Regulatory Tracker
June 2025
- United States: Senate approves a major stablecoin law, requiring issuers to hold dollar-for-dollar reserves in cash or Treasury bills and report monthly to regulators for transparency and trust.
- United States: House aligns its stablecoin bill with the Senate’s, resolving disputes over state versus federal oversight, with a final law expected by July.
- United Kingdom: Financial regulators push rules for fiat-backed stablecoins used in payments, aiming to finalize by December to protect users and ensure market stability.
- Hong Kong: Completes stablecoin licensing framework, allowing banks to issue tokens under strict reserve and anti-money laundering rules, integrating them into finance systems.
- Singapore: Strengthens crypto-friendly policies, making it easier to use stablecoins in payments, cementing its role as a global leader in digital assets.
- European Union: Enforces strict crypto regulations, removing non-compliant stablecoins from exchanges, with banking authorities ensuring reserve audits to safeguard investors.
- Global: International regulators issue guidelines to address stablecoin risks, pushing for global anti-money laundering standards to prevent illegal transactions.
- Stablecoin Market: Stablecoin market grows beyond $230 billion, mostly dollar-linked, fueling adoption in decentralized finance and cross-border payments.
May 2025
- United States: Senate prepares to vote on stablecoin law, with lawmakers addressing user protections like guaranteed redemption and penalties for reserve mismanagement.
- United States: New securities regulator shifts focus to clear stablecoin rules, easing enforcement to encourage innovation while tackling fraud risks.
- Hong Kong: Passes law allowing licensed firms to issue stablecoins, requiring full fiat backing and regular audits to ensure transparency and compliance.
- Hong Kong: Starts a testing program for stablecoin payments, aiming to integrate them into retail and international transactions by 2026.
- Global: Global anti-money laundering rules tighten, requiring crypto platforms to share transaction details across borders to fight financial crime.
- Stablecoin Market: Banks and fintechs worldwide finalize systems to support stablecoins, driven by clear regulations and rising demand for digital payments.
- Global: Major economies discuss unified stablecoin rules, aiming to reduce financial risks and ensure smooth cross-border payment systems.
April 2025
- United States: Lawmakers debate stablecoin bills, criticized for not regulating foreign issuers, raising concerns about market risks from overseas tokens.
- United States: Commodity regulator suggests treating some stablecoins as commodities, creating overlap with securities oversight, complicating rules for issuers.
- United Arab Emirates: Leads Middle East with a new crypto framework, encouraging stablecoin innovation to make Dubai a digital finance leader.
- Australia: Lags in stablecoin rules, slowing local projects, with regulators planning a 2026 framework to improve competitiveness.
- European Union: Strict crypto rules force exchanges to meet reserve and licensing requirements, removing non-compliant stablecoins to protect users.
- Global: International crime agency warns of stablecoins being used to evade sanctions, calling for stronger monitoring of global transactions.
- Stablecoin Market: Major payment firms adopt stablecoins for transactions, boosted by regulatory progress in Europe and Asia.
March 2025
- United States: Banking regulator allows major banks to hold stablecoin reserves, enabling traditional finance to issue or manage digital currencies.
- United States: House advances stablecoin bill, but critics worry federal rules could weaken state-level consumer protections, prompting amendments.
- United States: Treasury forms group to study stablecoins’ impact on the dollar’s global role, focusing on their use in international trade.
- Singapore and Hong Kong: Test stablecoin use in payment systems, balancing innovation with strict rules to prevent financial crime.
- United Kingdom: Refines rules for payment-focused stablecoins, requiring full fiat backing and planning a broader crypto framework by 2026.
- Global: Banking regulators propose reserve requirements for banks holding stablecoins, aiming to reduce risks to financial stability.
- Stablecoin Market: Stablecoin use in decentralized finance grows, with platforms adopting compliant tokens as regulations clarify globally.
February 2025
- United States: Proposes stablecoin laws requiring full reserves and audits, with oversight shared among banking, securities, and commodity regulators.
- United States: Faces pushback for not addressing foreign stablecoin issuers, with calls for sanctions to prevent regulatory gaps and risks.
- United States: Advances broader crypto bill to define whether tokens are securities or commodities, impacting stablecoin classifications.
- United States: Securities regulator relaunches crypto task force to create clear registration and disclosure rules for digital assets.
- Stablecoin Market: Market cap tops $200 billion, pushing regulators worldwide to focus on liquidity, transparency, and user protections.
