The U.S. Welcomes the "Encryption Gold Era": Leading the Development of the Blockchain Industry Completely

Recently, a 166-page report outlined how the United States is leading the Blockchain industry and welcoming the "encryption golden age." The report was published by the working group of Executive Order No. 14178 and mainly includes four key points: establishing a unified classification framework for the digital asset market, promoting interoperability between the banking and Blockchain industries, accelerating the adoption of stablecoins, and formulating guidelines for illegal financial activities and taxation.

The report reviews the tradition of technological innovation in the United States and assesses the fundamental changes that blockchain and digital assets may bring to the financial system and asset ownership structure. The report suggests that in the future, the government should actively support business activities related to these innovative technologies rather than suppress them.

The report emphasizes that U.S. regulatory agencies should promote innovation by establishing clear and consistent rules to attract crypto companies to operate domestically. It urges agencies like the Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission ( CFTC ) to collaborate in creating a unified classification framework to eliminate regulatory gaps. It also suggests adopting flexible regulatory approaches in emerging fields such as decentralized finance ( DeFi ).

Hong Kong also quickly responded to this trend. In June 2023, the Hong Kong government officially launched a licensing system for virtual asset exchanges. In May 2025, it passed Asia's most cutting-edge "stablecoin legislation," which will take effect on August 1. This approach of "regulation and innovation coexisting" is expected to promote Hong Kong as one of Asia's leading digital asset hubs.

Recent surveys show that 72% of cryptocurrency investors support the current government's relevant policies, and more than one-fifth of Americans hold some form of cryptocurrency. 64% of investors indicate that the government's pro-encryption stance has increased their willingness to invest. 83% of institutional investors plan to increase their allocation to digital assets by 2025. This data suggests that a friendly regulatory environment is injecting new vitality into the encryption industry.

The report details recommendations in four key areas:

1. Establish a unified classification framework for the digital asset market. The report acknowledges the proposed "Digital Asset Market Clarity Act" (CLARITY Act), which classifies digital assets into security tokens and non-security ( commodity ) tokens, clarifying the jurisdiction of each regulatory agency. The report also recommends clarifying the legal status of fully decentralized protocols and developing a flexible regulatory framework.

2. Promote the interconnection between the banking industry and the Blockchain industry. The report criticizes the previous government's practice of cutting off banking services for encryption companies, suggesting to clarify the allowable encryption-related activities for banks, improve the transparency of license approvals, and align capital requirements with actual risks.

3. Actively promote stablecoins as an innovative tool for digital dollars. The report emphasizes that the widespread use of stablecoins pegged to the dollar can modernize payment infrastructure and enhance the international influence of the dollar. The report supports the "Guiding and Establishing the American Stablecoin Innovation Act" (GENIUS Act), which establishes a regulatory framework for private dollar stablecoin issuers while prohibiting the Federal Reserve from developing a central bank digital currency.

4. Develop guidelines for illegal financial activities and taxation. The report calls for updating anti-money laundering ( AML ) regulations to address the new challenges posed by cryptocurrency, while emphasizing that law enforcement should not be abused. Regarding taxation, the report suggests that the Internal Revenue Service ( IRS ) issue clearer guidance and consider implementing a tax exemption policy for small cryptocurrency transactions.

The boundaries between the finance and blockchain sectors are becoming blurred, with leading companies from both sides starting to collaborate. For example, JPMorgan Chase and Coinbase announced a partnership that allows credit card customers to convert reward points into USDC. Coinbase has also partnered with Morpho to expand the decentralized finance sector. Robinhood is launching its own Layer-2 blockchain to provide infrastructure for on-chain issuance and trading of listed stocks.

These developments indicate that the transformation of the finance system driven by Blockchain has begun, and pioneers are learning quickly and accelerating progress. The momentum for change is becoming increasingly apparent, and now is a critical moment to deeply understand the Blockchain industry and seriously consider adopting Blockchain technology.