State of Crypto Policy Post-Election

Key Insights

As of April 2025, legislators in 26 U.S. states have introduced bills proposing state-level Bitcoin or digital asset reserves, while 44 states have proposed broader legislation addressing digital asset regulation, consumer protection, taxation, legal recognition, and blockchain integration in government services.
On Jan. 23, 2025, President Trump issued an executive order revoking Biden-era crypto policies and establishing a 24-member Crypto Council to propose regulations. The order also prohibited federal agencies from promoting or issuing central bank digital currencies (CBDCs).
On March 6, 2025, President Trump ordered the creation of a Strategic Bitcoin Reserve using ~198,100 seized BTC and a separate U.S. Digital Asset Stockpile containing other seized cryptocurrencies such as ETH, XRP, SOL, and ADA.
The SEC established a Crypto Task Force, dismissed major crypto lawsuits, rescinded SAB 121, and clarified that Proof-of-Work mining and certain stablecoins are not securities. Concurrently, the OCC and FDIC eliminated reputation risk from bank oversight, and the Treasury lifted sanctions on Tornado Cash.
Congress advanced two stablecoin bills (Senate’s GENIUS Act and House’s STABLE Act), repealed the IRS’s DeFi broker rule, introduced a CBDC ban, and proposed restrictions on government officials’ crypto activities.

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