I just noticed an important development being followed by analysts at one of the largest investment banks. It seems that U.S. legislation related to regulating the cryptocurrency market might be closer than expected.

Briefly: There is serious discussion about a law aimed at establishing a clear framework for classifying digital assets. The bill divides tokens into two categories - digital commodities regulated by the Commodity Futures Trading Commission, and digital securities regulated by the Securities and Exchange Commission. The House of Representatives has already passed the bill, but the Senate is still negotiating the details.

The main disagreements are well known: digital companies want the ability to offer yields on stablecoins, and banks are concerned about losing deposits. Democrats want stronger controls on conflicts of interest. Each side is pulling in its own direction.

Interestingly, the law includes several features - an exemption clause for old tokens, relief for small projects with funding not exceeding $75 million from full registration, a pathway to convert security tokens into digital commodities, and real tax clarity. It also protects developers in the early development stage.

Another recent regulatory move occurred — the Securities and Exchange Commission revised its treatment of capital reserves for stablecoins, reducing the requirement from 100% to 2% — a real shift in stance. The law also limits regulatory agencies’ ability to impose additional reserves on financial institutions dealing with digital assets, effectively confirming the SEC’s retreat from its previous guidelines.

The current expectation is that this legislation could be approved by mid-year, potentially supporting the market in the second half. Honestly, if this happens, it will be a real turning point. A clear regulatory framework is exactly what the market has been waiting for — the symbol 305 for legislative progress, so to speak. Everyone is waiting for the next step.