Last month, a U.S. Senate hearing brought to light a rather interesting shift. The intersection of traditional financial regulation and digital assets has become clearer than ever.

Of particular note is that the posture of federal regulators is shifting from “regulation through enforcement” to “formal rulemaking.” In other words, the regulatory framework for the American coin market is finally beginning to take shape. This represents a transition from the previously ambiguous environment to a more predictable model.

Debate over implementation of the GENIUS Act was also intense. Moves are being made toward limiting direct interest payments by issuers, to avoid stablecoins directly competing with bank deposits. Some lawmakers are concerned about “deposit outflows,” but in reality, no large-scale transfer of capital from banks to assets related to American coins has been confirmed so far.

Another important focus is the CLARITY bill. If passed, it could establish clear rules for exchanges and wallet providers, potentially greatly reducing the risk of sudden operational halts due to regulatory uncertainty. For users, that would mean a more stable platform environment.

Discussions about banking charters are also progressing. With reviews underway for new charter applications from American coin–related companies, questions have been raised particularly about shareholder transparency and national security. If successful, it could lead to the creation of the first genuinely “crypto-asset–prioritized” bank in the United States, enabling a smooth transition between fiat currency and digital assets.

That said, stringent standards such as the $5 million minimum capital requirement for stablecoin issuers could also raise barriers to entry for emerging startups. There are also concerns that larger, existing players could be in a favorable position.

Overall, the environment for American coin regulation is shifting from an “age of ambiguity” to an “age of structuring.” In the coming 12 to 18 months, many rules—including the OCC proposal—are expected to be finalized and implemented.

Personally, I believe this trend, in the long term, could encourage institutional investors to enter and bring significant capital inflows into the market. It should be seen as a stage of increased institutional maturity rather than short-term price fluctuations. The American coin market is finally coming to be recognized not as a “temporary trend,” but as a permanent part of the financial system.