Дата публикации: 05.08.2025
The Trump administration is making America the “crypto capital of the world.”
Scott Bessent is the U.S. treasury secretary.
Innovation defines the American spirit. But it requires balanced, forward-looking regulation to thrive. No one understands this better than President Donald Trump, whose leadership on digital asset policy has led to a revolution in payments technology that will buttress the dollar and onshore innovation and secure the United States’ position as a crypto superpower.
The president’s future-focused approach to blockchain technology stands in stark contrast to the hostility of his predecessor. The Biden administration leveraged the power of federal banking regulators to restrict banks from engaging in crypto- and blockchain-related activity, suffocating the digital asset industry. The Biden White House even weighed proposals to “limit or eliminate” bitcoin mining in the United States. And it embraced a “regulation-by-enforcement” ethos under former SEC chair Gary Gensler that made prosecution a potent threat to any crypto entrepreneur who dared to innovate.
To the relief of the United States’ tens of millions of digital asset holders, Trump has brought the Biden administration’s war on crypto to a decisive end. We stood at an inflection point in November, and Trump’s victory was a clear message to the world that Americans rejected managed decline and the suppression of innovation. It was — in blockchain terms — America’s hard fork.
Guided by the president’s vision, the administration is now delivering on Trump’s promise to make the United States the “crypto capital of the world.” During his first week in office, the president directed his administration to implement a whole-of-government effort to strengthen American leadership in digital financial technology. Federal regulators quickly moved to rescind regulatory guidance that sought to undermine the crypto industry. The administration also put an end to enforcement actions that targeted crypto companies simply for existing, instead refocusing enforcement on proper analysis of individual conduct.
The administration is moving rapidly to establish clear regulations for the digital asset industry. The president recently signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act into law. The act establishes a regulatory framework for dollar-backed stablecoins, embracing them as a force multiplier for the U.S. dollar system.
Stablecoins represent a paradigm shift in digital finance. The U.S. dollar now has an internet-native payment rail that is fast, frictionless and cost-efficient for users worldwide. This groundbreaking technology could expand access to the dollar economy for billions across the globe and lead to a surge in demand for U.S. Treasury bills, which back stablecoins. This could, in turn, lower government borrowing costs and help steer the nation toward fiscal sustainability, all while reinforcing the U.S. dollar’s status as the global reserve currency.
Now that Congress has established clear rules of the road for stablecoins, the next step is to expand the promise of digital assets beyond the payments system. Blockchain technologies have the potential to fundamentally transform how financial markets operate. Tokenization, through which assets in the “real world” are represented on blockchains, can introduce efficiencies into a broad array of financial services and support capital formation. A thriving market for digital assets can also incentivize business formation and create new employment opportunities for Americans nationwide.
The House of Representatives’ Digital Asset Market Clarity Act of 2025 is an excellent first step to bring regulatory certainty to digital asset markets. It would bring price transparency into these markets and establish clear lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission, borrowing from the model in traditional financial markets of structuring rules and guidelines around regulated products and activities. As the Senate deliberates the details of this bill, it should keep the bigger picture in mind: The industry needs regulatory clarity to thrive in the United States. Without market structure legislation, the implementation of the president’s vision will be incomplete.
Trump will soon deliver yet another milestone with a new report from the Presidential Working Group on Digital Assets Markets. The Trump administration will work tirelessly to implement these proposals, and Congress needs to do its part to enact market structure legislation. Under Trump’s leadership, the United States is giving entrepreneurs, investors and innovators the long-needed regulatory certainty they deserve, ensuring that America becomes and remains the crypto capital of the world.
