The United States is witnessing significant regulatory developments in the cryptocurrency sector in 2025. These include advancements in the GENIUS Act for stablecoins and the introduction of the CLARITY Act for digital assets, as highlighted by a16z crypto. These legislative initiatives aim to establish clearer guidelines for the crypto industry.
The Senate is progressing with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. A procedural motion was approved with a 66-32 vote, paving the way for a full Senate debate. Additionally, the Digital Asset Market Clarity (CLARITY) Act, introduced by House Committee on Financial Services Chair French Hill, seeks to create a specific market structure regulatory framework for digital assets.
The Securities and Exchange Commission (SEC) has clarified that certain proof-of-stake blockchain protocol activities do not constitute the offer and sale of securities. The Department of Labor's Employee Benefits Security Administration has rescinded a 2022 compliance release advising against including cryptocurrency options in 401(k) retirement plans. Furthermore, the Department of Justice (DOJ) has charged 12 individuals with a racketeering conspiracy involving the theft of cryptocurrency-related databases, resulting in over $263 million in losses.
Globally, Hong Kong's Legislative Council passed the Stablecoins Bill on May 21, 2025, establishing a licensing regime for stablecoin issuers. In Austria, Bybit secured a Markets in Crypto-Assets Regulation license, marking a significant step in its European expansion. These developments indicate a growing recognition of the need for comprehensive regulatory frameworks to support and regulate the crypto industry.