Crypto Assets Regulation New Era: Digital Assets Become Sovereign Reserves

On March 7, 2025, the U.S. government passed the "Bitcoin Strategic Reserve Act", incorporating 200,000 coins (, approximately 6% of the circulating supply ), into the national permanent reserve, creating a new landscape for crypto asset regulation. This "zero-cost increase" mechanism not only cleverly avoids fiscal disputes but also integrates Bitcoin into the national financial infrastructure through institutional confirmation of rights, laying the foundation for the monetary sovereignty game in the digital age.

The next day, the White House announced at the Crypto Assets summit the acceleration of the legislative process for the "Stablecoin Accountability Act," marking the formal entry of the U.S. Crypto Assets regulatory system into a new phase of systematic reconstruction.

Bitcoin Strategic Reserve: National-Level Lockup Action

The "Bitcoin Strategic Reserve Act" allocates 200,000 Bitcoins confiscated by the judicial department to the national strategic reserve assets and establishes a permanent sales prohibition mechanism. This "national-level lock-up" action fundamentally reconstructs the market supply and demand pattern. In the long term, the act strengthens Bitcoin's "digital gold" attribute through institutional confirmation of rights, synergizing with the Bitcoin tax policy implemented by a certain state, marking a critical transformation in the regulatory paradigm of Crypto Assets in the United States.

The innovative "zero-cost increase" mechanism of the bill allows for the continuous expansion of reserve scale through compliant judicial procedures, which avoids traditional fiscal expenditure disputes and leaves room for subsequent policy adjustments. It is worth noting that a state is simultaneously advancing a Bitcoin tax-related bill, demonstrating the state government's efforts to compete for discourse power in the crypto economy through institutional innovation. The regulatory linkage between federal and state governments is driving the rapid construction of the world's first multi-level crypto asset regulatory system in the United States, laying the foundation for establishing a global crypto compliance center.

The market's reaction to the bill was initially quite complex. At the time of its announcement, the government did not directly purchase Bitcoin, which some investors interpreted as bearish, causing the price to surge and then retreat. However, a long-term bullish perspective soon prevailed, driving the price to rebound significantly to $91,000. In fact, the market had already reacted to news of the government incorporating Bitcoin into its national strategic reserves, and future attention will need to be paid to policy developments in other countries around the world.

The policy of the United States may trigger a global chain reaction. If other major economies follow suit and establish strategic reserves of Crypto Assets, based on the theory of supply and demand elasticity, this structural change will create significant room for the revaluation of Bitcoin prices, fundamentally reshaping the global digital asset valuation system.

In-depth analysis shows that the far-reaching impact of this bill lies in the struggle for financial discourse power behind strategic reserve policies. Historical experience indicates that the United States has successfully mastered the pricing dominance of global commodities by establishing strategic oil and gold reserve systems. The current trend of "exporting American-style regulatory frameworks" in the Bitcoin market is essentially an extension of the struggle for currency sovereignty in the digital age. For other countries, the decision to establish strategic reserves of crypto assets has transcended the realm of mere economic decision-making, evolving into a strategic choice for national financial security in the digital economy era.

Stablecoin Legislation and Integration with the Banking System: From Speculation to Technological Empowerment

After the implementation of the Bitcoin strategic reserve policy, the market is more focused on the White House cryptocurrency summit on March 8. Although the summit content is mediocre, the government has clearly advanced the legislative timeline for the Stablecoin Accountability Act to be completed before the August congressional recess, bringing significant opportunities for the integration of stablecoin legislation and the banking system.

The government believes that the key to addressing the "bank exclusion" phenomenon in Crypto Assets lies in establishing a federal-level regulatory framework, particularly regulating the reserve standards and institutional qualifications for stablecoin issuance. The new bill will create a dual-layer regulatory structure of "federal charter + state license," mandating issuers to maintain 100% US dollar reserves and connect to a real-time auditing system. This design incorporates the financial regulatory experience of certain states while achieving standardization through federal review mechanisms.

