The Trump administration welcomes "Crypto Assets Week"; is the crypto bill regulation a breakthrough or a political trap?

SPI asset management company Stephen Innes stated that as lawmakers have included three key supportive cryptocurrency bills in the legislative agenda under the name "Crypto Assets Week", the sentiment in the U.S. market has shifted towards risk investment — at least for Bitcoin and crypto assets.

Just like a breakthrough trade that took months to find a clear catalyst, the crypto assets industry hopes that at this moment, encryption can shake off legal ambiguity and move towards a more solid regulatory foundation. However, if momentum stalls, even the clearest charts can turn into bull market traps.

Stephen emphasized that the core lies in the CLARITY Act, which is a tug-of-war over jurisdiction aimed at taking the regulatory authority of Crypto Assets away from the U.S. Securities and Exchange Commission (SEC) and giving it to the U.S. Commodity Futures Trading Commission (CFTC).

For industry insiders, this is like changing the referee in the middle of a game - a more lenient referee who isn't quick to blow the whistle on every fast break.

The bill attempts to abolish the Howey Test from the Great Depression era, which regulators have used to force modern blockchain protocols into a century-old definition.

Supporters believe that the new framework provides breathing space for mature blockchains. Critics, however, refer to it as a regulatory Trojan horse, stuffed with tokens that would otherwise be non-compliant.

Next is the GENIUS Act, which is a more conservative attempt to tame stablecoins. It requires stablecoins to be supported on a one-to-one basis with liquidity reserves, sets clear issuer standards, and includes stablecoin participants under the Bank Secrecy Act.

The idea is to combine the credibility of fiat currency with the flexibility of blockchain — no need for algorithmic alchemy, just clear collateral and clear audit trails. But even this bill, which passed with bipartisan support in the Senate, is not without macroeconomic implications.

If excessive capital flows into stablecoin reserves, it may crowd out demand for government bonds or create bottlenecks in the repurchase market—it's like an invisible hand lurking behind the promises of monetary innovation.

At the same time, the "Anti-Central Bank Digital Currency Surveillance State Act" adds a touch of volatility from the culture war to this situation. This bill is touted as a barrier to prevent central bank overreach, aiming to ban any digital dollar issued or intermediated by the Federal Reserve. This is not only about privacy but also about keeping programmable currency free from direct control by Washington.

Supporters believe this is a preemptive protection of freedom; critics argue that it is a shortsighted obstacle to future monetary tools. Regardless, this is a wedge issue that breaks party lines, unlike the other two bills.

The market will not wait for the ink to dry; the lobbying team of the largest Crypto Assets CEX exchange in the United States has fully launched, with the CEO and lobbying groups pressuring Congress like shareholder advocates.

However, the predictive market tells a more nuanced story.

The "GENIUS Act" sounds like a done deal, while the "CLARITY Act" remains unresolved, and measures opposing CBDCs have not even passed preliminary approval.

Nevertheless, broader signals remain loud: Crypto Assets have once again become the focus in Washington—not as a threat, but as a potential asset class worthy of institutional-level rules. Whether this ultimately translates into legislation or is just another scam depends on whether lawmakers can clear procedural hurdles in a timely manner. Because, like any transaction, timing is crucial—and in Washington, even momentum trading can be hindered.