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According to Odaily, U.S. Representatives Tom Emmer and Darren Soto have reintroduced the Securities Clarity Act, aiming to establish a clear legal distinction between crypto assets and securities contracts. The legislation seeks to provide a compliant pathway for innovative projects and has garnered support from organizations such as Coin Center and the Blockchain Association. It is considered a significant precursor to the legislative framework for the U.S. crypto market structure. The bill emphasizes that 'investment contract assets' should be independent of the initial securities issuance, laying the legal groundwork for digital assets to be reclassified as commodities following decentralization.

The U.S. House of Representatives has officially introduced its version of a stablecoin oversight bill, marking a significant step toward establishing a regulatory framework for dollar-backed digital assets. The move comes amid a surge in crypto-related legislative activity on Capitol Hill, including renewed efforts around IRS-related crypto taxation in the Senate.Key Highlights:The bill, known as the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, was introduced by Rep. Bryan Steil and Rep. French Hill, chairs of the House Financial Services Committee and its crypto subcommittee.The House version aims to align closely with the Senate’s recently approved bipartisan version, bridging prior legislative gaps.The bill governs how companies issue dollar-denominated digital tokens, emphasizing transparency, accountability, and consumer protection.Rep. Tom Emmer, a long-time crypto advocate, stated that the two versions of the bill have “minor differences” that can be resolved as the legislation progresses.Legislative Momentum:With the Senate Banking Committee having already advanced its stablecoin bill to the floor, and the House now formally entering the process, lawmakers are signaling that stablecoin regulation is a top crypto priority in 2025.Both versions of the STABLE Act focus on ensuring that issuers of stablecoins maintain sufficient reserves, provide regular disclosures, and operate under clear regulatory oversight, particularly for systemic and non-bank issuers.Expanding the Crypto Policy AgendaAlso on Wednesday, Rep. Tom Emmer reintroduced his Securities Clarity Act, a bill that seeks to define how a crypto asset might fall within the U.S. securities law framework. The bill, originally part of the Financial Innovation and Technology for the 21st Century Act (FIT 21), was reintroduced alongside Democratic Rep. Darren Soto, signaling continued bipartisan support for regulatory clarity.Emmer, Steil, and other key lawmakers involved in shaping crypto policy appeared at the DC Blockchain Summit, a crypto policy event hosted by the Digital Chamber. During the summit, many expressed optimism that stablecoin legislation could be finalized by August.As the conference wrapped up, the Senate was preparing for a second vote on a Congressional Review Act resolution aimed at overturning the IRS’ 2024 regulation on DeFi broker reporting. While both chambers have previously passed the resolution — and President Trump is expected to sign it — Senate procedural rules require an additional vote because the House must initiate tax-related legislation.What It Means for the MarketThe synchronized momentum in both chambers of Congress boosts the likelihood of a comprehensive stablecoin regulatory framework being passed this year. This legal clarity could accelerate institutional adoption of compliant stablecoins and provide structure for exchanges and developers navigating U.S. law.The renewed introduction of the Securities Clarity Act and progress on IRS DeFi regulation rollbacks highlight broader Congressional efforts to reshape how crypto fits into the traditional financial regulatory landscape.Lawmakers appear focused on building a cohesive digital asset framework that balances innovation, investor protection, and compliance — with stablecoins leading the charge, according to CoinDesk.

According to Odaily, U.S. President Donald Trump announced his intention to impose reciprocal tariffs on all countries next week as part of a comprehensive tariff strategy. Speaking to reporters in the Oval Office on Wednesday, Trump stated that the tariff rates would be lower than anticipated. He emphasized that the approach would be broad and inclusive, suggesting that many would be surprised by the lower rates compared to the tariffs imposed on the U.S. over the past decades. Trump remarked that while the U.S. has not been treated favorably by other nations, it will respond with a friendly approach, leading to unexpected outcomes for many.

According to Odaily, the CME's 'FedWatch' tool indicates an 86.4% probability that the Federal Reserve will maintain its interest rates unchanged in May. There is a 13.6% chance of a 25 basis point rate cut. Looking ahead to June, the likelihood of rates remaining unchanged drops to 33.6%, while the probability of a cumulative 25 basis point cut rises to 58.1%. Additionally, there is an 8.3% chance of a cumulative 50 basis point reduction.

