By Chris Hollingworth 
United States cryptocurrency regulations are facing calls for increased clarity, particularly in relation to stablecoins and banking relationships, before lawmakers shift their focus to tax reform. Industry leaders and legal experts emphasize the need for a tailored regulatory approach that addresses areas such as securities laws and removes obstacles in banking to foster more upside for the cryptocurrency industry.
Mattan Erder, the general counsel at layer-3 decentralized blockchain network Orbs, believes that while tax reform is important, enhancing US crypto regulation should take precedence. He highlights the potential for the Trump administration to bring about significant advancements in crypto regulation, including a clearer and more rational approach across all areas, including tax policies.
However, Erder acknowledges that executive orders and regulatory agency actions have their limitations, and ultimately, congressional involvement will be necessary to enact lasting changes to existing laws. President Donald Trump’s executive order on March 7, which called for the establishment of a national Bitcoin reserve using seized crypto assets, signals a growing federal support for digital assets.
Despite recent positive developments, concerns persist within the industry regarding banking access, with some experts suggesting that challenges may endure until at least January 2026 due to regulatory uncertainties. The issue of debanking, highlighted by a lawsuit led by Coinbase in June 2024, underscored the difficulties faced by crypto firms seeking banking services.
Looking ahead, the introduction of stablecoin legislation could unlock new growth opportunities within the cryptocurrency space. David Pakman, managing partner at CoinFund, believes that a regulatory framework for stablecoins could incentivize traditional financial institutions to adopt blockchain-based payment solutions. The potential passage of legislation such as the GENIUS Act, aimed at establishing guidelines for stablecoin issuers and ensuring compliance with Anti-Money Laundering laws, may pave the way for increased adoption of crypto rails by mainstream financial entities.
As the industry eagerly anticipates progress on stablecoin legislation in the US, stakeholders remain hopeful that a clearer regulatory environment will foster innovation and broader acceptance of cryptocurrency technologies in traditional financial systems.
