Major Breakthrough in U.S. Crypto Assets Policy: A New Chapter in Bitcoin Strategic Reserves and Stablecoin Regulation

On March 7, 2025, the U.S. government passed the "Bitcoin Strategic Reserve Act," achieving a historic breakthrough in crypto assets policy. The act incorporates 200,000 Bitcoins (approximately 6% of the circulating supply) into a permanently off-limits national reserve, marking the first time the U.S. has implemented supply-side reform in the Bitcoin market. This innovative "zero-cost increase" mechanism cleverly sidesteps fiscal controversies, with its core value lying in institutional confirmation of rights, bringing Bitcoin into the national financial infrastructure and laying the groundwork for monetary sovereignty competition in the digital age.

Immediately following this, at the White House Crypto Assets Summit held the next day, the government announced the acceleration of the legislative process for the "Stablecoin Accountability Act," marking the official entry of the U.S. Crypto Assets regulatory system into a new phase of systematic restructuring.

Bitcoin Strategic Reserve Act: National-level Lock-up Strategy

On March 7, the United States made a significant breakthrough in cryptocurrency regulatory policy. The government officially signed the "Bitcoin Strategic Reserve Act," designating 200,000 Bitcoins that had been accumulated by the judiciary over the years as national strategic reserve assets, and establishing a permanent sales prohibition mechanism. Although the act did not directly increase the government's Bitcoin purchasing scale, by freezing nearly 6% of the circulating supply of Bitcoin, it effectively reshaped the market supply and demand dynamics. In the long run, this act reinforces Bitcoin's "digital gold" attributes through institutional confirmation of rights, and forms policy synergy with Texas's pioneering "Bitcoin Tax Acceptance Act," marking a key transformation in the regulatory paradigm for cryptocurrencies in the United States.

The bill innovatively proposes a "zero-cost increase" mechanism, allowing for the continuous expansion of reserve size through compliant judicial procedures, thereby avoiding the political controversies of traditional fiscal expenditure while reserving operational space for future policy adjustments. Notably, the "Bitcoin tax deduction bill" being promoted simultaneously in Texas indicates that state governments are competing for the discourse power in the crypto economy through institutional innovation. This regulatory linkage between federal and state governments is propelling the United States to rapidly establish the world's first multi-level regulatory system for Crypto Assets, laying the foundation for establishing a global center for crypto compliance.

The market initially reacted with volatility to the bill, with Bitcoin prices first surging and then pulling back, before starting a significant rebound, ultimately settling at $91,000. In fact, the government's earlier announcement of adopting Bitcoin as a national strategic reserve has already been fully absorbed by the market, and further positive developments may require other countries to follow suit.

The implementation of the United States' Bitcoin strategic reserve policy may trigger a global chain reaction. If other major economies follow suit in establishing strategic reserves of Crypto Assets, according to the supply and demand elasticity theoretical model, this structural change will provide significant room for the revaluation of Bitcoin prices, fundamentally reshaping the global Crypto Assets valuation system.

In-depth analysis reveals that the far-reaching impact of this bill lies in the competition for financial discourse power behind the strategic reserve policy. Historical experience shows that the United States successfully mastered the pricing dominance of global bulk commodities by establishing strategic oil and gold reserve systems. The current trend of "American-style regulatory framework export" in the Bitcoin market is essentially an extension of the struggle for monetary sovereignty in the digital age. For other countries, the decision to establish a strategic reserve of crypto assets has transcended the realm of simple economic decisions and evolved into a strategic choice for national financial security in the digital economy era, which must be given high importance.

Legislation of Stablecoins and Integration with the Banking System: From Speculation-Driven to Technology-Empowered

The implementation of the Bitcoin strategic reserve policy has brought significant volatility to the market. Although the content of the White House cryptocurrency summit on March 8 was unremarkable, the government has clearly advanced the legislative timeline for the "Stablecoin Accountability Act" to be completed before the August congressional recess, creating major industry opportunities for the integration of stablecoin legislation and the banking system.

The government believes that the key to ending the "bank exclusion" phenomenon of cryptocurrencies lies in building a federal-level regulatory framework, particularly focusing on standardizing the reserve requirements for stablecoin issuance and the qualifications for institutional entry. This legislative process has been extended by four months compared to the Senate's initial "100-day legislative" plan. According to the legislative framework disclosed by the Treasury Department, the new bill will establish a dual-layer regulatory structure of "federal charter + state-level license," mandating issuers to maintain 100% USD reserves and connect to a real-time auditing system. This design not only incorporates the regulatory practices of the New York State Department of Financial Services but also achieves standardization through the Federal Reserve's federal review mechanism.

