Cryptocurrency

Cryptocurrency and digital asset policy covers the regulatory framework for Bitcoin, Ethereum, stablecoins, and thousands of other blockchain-based assets. The U.S. crypto market grew explosively in the late 2010s and early 2020s, peaked at roughly $3 trillion in total market value in 2021, collapsed in 2022 following the failure of FTX and other platforms, and recovered to new highs by 2024. The regulatory landscape has been a persistent battleground: the Securities and Exchange Commission (SEC) argues most tokens are unregistered securities subject to existing law, while the crypto industry argues they constitute a novel asset class requiring new legislation. Congress has attempted to pass comprehensive crypto market structure legislation — defining which tokens are commodities (regulated by the CFTC) vs. securities (regulated by the SEC) — with bipartisan support, particularly after the passage of the GENIUS Act in 2025 establishing the first federal regulatory framework for stablecoins. Bitcoin became legal tender in El Salvador in 2021, and a U.S. strategic Bitcoin reserve was proposed by multiple politicians. Internationally, the European Union's Markets in Crypto-Assets (MiCA) regulation came into force in 2024, making Europe an early mover on comprehensive crypto rules. Central bank digital currencies (CBDCs) — government-issued digital money — are under active development in more than 100 countries; the U.S. has been slower to explore a digital dollar amid political opposition.