As per MetaEra, Elliptic's latest '2025 Global Crypto Regulation Review' highlights a global shift from enforcement to innovation in crypto regulation. Banks, stablecoins, and Asian financial hubs are expected to lead the next phase of policy development. The U.S. has seen a notable shift, with Trump prioritizing crypto as a core policy, pushing for the federal stablecoin framework GENIUS Act, and the DOJ ending its 'prosecute instead of regulate' approach. The SEC has also established a crypto task force. Stablecoins are evolving from centralized IOUs to on-chain native assets used for collateral, settlement, and yield tools, influencing protocol design. U.S., EU, and Hong Kong banks are preparing to enter stablecoin issuance and custody, with institutional participation rising structurally. Global stablecoin regulations are intensifying, with Hong Kong, the UK, South Korea, Singapore, and the UAE advancing steadily.
Elliptic Report: Global Crypto Regulation Shifts to Innovation, Banks and Stablecoins to Shape Next Phase
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Summary
Elliptic’s 2025 Global Crypto Regulation Review shows a shift from enforcement to innovation, with banks, stablecoins, and Asian hubs leading policy changes. The U.S. under Trump is pushing the GENIUS Act for a federal stablecoin framework, while the DOJ moves away from its 'prosecute instead of regulate' stance. Stablecoins are becoming on-chain assets used for settlement and yield, with liquidity and crypto markets seeing rising institutional participation. Hong Kong, the UK, and Singapore are advancing stablecoin rules, aligning with global efforts to Countering the Financing of Terrorism.
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