Licensed institutions are reshaping the power structure of the crypto market. The spot trading volume of compliant trading platforms increased from 42% in 2024 to 79% in the second quarter of 2025. The weekly average net inflow of $4.7 billion is 12 times that of unlicensed platforms, and this disparity is particularly evident with a certain stablecoin, which supports a daily trading volume of $500 billion with a 99.1% reserve compliance rate, capturing 68% of the global crypto payment share.

The technological revolution in the banking system has become a new engine for industry growth. The time taken for cross-border payments has been compressed from 10-60 minutes with traditional blockchain to under 3 seconds, and the settlement failure rate has decreased from 2.3% to 0.07%. The automated KYC system has reduced the cost of single customer authentication from $120 to $48, directly driving a bank's compliance wallet to gain 1.5 million new users in three months, of which 63% are first-time contacts with Crypto Assets. This efficiency improvement is reshaping the behavioral patterns of market participants, with the proportion of long-tail users whose daily trading volume is below $100 increasing from 12% to 29%.

The macroeconomic weight of Crypto Assets has entered a stage of qualitative change. Calculations by international organizations show that for every 10% increase in cryptocurrency market value, the marginal contribution to the US GDP reaches 0.2 percentage points. A certain asset management company has monitored a strong correlation between a 25% increase in Bitcoin volatility and changes in the Federal Reserve's balance sheet, revealing that the crypto market has become a new conduit for US dollar liquidity. A certain bank predicts that by 2027, Crypto Assets will process 35% of the global payment settlement volume and gain legal tender status in 17 major economies.

The Linkage Reconstruction Between Macroeconomics and the Crypto Market

Despite the overall positive trend, the fluctuations in the crypto market remain closely linked to the U.S. economy. Since the approval of the Bitcoin ETF, the correlation between Bitcoin prices and U.S. stocks has become more pronounced. Data shows that the 30-day rolling correlation coefficient of Bitcoin with the S&P 500 index increased from 0.35 in 2023 to 0.78 in the second quarter of 2025.

The Federal Reserve is facing a policy dilemma between "controlling inflation" and "resisting recession." The current U.S. economy is experiencing the most typical stagflation situation since the 1970s, putting the Federal Reserve in a position to choose: continuing to raise interest rates could lead to interest costs consuming 17% of federal revenue; shifting to lowering interest rates could risk a repeat of the severe inflation of 1980. Historically, in similar stagflation environments, the median three-month volatility of Bitcoin has reached 86%.

The turmoil in the U.S. economy may lead to a cautious contraction of liquidity in the capital markets. When there is confusion over policy expectations, the market's self-regulation mechanism may fail: traders tend to hold back and wait because they cannot predict the Federal Reserve's reactions. When liquidity providers collectively reduce their exposure, the market may fall into a "liquidity black hole," where falling prices trigger more capital withdrawals, creating a vicious cycle.

Industry Outlook in the Global Landscape

The shift in U.S. policy is triggering a global regulatory paradigm change. The digital asset sovereign reserve model established by the "Bitcoin Strategic Reserve Act" and the banking integration path set by the "Stablecoin Accountability Act" provide replicable regulatory framework samples for the world. As major economies successively introduce regulatory details for Crypto Assets, the global market is evolving from the "regulatory arbitrage" stage to the "institutional competition" stage.

In the new era where the digital economy intertwines with geopolitical factors, the reconstruction of the regulatory framework for crypto assets has transcended technical specifications and evolved into an important dimension of national financial competitiveness. The current policy practices in the United States indicate that whoever can be the first to build a regulatory system that balances innovation and inclusivity with risk prevention will occupy a strategic high ground in the global competition of the digital economy. This regulatory paradigm shift is both a challenge and a historical opportunity to reshape the international financial order.

However, the development of the Crypto Assets market in the United States has also made its volatility closely related to the U.S. economy. While paying attention to the impact of the U.S. economy on the Crypto Assets market, we need to call for global participation in the regulation of the Crypto Assets market to avoid excessive influence from the United States.