Do you feel that U.S. crypto regulation is about to undergo a major shift? When you watch last month’s Senate Banking Committee hearing, it becomes clear that the regulators’ posture has started to change significantly.

They’re shifting from strict enforcement like before to proper rulemaking. What was especially striking was that leaders from the Federal Reserve Board and the Office of the Comptroller of the Currency began treating digital assets not as peripheral issues, but as a core part of the financial system. It also feels like U.S. cryptocurrency policy is finally moving toward a more predictable framework.

The problem with stablecoin yields was at the center of the discussion. Regarding implementation of the GENIUS Act, the OCC issued a 376-page proposal, and the key focus here is “prohibiting direct interest payments on stablecoins.” Lawmakers have expressed concerns about bank fund outflows, but there are also points noting that there is still no evidence of large-scale capital movement. For ordinary users, this is a critical moment that will determine whether holding stablecoins is merely a way to store value—or whether it functions as some kind of income-generating instrument.

Another development worth paying attention to is the movement around the CLARITY bill. If this bill is passed, clear rules will be established for exchanges and wallet providers. That reduces the risk of abrupt operational shutdowns caused by regulatory uncertainty. The U.S. cryptocurrency industry, too, may finally be heading toward a more legitimate competitive environment.

The review process for bank license applications by companies specializing in digital assets is also moving forward. A minimum capital requirement of $5 million has been proposed, which could be a tough hurdle for startups. On the other hand, if such requirements are met, there’s also the possibility that a genuinely first-of-its-kind “crypto-asset prioritized” bank in the U.S. could be established. It might create a platform that enables smooth movement between fiat currency and digital assets.

The OCC’s stablecoin proposal, such as this one, is currently in the “notice and request for comments” stage, and a final decision is expected within the next 12 to 18 months. The era of ambiguity in U.S. cryptocurrency regulation is definitely coming to an end. Going forward, I think the direction will be that digital assets will function as a permanent part of the financial system within a more structured environment.

Instead of short-term price fluctuations, these kinds of long-term policy frameworks are actually what will significantly determine whether institutional investors enter the market. As regulatory transparency increases, the market will also mature. I believe the current developments in the U.S. are also an important signal for the global cryptocurrency market.