According to Odaily, French Hill, Chairman of the U.S. House Financial Services Committee, announced at a blockchain summit in Washington that a revised draft of the new crypto market structure bill will be unveiled in the coming days. This draft is an updated version of the '21st Century Financial Innovation and Technology Act' (FIT21), which was passed by the House last year. Although the bill has not been formally introduced in the current Congress, it previously received support from 71 Democratic lawmakers, including former Speaker Nancy Pelosi. Hill stated that the draft has been adjusted based on various technical inputs. The proposed legislation aims to grant the Commodity Futures Trading Commission (CFTC) increased regulatory authority and funding to oversee crypto spot markets and digital commodities like Bitcoin, while also clarifying the role of the Securities and Exchange Commission (SEC).

According to Cointelegraph, U.S. Senator Kirsten Gillibrand has called for restrictions on stablecoin issuers from offering yield-bearing opportunities, emphasizing the need to safeguard the traditional banking system. Speaking at the 2025 DC Blockchain Summit on March 26, the Democratic senator from New York highlighted the importance of adopting New York's stringent financial regulations across all financial sectors. She stressed that these regulations should apply to stablecoin issuers, regardless of whether they are regulated at the state or federal level, to ensure compliance with existing laws and protect consumer safety.Gillibrand expressed concerns about the potential impact of stablecoin issuers offering interest, suggesting it could undermine local banks' ability to provide essential services like home mortgages and small business loans. She warned that if stablecoin issuers offer interest, there would be little incentive for consumers to deposit money in local banks, which could destabilize the financial services system that many rely on. "If there is no deposit, small banks cannot do that anymore; it will collapse the financial services system that people rely on for their businesses and mortgages," she stated.Gillibrand is a co-sponsor of the GENIUS stablecoin legislation, introduced by Senator Bill Hagerty in February. This bill aims to establish a comprehensive regulatory framework for digital fiat tokens. On March 10, Hagerty updated the bill to include stricter anti-money laundering provisions, know-your-customer (KYC) requirements, financial transparency regulations, and consumer protection controls. The Senate Banking Committee advanced the GENIUS bill with an 18-6 vote on March 13. The bill must pass both chambers of Congress before reaching U.S. President Donald Trump's desk for signing.Critics of the GENIUS stablecoin bill argue that it is an attempt to introduce a central bank digital currency (CBDC) in the United States through privatized means. Jean Rausis, co-founder of the decentralized trading platform Smardex, contended that centralized stablecoins could lead to financial censorship and state surveillance, potentially allowing the government to restrict access to financial systems. The debate over stablecoin regulation continues as stakeholders weigh the implications for the future of digital currencies and traditional banking.

According to BlockBeats, U.S. President Donald Trump is scheduled to hold a press conference at 4 p.m. Eastern Time (4 a.m. UTC+8) to announce new tariffs on automobiles. The White House has confirmed the timing of this announcement, which is expected to address the administration's stance on automotive trade policies.

According to Foresight News, Taiwan's Financial Supervisory Commission has released a draft of the "Virtual Asset Service Law" for a 60-day public consultation period. The draft outlines key regulations, including a licensing system for virtual asset service providers, operational management requirements, a framework for stablecoin issuance, anti-fraud and market manipulation rules, and penalties for violations. The public consultation will last for 60 days following the announcement, with the draft expected to be submitted to the Executive Yuan for review by the end of June 2025.

According to PANews, the Governor of Kentucky has officially signed the HB701 bill into law on March 24, 2025, local time. This legislation safeguards the rights of residents to use digital assets, self-custody wallets, and operate blockchain nodes. The bill explicitly excludes these activities from money transmission licensing and securities regulation, while also restricting local governments from imposing discriminatory management on related technological activities.

According to BlockBeats, U.S. District Judge Deborah Boardman has issued a preliminary injunction preventing the Department of Government Efficiency (DOGE) from accessing personal data held by the U.S. Departments of Education, Treasury, and the Office of Personnel Management. This legal action follows a lawsuit filed last month in a Maryland federal court by a coalition of unions, led by the American Federation of Teachers. The lawsuit accuses the administration of U.S. President Donald Trump of allowing DOGE, under the leadership of Elon Musk, to access systems containing personal information of millions of Americans without their consent, allegedly violating federal privacy laws. Judge Boardman noted that the government failed to adequately justify why DOGE needed access to "millions of records" to fulfill its duties.

