At the start of 2025, U.S. President Donald Trump made cryptocurrency regulation one of the top priorities of his administration. His approach marks a sharp departure from previous years: instead of tightening control, Trump is pushing for deregulation, promoting innovation, and integrating digital assets into the U.S. economy.
The proposed bill was introduced as a centerpiece of Trump’s pro-crypto agenda and was expected to become one of the first bipartisan victories of his second term.
Key Provisions of the Bill
Creation of a National Digital Asset Reserve: The U.S. Treasury would be tasked with establishing a national reserve of Bitcoin and other cryptocurrencies owned or potentially acquired by the United States, including assets seized by law enforcement. The sale of these reserves would be prohibited, and strategies would be developed to grow them without burdening the national budget.
Ban on a Digital Dollar (CBDC): Trump is firmly against the launch of a central bank digital currency, viewing it as a threat to Americans’ financial freedom.
Bank Access to Cryptocurrencies: The bill lifts restrictions on U.S. banks, allowing them to trade, hold, and invest in cryptocurrencies, previously hampered by regulatory barriers.
Protection for Developers and Industry Participants: The proposal includes legal protections for software developers, miners, validators, and others involved in cryptocurrency operations, shielding them from criminal prosecution.
Creation of a Task Force and Advisory Council: A new team led by the White House Advisor on AI and Cryptocurrency would be formed, alongside an advisory council made up of industry representatives to help shape policy and standards.
Repeal of Biden’s Executive Order 14067: The new direction involves overturning previous restrictions introduced in 2022.
Special attention is also being given to the regulation of stablecoins. The GENIUS Act would require stablecoin issuers to maintain 100% reserves in U.S. dollars and Treasury securities, submit to regular audits and reporting, and adhere to strict marketing standards.
Where Things Stand Now
As of spring 2025, cryptocurrency-related bills — including the stablecoin initiative — are under discussion in Congress. In March, the Senate Banking Committee approved the GENIUS Act, but recently, some Democrats withdrew their support, demanding tougher measures on national security and anti-money laundering. This setback has raised concerns that political discord could derail the reform.
Senate Majority Leader Chuck Schumer (D-NY) reportedly asked members of his caucus in a closed-door meeting to hold off on voting for the bill, citing the need for further discussion. Republican aides were surprised by the resistance but remain hopeful that negotiations will continue.
There’s also a lack of full consensus within the Republican Party. Some senators have voiced concerns over specific provisions in the bill, and controversy over the Trump family’s alleged personal financial interests in digital assets has prompted calls for additional hearings and greater transparency.
Despite these challenges, Senate Republican leader John Thune has expressed readiness to make compromises and introduce amendments to speed up the bill’s passage. Debates are also active in the House of Representatives, where Democrats are attempting to block several Republican-backed initiatives.
Forecast and Outlook
The bill still has a strong chance of passing, as cryptocurrency regulation enjoys bipartisan interest. Market deregulation and the creation of a national Bitcoin reserve align with America’s ambitions to solidify its position as a global financial superpower. However, the process is being delayed by political maneuvering, security concerns, and the influence of various lobbying groups.
If a compromise is reached, the U.S. could become the first country with a fully integrated and regulated crypto economy — a move that would deliver a major boost to the market and reinforce the dollar’s dominance in the digital age. On the other hand, if the reform fails, the industry could face prolonged uncertainty, and the current momentum might be lost.
The coming months will be tense, with the outcome hinging on whether the Trump administration and its allies can win over skeptics and bridge political divides. If passed, the legislation would mark a historic turning point for the global crypto industry and financial markets.
