Following President Trump’s reelection, the administration enacted aggressive crypto-friendly policies that stood in sharp contrast to the prior view of the sector as a target for regulation. The shift is framed as absorbing the crypto industry into existing financial infrastructure rather than trying to keep it separate. Regulators across agencies—SEC, CFTC, and OCC—have recalibrated their approaches, with the executive branch, Congress, and the regulatory bodies moving in concert.
By 2025, policy moved crypto toward mainstream finance as the administration, Congress, and regulators acted in unison to reduce uncertainty and integrate crypto into traditional financial systems. Under the SEC, enforcement historically centered on litigation, but the agency began outlining principles to separate securities from non-securities, signaling a more inclusive framework under new leadership. The commission said it would use project-level criteria to clarify when tokens are securities and began crafting clear standards to guide the industry. On the commodities front, the CFTC began treating digital assets like traditional markets, recognizing Bitcoin and Ethereum as commodities and enabling their use as collateral in a digital asset margin pilot, applying haircut and risk controls to align with conventional asset standards.
OCC issued interpretive letters to bring custody and payments involving crypto inside the banking system, gradually expanding the scope of permitted activities by banks. Notably, Circle and Ripple received conditional approval for national trust-bank status, a landmark step enabling crypto firms to operate with nationwide banking capabilities. The GENIUS Act clarified stablecoin issuance and reserve holdings, mandating 100% reserves and prohibiting the rehypothecation of reserves.
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