According to Odaily, CoinReg Tech, a provider of regulatory technology for the digital asset market, has submitted recommendations to the U.S. Securities and Exchange Commission (SEC) through its cryptocurrency task force. The proposals focus on several key areas of regulation for digital asset securities. Firstly, CoinReg Tech suggests that digital asset securities trading, whether conducted 'on-chain' or 'off-chain,' should adhere to the same transaction reporting requirements as standard securities. This measure aims to ensure transparency and consistency in the reporting of digital asset transactions. Secondly, the company highlights the need to address investor protection and market structure issues arising from off-chain transactions facilitated by trading platforms. This includes ensuring that investors are adequately protected and that the market operates efficiently and fairly. Additionally, CoinReg Tech recommends amending the rules of the Securities Exchange Act to mandate timely reporting of all transactions considered to be digital asset securities. This would enhance the visibility and traceability of such transactions, contributing to a more robust regulatory framework. Finally, the proposal calls for joint authorization and regulation of Digital Asset Repository Transactions (DART) by the SEC and the Commodity Futures Trading Commission (CFTC). This would involve recording transactions, including those submitted to public ledgers and off-chain transactions, as well as related customer ownership, regardless of whether the digital assets are classified as 'securities' or 'commodities.' These recommendations aim to create a comprehensive regulatory environment for digital asset securities, ensuring both market integrity and investor protection.

The U.S. Securities and Exchange Commission (SEC) has officially advanced its "SEC Crypto 2.0" initiative and called for the establishment of a Presidential Cryptocurrency Working Group, signaling a renewed push toward tighter oversight and structural reforms in the digital asset sector.According to documents cited by ChainCatcher, the SEC aims to align the trading of digital asset securities with traditional financial instruments by applying standardized transaction reporting requirements under the Securities Exchange Act.Key Highlights of the SEC’s Crypto 2.0 Proposal:Equal Reporting for Digital AssetsThe SEC will push to treat digital asset securities like traditional securities, requiring timely transaction reporting to improve transparency and protect investors.Stricter Oversight of Off-Chain TransactionsA major focus of Crypto 2.0 is on off-chain trade activities, such as those conducted over-the-counter (OTC) or through decentralized platforms, which the SEC considers high-risk and underregulated.Digital Asset Transaction Repository (DART)The agency has proposed a joint initiative with the CFTC to launch and oversee a Digital Asset Transaction Repository (DART). This centralized platform would serve as an authoritative source for all digital asset securities transactions, helping regulators monitor market activity more effectively.Market Structure & Investor Protection NormsThe framework will include updated norms for market structure, including potential amendments to the Securities Exchange Act, to address the fast-evolving digital asset space.Establishment of a Presidential Working GroupIn line with this initiative, the SEC supports the creation of a new Presidential Cryptocurrency Task Force, aimed at coordinating federal agencies, streamlining regulation, and reinforcing consumer protection in the crypto ecosystem. The task force would likely include representatives from the SEC, CFTC, Treasury, IRS, and other key departments.What It Means for the MarketIf fully implemented, Crypto 2.0 could mark a major regulatory shift, particularly for token projects categorized as securities, and for exchanges and protocols facilitating off-chain trades. The DART proposal suggests the U.S. is moving toward real-time digital asset surveillance, much like systems in traditional finance.Market participants should prepare for increased compliance obligations, especially around transaction disclosure and reporting.

According to ShibDaily, the U.S. Securities and Exchange Commission's (SEC) Acting Chair, Mark Uyeda, highlighted the ongoing legal uncertainty surrounding crypto securities laws, emphasizing the necessity for clearer regulatory guidance. During the inaugural roundtable of the SEC's Crypto Task Force, Uyeda addressed the challenges in classifying crypto assets under federal securities laws. He stressed the importance of providing clearer guidance to market participants and suggested that the SEC should consider rule-making instead of relying solely on enforcement actions to define the legal status of cryptocurrencies. Uyeda acknowledged that since the inception of Bitcoin in 2008, there has been ongoing debate among regulators, market participants, and courts regarding whether crypto assets meet the legal definition of investment contracts. The Howey Test, a Supreme Court ruling from 1946, is the primary legal standard used to determine what qualifies as a security. However, conflicting court rulings on the application of the Howey Test to crypto assets have created uncertainty for investors and companies. "Seventeen years later, market participants, lawyers, academics, policymakers, and regulators are still grappling with critical questions related to the status of these novel crypto assets under the federal securities laws," Uyeda stated. He further noted that appellate courts have issued conflicting rulings on key aspects of the decision, highlighting the legal uncertainty surrounding its interpretation. Uyeda pointed out that courts differ in their interpretation of investor reliance, with some requiring all investors' success to depend on the promoter's expertise, while others consider it sufficient if an investor's financial outcome is tied to the efforts of the promoter or third parties. Additionally, appellate courts remain divided on whether an investment contract necessitates ongoing efforts from the promoter after a sale or if substantial managerial actions taken before the purchase are enough to meet the legal threshold. Despite these differing interpretations, Uyeda emphasized that such legal disagreements are not unprecedented, noting that "a judicial opinion is limited to the particular facts and circumstances of that case." He added that when judicial opinions have created uncertainty for market participants in the past, the Commission and its staff have stepped in to provide guidance.

