As the US cryptocurrency legislation gradually advances in 2025, many key issues in the industry are about to usher in decisions and changes. From President Trump's support for the crypto industry to the possible introduction of the Stablecoin Act, the FIT21 Act, and adjustments to tax policies, these factors will undoubtedly drive the crypto industry towards a more standardized and mature direction. Against this backdrop, we have also seen other global markets, such as Japan's cautious attitude and Brazil's attempts, also occupy an important position in the international regulatory framework for cryptocurrencies.
1. U.S. Encryption Legislation in 2025: How Will Key Issues Drive Industry Development?
According to The Block, the US Congress plans to advance cryptocurrency-related legislation in 2025, which is expected to be the most supportive administration for the crypto industry to date. Trump has consistently promised to support cryptocurrencies, providing confidence in future policy directions. This administration's legislative focus will include several important topics such as the stablecoin bill, the FIT21 bill, and tax adjustments.
Among them, the introduction of the stablecoin bill is seen as crucial for the long-term development of the crypto industry. Stablecoins have become an important component of the digital asset market, especially in cross-border payments and digital currency trading. However, the current lack of a comprehensive regulatory framework for stablecoins in the United States has resulted in significant market risks. The introduction of the stablecoin bill will help clarify regulatory standards, ensure that stablecoin issuers have sufficient asset reserves, and adhere to strict compliance requirements. If this bill passes smoothly, stablecoins will play a more important role in the global financial system.
In addition, the FIT21 bill will focus on establishing a regulatory framework for the decentralized finance (DeFi) market. Currently, the regulation of DeFi platforms is still in a vacuum, leading many projects to face compliance issues. The FIT21 bill will provide a clear legal framework for decentralized finance, helping these platforms develop within a legal and compliant framework. The passage of this bill will bring more innovation and investment to the decentralized finance sector, fostering the long-term growth of the crypto industry.
2. Tax Adjustments: A Catalyst for the Crypto Market
Tax issues are a major pain point in the US cryptocurrency market, especially regarding the taxation of staking rewards. The current tax policy imposes high taxes on staking rewards for cryptocurrencies, limiting players' participation enthusiasm. It is expected that the cryptocurrency legislation in 2025 will optimize the taxation of staking rewards. This adjustment will undoubtedly bring more benefits to crypto players and encourage more funds to flow into the market, promoting the development of the staking rewards market.
In addition, Trump's support may provide more momentum for tax reform. With the widespread adoption of cryptocurrencies globally, optimizing tax policies can not only attract more players but also bring new tax sources to the government, creating a virtuous cycle.
3. Japan's Cautious Attitude and Global Cryptocurrency Regulation Trends
Compared to the active promotion by the United States, Japanese Prime Minister Shiohisa Ishiba recently stated that the current Japanese government does not have enough information to consider including Bitcoin in its strategic reserves. This statement, while indicating a cautious attitude of the Japanese government towards Bitcoin, also reflects the differing positions of countries around the world regarding cryptocurrency regulation. In contrast, countries like the United States and Brazil are exploring the feasibility of treating Bitcoin as part of their reserve assets, which could further promote Bitcoin as a 'new gold' in the global financial system.
Japan's attitude, while relatively conservative, shows that globally, the legalization and acceptance of cryptocurrencies are gradually increasing. In the future, we may see more countries adjusting their policies, especially those experimenting with cryptocurrencies, such as Brazil. Although Japan has not fully accepted Bitcoin as a strategic reserve, it remains an observer of global cryptocurrency development, warranting close attention from the industry.
4. Bitwise Bitcoin ETF Application: An Important Breakthrough for the Market
Recently, Bitwise submitted an application for a Bitcoin standard company ETF to the US Securities and Exchange Commission (SEC), aiming to provide investment risk exposure for companies that adopt the Bitcoin standard and hold at least $1,000 worth of BTC in their finances. This initiative is an important breakthrough in the cryptocurrency market, providing traditional players with a more convenient channel for Bitcoin, especially for institutions and individual players who are reluctant to purchase Bitcoin directly.
The approval of a Bitcoin ETF would not only help the crypto market better align with traditional financial markets but also provide more demand for Bitcoin's price. This move will undoubtedly further promote Bitcoin as one of the mainstream assets in the global financial market. Although the SEC has not yet made a final decision, this application undoubtedly provides new hope for the crypto market.
5. Wyoming's Proposal: Exploration of a National Bitcoin Reserve
Wyoming Senator proposes establishing a national Bitcoin reserve, aiming to include Bitcoin as a reserve asset in the official financial system of the United States. However, this proposal faces widespread opposition, including skepticism from some members of the government. Notably, Senator Elizabeth Warren's opposition may make it difficult for this proposal to pass. Nevertheless, the proposal itself reflects the potential of cryptocurrencies in the global financial system and may inspire more countries to explore similar initiatives in the future.
The US spot Ethereum ETF saw a net inflow of 33,500 ETH yesterday, worth $117 million.
The US spot Bitcoin ETF saw a net inflow of 4,782 BTC yesterday, worth $475 million.
BTC: Yesterday, Bitcoin closed with a 'medium bearish line,' showing obvious bearish sentiment. It is currently in a weak consolidation, indicating that the market is in a state of adjustment in the short term. From a daily perspective, an important support area is around the 92000 position. This point is a key defensive position for bulls, with a low likelihood of breaking below in the short term.
In summary, Bitcoin may continue to maintain volatility in the short term. With the year-end institutional earnings reports and increased risk aversion, the outflow effect of funds may persist. It is suggested that players remain cautious in the current market and not rush to bottom-fish, waiting for clearer trend signals to emerge.
ETH: Yesterday, Ethereum closed with a 'medium bearish line,' once again pulling back to the 60-day moving average position. It is currently in a weak adjustment, with continuous net inflow of ETF funds. Patience is required while waiting for the adjustment, as there is still a possibility of a rebound in the later market.
Altcoins: The altcoin market currently still lacks funding support, and significant recovery signs are difficult to see in the short term. From the current market environment, it is unlikely that there will be major changes in the altcoin market before the end of the year. The inflow of player funds is clearly still in a wait-and-see state, and real inflows may have to wait until around January next year. In summary, the chances of a large-scale rise in altcoins in the short term remain low, and everyone should be prepared for a patient wait.
Today's Fear and Greed Index: 74 (Greed)