- European Union: Begins enforcing crypto rules, requiring exchanges to remove non-compliant stablecoins by March’s end, overseen by financial authorities.
- United Kingdom: Consults on stablecoin custody, ensuring fiat-backed tokens have guaranteed redemption and strong reserve backing.
- Global: Global securities body issues stablecoin guidelines, urging uniform reserve and disclosure standards for market stability.
January 2025
- United States: Executive order pushes for a national stablecoin framework by mid-2025, aiming to boost dollar-backed tokens globally.
- United States: Appoints crypto-friendly regulators, shifting toward policies that support innovation and reduce heavy-handed enforcement.
- United States: Bans central bank digital currencies, favoring private stablecoins, contrasting with Europe’s digital currency trials.
- United States: Forms task force to explore a national crypto stockpile using seized assets, aiming to integrate digital assets into policy.
- European Union: Fully rolls out crypto regulations, requiring stablecoin issuers to meet strict reserve, licensing, and transparency standards.
- United Kingdom: Shapes stablecoin rules, focusing on fiat-backed tokens with clear reserve backing and user redemption rights.
- Global: International body warns of stablecoin risks to financial stability, calling for coordinated global oversight to prevent mismanagement.
- Stablecoin Market: Stablecoins gain traction in remittances, with firms using compliant tokens for cross-border payments, driven by new rules.
December 2024
- United States: Treasury finalizes rules classifying decentralized finance platforms as brokers, requiring tax reporting similar to traditional finance.
- United States: Securities regulator pauses major crypto enforcement cases, hinting at a shift toward clearer rules under new leadership.
- European Union: Crypto regulations take full effect, requiring stablecoin issuers to meet reserve and licensing rules, overseen by financial authorities.
- European Union: Enforces transaction transparency rules for crypto, aligning with global standards to track cross-border transfers.
- United Kingdom: Continues developing stablecoin rules, with plans for 2025 legislation to regulate fiat-backed tokens for payments.
- Global: International regulators highlight tokenization’s impact, urging standards for stablecoin reserve transparency to ensure stability.
- Stablecoin Market: Non-compliant stablecoins risk being removed from European exchanges, pushing issuers to align with new regulations.
November 2024
- United States: Crypto industry’s election influence secures a pro-crypto Congress, boosting prospects for stablecoin and crypto laws.
- United States: Signals shift to less aggressive crypto enforcement, with plans to replace securities regulator with a pro-innovation leader.
- Singapore: Supports tokenization trials, testing stablecoins and bonds in multiple currencies to advance digital finance.
- United Arab Emirates: Tests cross-border digital currency transfers, complementing plans for stablecoin regulations to boost digital finance.
- European Union: Prepares crypto transparency register, ensuring stablecoin issuers meet disclosure rules by year-end.
- Global: Notes uneven global adoption of crypto transaction tracking rules, with leading regions setting compliance standards.
- Stablecoin Market: Tokenized financial assets grow, with stablecoins increasingly integrated into traditional financial systems.
October 2024
- United States: Crypto firms challenge securities regulator’s authority, arguing overreach in classifying most crypto trades as securities.
- United States: Major exchange pushes court to force new crypto rules, challenging the regulator’s enforcement-heavy approach.
- European Union: Refines technical standards for stablecoin issuers, focusing on reserve audits and user protections for market stability.
- United Kingdom: Enforces transaction tracking rules for crypto, aligning with global standards for transparency in digital asset transfers.
- Hong Kong: Launches stablecoin testing program, allowing firms to trial tokenized payments for financial settlements.
- Global: International report highlights stablecoin risks and benefits, urging unified standards for reserve management.
- Stablecoin Market: Stablecoin issuers face growing scrutiny, with regulators emphasizing reserve transparency to prevent financial risks.
September 2024
- United States: Securities regulator rejects calls for new crypto rules, insisting existing laws apply, prompting industry legal challenges.
- United States: Court ruling clarifies that certain crypto sales are not securities, influencing stablecoin regulatory debates.
- European Union: Financial authorities coordinate crypto regulation rollout, ensuring consistent licensing for stablecoin issuers by December.
- United Kingdom: Begins enforcing crypto transaction tracking, requiring platforms to collect data to align with global financial standards.
- Hong Kong: Announces stablecoin testing program, inviting firms to explore tokenized money for banking settlements.
- Global: Industry group releases standard for cross-blockchain transactions, aiding stablecoin and decentralized finance regulations.
- Stablecoin Market: Stablecoin activity grows outside the U.S., pushing emerging markets to develop local regulatory frameworks.
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