According to ShibDaily, Russia's Central Bank Governor Elvira Nabiullina has announced plans to implement a ban on cryptocurrency transactions between residents unless conducted within Russia’s experimental legal framework. Nabiullina emphasized the necessity of imposing penalties on those who circumvent the proposed ban. She stated that consequences should be enforced for individuals or entities using digital assets as a means of payment outside the approved legal framework. The Bank of Russia maintains its stance that cryptocurrencies should not be permitted as a means of payment, proposing a ban on settlements in cryptocurrencies between residents outside the Experimental Legal Regime (EPR). Furthermore, the Bank of Russia suggested that cryptocurrency investments, which carry heightened risks, should be tested within an experimental framework to establish standards, improve transparency, and assess investor qualification criteria. Previously, the Central Bank’s head stated that it was time to advance Russia’s approach to cryptocurrencies. Nabiullina emphasized the need for a regulatory framework that would allow "particularly qualified" investors to participate in the Russian crypto market. Additionally, Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia, warned about the dangers of cryptocurrency transactions, describing them as an "extremely risky activity" and asserting that unqualified investors "must be protected from it as much as possible." In early March, Russia’s Ministry of Finance and the Central Bank initiated discussions on permitting cryptocurrency trading within the Experimental Legal Regime (ELR). These discussions focused on limiting participation to "super-qualified" investors, who meet stringent criteria for financial expertise and risk tolerance. The "super-qualified" investor category will be accessible to both professional market participants and individuals, rather than being restricted to banks. To qualify, applicants must meet strict criteria that align with existing financial market qualification standards. Currently, qualified investors must have a minimum financial threshold of 12 million rubles, which will increase to 24 million rubles starting January 1 of next year.

According to Odaily, the White House is contemplating changes to the tariff policy initially set for implementation on April 2. The proposed adjustments aim to adopt more targeted measures, avoiding tariffs on specific industries and applying 'reciprocal tariffs' only to countries with trade imbalances. This consideration has eased market tensions.Analysts highlight that while tariffs do not directly impact cryptocurrency prices, the market remains sensitive to the macroeconomic uncertainties stemming from U.S. President Donald Trump's trade policies. Zach Pandl, Head of Research at Grayscale, noted that increased policy uncertainty has led investors to reduce overall risk exposure, affecting Bitcoin as well.Additionally, the Federal Reserve recently announced a slowdown in its balance sheet reduction, decreasing the monthly cap on Treasury reductions from $25 billion to $5 billion to alleviate market liquidity pressures.

According to BlockBeats, several significant U.S. macroeconomic data releases are scheduled for this week. On March 25 at 21:05 UTC+8, FOMC permanent voting member and New York Federal Reserve President Williams will deliver an opening speech at an event. Following this, on March 27 at 01:10 UTC+8, FOMC voting member and St. Louis Federal Reserve President Bullard will give a speech.On March 27 at 20:30 UTC+8, the initial jobless claims for the week ending March 22 will be announced, with expectations set at 225,000, compared to the previous figure of 223,000. Additionally, the final annualized GDP growth rate for the fourth quarter is expected to remain at 2.3%.On March 28 at 20:30 UTC+8, the core Personal Consumption Expenditures (PCE) price index for February is anticipated to show a year-over-year increase of 2.70%, up from the previous 2.60%. Later that day, at 22:00 UTC+8, the final reading of the University of Michigan's Consumer Sentiment Index for March is expected to be 57.9, unchanged from the prior estimate.

According to PANews, the Litecoin Foundation has released an update on its operations for 2025 via the X platform. The foundation highlighted several key achievements, including reaching a historic high in hashrate at 2.7 PH/s and surpassing 15 million transactions. Additionally, multiple Litecoin ETFs are set to be launched soon.

According to PANews, Fidelity has filed a registration with the U.S. Securities and Exchange Commission (SEC) for an "OnChain" stock class within its tokenized dollar money market fund, Fidelity Treasury Digital Fund (FYHXX). Launched at the end of last year, this fund holds cash and U.S. Treasury securities. The filing reveals that the "OnChain" class currently utilizes the Ethereum network, with potential plans to expand to other blockchains in the future. The registration is pending regulatory approval and is expected to take effect on May 30, 2025.