrencies and other digital assets.
A pivot to light-touch regulation
With the change in administration, the Securities and Exchange Commission (SEC) paused high-profile enforcement cases, an early signal of a lighter touch promised by Trump. Trump has nominated Paul Atkins, a former commissioner and financial regulatory consultant who advised a digital asset industry trade group, as the new SEC chair. He also nominated Brian Quintenz, head of crypto policy for a venture capital (VC) firm and former Commodity Futures Trading Commission (CFTC) commissioner, to chair the CFTC. The pair, along with an interdepartmental working group formed by Trump’s executive order, will have their own input on regulations and longstanding legislative proposals for crypto markets and stablecoins.
A crypto-friendly White House
On March 6, Trump signed an executive order to establish a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, “to serve as a secure account for orderly and strategic management of the United States’ other digital asset holdings.” Both the reserve and stockpile will be composed of previously seized bitcoin and digital assets. The Commerce and Treasury secretaries are directed to develop strategies to manage them in budget-neutral ways. The order does not direct the acquisition of any assets but seeks to consolidate government holdings under the Treasury Department. It also acknowledges that legislation may be needed to fully authorize the actions outlined in the order.
Legislative momentum
Stablecoin legislation could be the first to move forward, as there was significant bipartisan support for a framework for stablecoin-specific regulation, the STABLE Act, during the last Congress. House Financial Services Committee Chair French Hill, R-Ark., released a revised version of the bill in February, and an alternate version called the GENIUS Act was introduced in the Senate. The bills would create a regulatory framework for stablecoins, and a version of this legislation has an easier path to passing than other regulatory bills. Stablecoins have gained traction for cross-border payments, crypto trading, transfers between digital asset exchanges, and as a store of value for countries where access to the U.S. dollar may be limited.
Companies prepare for growth
A lighter regulatory touch and specific crypto legislation could drive cryptocurrency adoption and sector growth. Companies in this sector will need to ensure their risk management, products and strategies are scalable.
- Risk management: Companies need to ensure that they are compliant with guidelines from the Office of Foreign Assets Control (OFAC) within the U.S. Department of the Treasury.
- Products: With the recent issuance of Staff Accounting Bulletin (SAB) No. 122, the SEC already reversed its Staff Accounting Bulletin No. 121 (SAB 121) that required public companies and regulated banks to record customer assets on their balance sheets.
- Planning: Digital asset companies should engage with regulators proactively to help inform rulemaking and maintain an awareness of developments that will guide product planning.
https://www.grantthornton.com/insights/articles/advisory/2025/crypto-policy-outlook
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