Licensed institutions are reshaping the power structure of the crypto market. The spot trading volume of compliant trading platforms surged from 42% in 2024 to 79% in the second quarter of 2025. The weekly average net inflow of $4.7 billion is 12 times that of unlicensed platforms, and this stark disparity is particularly evident in a certain stablecoin, which boasts a 99.1% reserve compliance rate supporting a daily trading volume of $500 billion, capturing 68% of the global crypto payment market. When a clearing system launched by an exchange in collaboration with several international banks demonstrates an 80% increase in efficiency and a 60% reduction in costs, the technological moat of licensed players is clearly visible.

The technological revolution in the banking system has become a new engine for industry growth. Cross-border payment times have been compressed from 10-60 minutes with traditional blockchain to under 3 seconds, and the settlement failure rate has decreased from 2.3% to 0.07%, with these transformations stemming from the integration of the Federal Reserve's real-time settlement system. The Bank for International Settlements' report indicates that the automated KYC system has reduced the cost of individual customer verification from $120 to $48, directly driving a certain bank's compliance wallet to acquire 1.5 million new users in three months, with 63% being first-time users of Crypto Assets. This leap in efficiency is reshaping the behavioral patterns of market participants, with the proportion of long-tail users whose average daily transaction amount is less than $100 increasing from 12% to 29%.

The macroeconomic weight of Crypto Assets has entered a stage of qualitative change. The International Monetary Fund's estimation model shows that for every 10% increase in the crypto market value, the marginal contribution to the US GDP reaches 0.2 percentage points, a figure that holds strategic value against the backdrop of a $38 trillion fiscal deficit. A certain asset management institution has monitored a strong correlation between the 25% increase in Bitcoin's volatility and changes in the Federal Reserve's balance sheet, revealing that the crypto market has become a new conduit for dollar liquidity. A certain bank's forecast further quantifies this trend, predicting that by 2027, Crypto Assets will handle 35% of global payment clearing volume and attain legal tender status in 17 major economies. When technological empowerment resonates with regulatory frameworks, the ultimate outcome of this transformation will be a digital reconstruction of the global financial order.

The Linkage Reconstruction between Macroeconomics and the Crypto Market: Increases and Decreases Still Depend on the U.S. Economy

Despite the overall favorable situation mentioned above, it does not mean that the crypto market will necessarily rise, as the correlation between the crypto market and the US stock market is becoming deeply intertwined. The government's fiscal expansion policy and the Federal Reserve's monetary policy game are reshaping the pricing logic of Crypto Assets. Since the official approval of the Bitcoin ETF, the correlation between Bitcoin prices and the US stock market has become more significant. Data shows that the 30-day rolling correlation coefficient between Bitcoin and the S&P 500 index has risen from 0.35 in 2023 to 0.78 in Q2 2025. Therefore, the fluctuations in the crypto market are closely related to the US stock market and even the US economy.

The Federal Reserve is caught in a policy dilemma between "controlling inflation" and "fighting recession." The current U.S. economy is facing the most typical stagflation situation since the 1970s, with a "high inflation + low growth" combination putting the Fed in a bind: if it continues to raise interest rates to suppress inflation, the interest cost on $35 trillion in existing debt will consume 17% of federal revenue; if it turns to cutting interest rates to stimulate the economy, it may repeat the vicious inflation cycle of 1980. Historically, in similar stagflation environments, the median three-month volatility of Bitcoin reached 86%.

The turmoil in the US economy may lead to a cautious contraction of liquidity in the capital markets. Under normal market conditions, a liquidity contraction triggers arbitrage funds to enter and balance supply and demand. However, during times of chaotic policy expectations, this self-regulating mechanism may fail: traders, unable to predict the Federal Reserve's reaction function, tend to hold coins and wait rather than actively providing liquidity. When liquidity providers collectively reduce their exposure, the market may fall into a "liquidity black hole"—price declines trigger further capital withdrawals, creating a vicious cycle.

Industry Outlook in the Global Landscape

The current shift in U.S. policy is triggering a global paradigm shift in regulation. The digital asset sovereign reserve model constructed by the "Bitcoin Strategic Reserve Act" and the banking integration path established by the "Stablecoin Accountability Act" provide a replicable regulatory framework sample for the world. As G20 countries gradually introduce regulatory details for Crypto Assets, the global market is evolving from the "regulatory arbitrage" stage to the "institutional competition" stage.

In the new era where the digital economy intertwines with geopolitics, the reconstruction of the regulatory framework for crypto assets has transcended mere technical specifications and evolved into an important dimension of national financial competitiveness. The current policy practices in the United States indicate that whoever can be the first to build a regulatory system that balances innovation and inclusion with risk prevention will occupy a strategic high ground in the global competition of the digital economy. For global economies undergoing a critical period of digital transformation, this regulatory paradigm shift is both a challenge and a historical opportunity to reshape the international financial order.

However, the revolutionary development of the crypto market led by the United States has also made the current fluctuations in the crypto market closely related to the U.S. economy. While paying attention to the impact of the U.S. economy on the crypto market, we need to call for global active participation in the construction of crypto market regulation to avoid the dominant influence of the United States on the crypto market.