A month later Donald TrumpThe presidency, the euphoria of the cryptocurrency industry on the expected deregulation gives way to a realization that gives to think: a significant change can take years, not weeks.
In a sheltered panel of Denarii Labs entitled “Crossfire regulation: what is the next step for the crypto in 2025,»Lied at the ETH Denver summit, legal experts Jonathan Turnham of NXT law And Nick Pullman of A law dissected the United States Regulatory landscape, wondering if the administration can keep its blockchain promises – or if the world competitors will first seize the moment.
The discussion occurs in the middle of a whirlwind of post-electoral speculation.
Cryptographic markets jumped at the end of 2024, hoping that the administration of Trump will inaugurate a golden regulatory rescue era, fueled by the president’s money companies and public declarations promoting digital assets.
However, 30 days after his mandate, tangible progress remains elusive.
“We have noted a certain number of efforts from the point,” said Pullman, a legal advisor to a law, referring to standing initiatives such as Stablecoin’s regulations. “These things take time.”
Turnham, a lawyer based in the Caiman Islands with a decade of crypto law experience in NXT Law, echoed the feeling, temperating enthusiasm with pragmatism.
“There has been a verification of reality,” he noted, highlighting the gap between the initial exuberance of the market and the slow version of the development of policies.
The panelists have agreed that, although the recent decisions of the Securities and Exchange Commission (SEC) to delete cases of application against companies like Uniswap Labs and Coinbase report a potential relaxation, it is far from a regulatory revolution.
The pivot of the dry under the acting chair Hester PeirceWho now directs a restarted crypto working group and the expected confirmation of Paul Atkins as president, marks a striking contrast with Gary GenslerThe mandate of the application of the law.
Turnham expressed prudent optimism: “These abandoned cases involved mature projects with mature legal teams that tried to engage with regulators.
The fact that this happened quickly is progress. “”
He suggested that ATKINS, a figure respected with a pro-business curvature, could bring “hard love and advice” to a clarity of envy of industry.
Pullman predicted a break in the aggressive posture of the dry, potentially reducing the need for reactive proceedings such as the challenge of the Blockchain Association at IRS.
“We have noted more collaboration in six weeks than in six years,” he said, citing joint efforts to create rules between the SEC and the Commodity Futures Trading Commission (CFTC) to clarify the troubled gap between titles and basic products in crypto.
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However, challenges are looming. The definition of “decentralized” remains a point of snack, and Pullman warned that the regulations of Stablecoin – such as the stable law of 2025 – could suffocate innovation if consumer protections (for example, compulsory KYC lists) come up against interoperability.
“It will be difficult,” he admitted, although he sees a path to go with better disclosure.
Beyond American borders, the panel highlighted a jurisdictional arms race. The framework of European markets in cryptocurrencies (Mica), despite the implementation hiccups in 27 nations, caused regulatory arbitration, certain companies fleeing strict rules.
Turnham customers, many of whom operating on the world of the Cayman islands, consider the United States as a potential counterweight – if it can act decisively. “There is competition between the courts,” he said. “If Trump wants to bring him back here, he needs a regime of confidence of people.”
Emerging markets like India and Brazil, however, are lagging behind. Turnham attributed this to the fears of losing financial control: “Governments historically use capital controls as a lever. The crypto threatens this”.
Pullman added that the construction of international trust in such markets takes decades, citing the reputation of the Cayman islands as a stable hub.
The panel also highlighted signs of maturity of the industry.
Turnham, which has facilitated more than a dozen token mergers, considers healthy consolidation: “It is a recognition that the management of these companies in the world is difficult.”
Banking support can also increase with the end of Operation Choke Point 2.0 reported, although Pullman noted the persistent hesitation of institutions opposed to risk.
Meanwhile, the FNB Spot Crypto gain ground after softening, although Turnham has warned that legal obstacles around the care and education of consumers persist.
For the future, the interaction between American regulations and global executives such as OECD tax visibility efforts remains fluid.
“The United States is the gold stallion that everyone is trying to crack,” said Turnham, but warned that clarity was soon to push the competitors.
For all optimism, the panelists underlined a central truth: the dependencies of the regulatory fate of the crypto during the execution, not the promises.
“No one wants time and the cost of disputes,” said Pullman, pleading for collaboration on the battles of the courtroom. While the Trump administration sails in its first 100 days, the industry looks at – in the world, but the more starry eyes.
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