US Crypto Framework Earns 'A-' as Regulatory Posture Improves
On the first anniversary of an open letter to the Trump administration, a group of crypto law experts awarded the U.S. an 'A-' grade for its progress in supporting domestic digital asset companies. In an opinion piece published on January 29, 2026, the authors credited lawmakers for advancing policies that provide clearer rules of the road for the industry. Key drivers for the high mark include momentum toward a comprehensive market structure bill and the passage of stablecoin legislation, which has created a viable path for U.S. firms to compete with offshore issuers.
However, the authors noted this progress is fragile. The market structure bill has recently stalled due to disagreements over stablecoin yield, and they warned that large banks are attempting to reopen the passed "Genius Act" during negotiations. While the overall direction is positive, final statutory frameworks are still needed to solidify the gains and make public blockchains a permanent fixture in the U.S. financial system.
SEC and CFTC Pivot From Enforcement, Boosting Builder Confidence
According to the legal experts, the most significant factor restoring confidence among U.S. builders has been a fundamental shift in agency philosophy. The Securities and Exchange Commission (SEC), under new leadership, has moved away from "regulation by enforcement" and toward a genuine effort to modernize securities laws for a tokenized world. This more constructive stance, now reportedly echoed by the Commodity Futures Trading Commission (CFTC), has opened the door for broader institutional participation and more resilient financial infrastructure.
This change in tone is supported by tangible policy actions. The authors highlighted the repeal of the controversial IRS DeFi Broker Rule and the scaling back of OFAC enforcement actions, such as those related to Tornado Cash. Furthermore, the Office of the Comptroller of the Currency's (OCC) recent decision to grant national trust charters to fintech and stablecoin issuers signals that blockchain-based firms are beginning to operate on a more even plane with traditional financial institutions.
Tax Policy and Fragmentation Remain Key Hurdles
Despite the positive trajectory, the report card assigned a lower 'B' grade to the overall business environment, citing persistent structural challenges. A lack of a comprehensive tax overhaul and continued state-by-state regulatory fragmentation impose significant costs and uncertainty, particularly for startups. These issues have led many projects to continue relying on offshore structures for token sales and governance.
The authors also raised a cautionary flag regarding an unforeseen development: the launch of a high-profile memecoin associated with the president's family. This episode, they argue, underscores the need for clear ethical guardrails to prevent conflicts of interest that could undermine public trust in crypto policy. While the goal of becoming the world's crypto capital now feels achievable, it depends on finishing the legislative work and ensuring that core values like decentralization and privacy are not eroded.
