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US Crypto Regulation Weekly Roundup: Major Legal Shifts Reshape Industry
Bitcoin Reserve, Bank Crypto Rules and SEC Enforcement Changes Dominate the Week
TL;DR
- President Donald Trump created a Strategic Bitcoin Reserve and separate Digital Asset Stockpile on March 6, 2025.
- The OCC removed its prior supervisory nonobjection requirement for banks engaging in permitted crypto custody, stablecoin and blockchain-payment activities.
- The White House backed congressional efforts to repeal the IRS DeFi broker reporting rule, while the Senate passed S.J. Res. 3 by 70-27.
- Kraken said the SEC had agreed in principle to dismiss its lawsuit, while Yuga Labs said the agency closed its three-year investigation.
- The Texas Senate passed SB 21, creating a framework for a state-managed strategic crypto reserve rather than authorizing a $500 billion fund.
U.S. crypto policy shifted across federal banking, securities enforcement, tax reporting and government digital-asset holdings during the first week of March 2025.
Trump Creates Strategic Bitcoin Reserve
Trump signed an executive order on March 6 establishing a Strategic Bitcoin Reserve and separate U.S. Digital Asset Stockpile.
The Bitcoin reserve will initially hold BTC obtained through criminal and civil forfeiture. Bitcoin placed in the reserve is not to be sold.
Other forfeited digital assets will be managed separately through the stockpile. The government cannot acquire additional non-Bitcoin stockpile assets without further executive or legislative action.
Treasury and Commerce were also instructed to consider budget-neutral methods of acquiring additional Bitcoin without incremental taxpayer costs.
White House crypto adviser David Sacks estimated the federal government held roughly 200,000 BTC at the time. Bitcoin fell more than 5% to below $85,000 after traders learned the order did not include immediate government purchases.
The White House held its first crypto summit the following day, bringing administration officials together with industry executives to discuss digital-asset policy.
OCC Removes Prior Approval Requirement for Bank Crypto Activities
The Office of the Comptroller of the Currency issued Interpretive Letter 1183 on March 7, reaffirming that national banks and federal savings associations may conduct certain crypto activities.
Those include:
- Crypto-asset custody
- Holding deposits backing certain stablecoins
- Using distributed ledgers and stablecoins for permitted payments
The OCC also rescinded its earlier requirement that banks obtain supervisory nonobjection before engaging in those activities. Banks remain responsible for conducting them safely and with appropriate risk controls.
White House Supports Repeal of DeFi Broker Rule
The Trump administration backed S.J. Res. 3, which sought to overturn an IRS reporting rule extending the definition of “broker” to certain software involved in decentralized-finance transactions.
The White House argued that the rule imposed excessive compliance requirements and raised privacy concerns.
The Senate passed the resolution on March 4 by 70-27. House action was still required at that stage.
Kraken Says SEC Agreed to Dismiss Lawsuit
Kraken announced on March 3 that the SEC had agreed in principle to dismiss its enforcement case against the exchange.
Kraken said the agreement involved no admission of wrongdoing, penalties or changes to its business model. The case, filed in 2023, alleged that Kraken operated an unregistered securities platform.
The development followed other SEC pullbacks involving crypto companies and reflected a changing enforcement approach at the agency.
SEC Ends Yuga Labs Investigation
Yuga Labs said on March 3 that the SEC had closed an investigation that had lasted more than three years.
The inquiry began in 2022 and examined whether certain NFTs and related digital assets could fall under federal securities laws.
No enforcement action was announced when the investigation ended. Yuga Labs characterized the decision as a victory for NFT creators.
Texas Senate Advances Strategic Bitcoin Reserve
The Texas Senate passed SB 21 on March 6 by 25-5, advancing legislation establishing a Texas Strategic Bitcoin Reserve administered by the state comptroller.
The bill did not create a $500 billion reserve.
Instead, the Senate version required cryptocurrencies purchased with reserve funds to have maintained an average market capitalization of at least $500 billion during the previous 12 months. The legislature could separately appropriate money to fund the reserve.
The week's developments showed several parts of U.S. crypto policy moving simultaneously: federal agencies eased some restrictions, enforcement cases were reconsidered, Congress targeted DeFi reporting rules, and federal and state governments advanced frameworks for holding digital assets.
