Original author: Jake

Original translation: TechFlow

In the first three months of 2025, U.S. crypto policy has evolved faster than in the previous three years.

Can't keep up? I compiled them all into one comprehensive report.

Note: The following is a condensed summary of the report. For the full report, please visit here

• Lawmakers in 26 U.S. states have introduced bills that would create state-level Bitcoin or digital asset reserves.

• 44 states have proposed broader legislation covering digital asset regulation, consumer protection, legal recognition, and the integration of blockchain in government services.

• Two stablecoin bills have advanced in Congress: the GENIUS Act in the Senate and the STABLE Act in the House.

The similarities and differences between the two bills are shown in the figure below.

(TechFlow Note: The image content is AI translated)

• Since February, the SEC has suspended or dismissed several cases against the following companies:

Binance, Coinbase, OpenSea, Robinhood, Uniswap, Gemini, Justin Sun, Consensys, Kraken, Yuga Labs, DRW, Ripple, Immutable and Crypto.com.

• The SEC withdrew SAB 121 and clarified that proof-of-work mining and certain fiat-backed stablecoins do not fall under securities laws.

• The U.S. Department of Justice disbanded its crypto enforcement unit, reinforcing a broader shift away from punitive regulation and toward regulatory clarity.

• A full federal regulatory proposal is due by the end of July 2025 (180 days after Trump’s January 23 executive order). The proposal will include a national framework for stablecoins, exchange regulation, and market structure.

In full professional reporting , I analyze every post-election executive action, regulatory update, and legislative development in detail.