U.S. Crypto Regulation Shifts From SEC Enforcement to Legislative Framework, Driven by Stablecoin Policy

According to BlockBeats, on May 19, U.S. regulatory approach to cryptocurrency is shifting from Securities and Exchange Commission enforcement actions to congressional legislative frameworks aimed at clarifying which digital assets qualify as securities or commodities and establishing clear jurisdiction among regulators. Stablecoins have become a key driver of this policy shift; U.S. policymakers increasingly view dollar-backed stablecoins as digital financial infrastructure linked to the dollar’s global standing, national payment systems, and Treasury markets, rather than purely speculative assets. Officials cite concerns over reserve risks and financial stability, while also seeking to maintain U.S. competitiveness in global digital finance and prevent capital, innovation, and jobs from migrating to markets with clearer regulatory frameworks.