2025 is destined to be remembered by the crypto industry. From the executive order at the beginning of the year to the legislation implementation in the middle of the year, the United States has made a 180-degree turn in its attitude towards digital assets.

Speaking of the driving force behind this change, we must mention SEC Chairman Paul Atkins. The new chairman made it very clear upon taking office: the entire SEC needs to "get involved," with the goal of making the US the "global cryptocurrency capital." This is not just talk—there is real policy support behind it.

The Trump administration moved quickly. At the beginning of the year, an executive order was issued to establish a national-level Bitcoin and digital asset reserve; by July, the GENIUS Act was officially signed, setting rules for USD stablecoins; simultaneously, the Presidential Digital Asset Working Group was established to directly chart the industry’s blueprint. In a speech on July 31, Atkins officially launched "Project Crypto," with the core message: move the US financial system onto the blockchain, or else innovation will go overseas.

The key policy shift is here: the SEC has changed from a "crack down first, ask questions later" approach to a "support first, observe later" stance. In mid-August, Atkins revealed in media interviews that the SEC will update custody rules, disclosure standards, and trading systems to provide clear guidance for market participants. More direct actions include launching innovation exemption mechanisms and token classification standards, with plans to introduce a comprehensive "Regulation Crypto" framework by 2026. Most circulating tokens, under their new definitions, are not considered securities and will only be regulated during specific investment phases.

The market responded enthusiastically to these signals. Bitcoin prices rose, and global crypto companies began considering relocating their headquarters back to the US. Some analysts believe that with government support, the US is shedding its regulatory ambiguity and gradually establishing itself as a leader in digital finance.

Of course, the road ahead is not smooth. The progress of legislative efforts in Congress remains to be seen, and coordination among different regulatory agencies (such as CFTC) still needs to be explored. But the trend is already very clear—the US no longer treats crypto as an anomaly but as the future.