Bitcoin Strategic Reserve Act Implementation: The United States Enters a New Era of Crypto Assets Regulation

On March 7, 2025, the U.S. government passed the landmark "Bitcoin Strategic Reserve Act." This act incorporates 200,000 Bitcoins (approximately 6% of the circulating supply) into the national permanent sales prohibition reserve, marking the first time the U.S. has implemented supply-side reform in the Bitcoin market. This innovative "zero-cost accumulation" mechanism not only cleverly avoids fiscal disputes but, more importantly, institutionalizes the confirmation of rights, incorporating Bitcoin into the national financial infrastructure, laying the groundwork for the currency sovereignty game in the digital age.

The next day, the White House held a Crypto Assets summit, and the government announced the acceleration of the legislative process for the "Stablecoin Accountability Act," marking the official entry of the U.S. Crypto Assets regulatory system into a comprehensive restructuring phase.

Bitcoin Strategic Reserve: National-Level Lockup Strategy

The core of the "Bitcoin Strategic Reserve Act" lies in designating the 200,000 Bitcoins accumulated by the judicial department as national strategic reserve assets and establishing a permanent sales prohibition mechanism. Although this initiative does not directly increase the government's Bitcoin purchase scale, it effectively reshapes the market supply and demand pattern by freezing nearly 6% of the Bitcoin circulation. In the long run, this act reinforces the "digital gold" attribute of Bitcoin through institutional confirmation of rights, creating a synergistic effect with the Bitcoin tax policy first implemented in Texas and marking a critical transformation in the U.S. crypto assets regulatory paradigm.

The bill innovatively proposes a "zero-cost increase" mechanism, allowing for the continuous expansion of reserve size through compliant judicial procedures, thereby avoiding the political controversies of traditional fiscal spending and leaving operational space for future policy adjustments. It is worth noting that the Bitcoin tax-related bills being promoted simultaneously by Texas demonstrate the state government's efforts to compete for discourse power in the crypto economy through institutional innovation. This regulatory linkage between federal and state governments promotes the rapid establishment of the world's first multi-level regulatory system for crypto assets in the United States, laying the foundation for establishing a global crypto compliance center.

The market's reaction to the bill has shown a complex situation. Initially, as the government did not directly purchase Bitcoin, some investors viewed it as bearish, leading to a brief price decline. However, as the market gradually recognized the long-term positive impact of the bill, the price of Bitcoin began to rebound significantly, eventually pricing around $91000.

The implementation of the United States' Bitcoin strategic reserve policy may trigger a global chain reaction. If other major economies follow suit and establish strategic reserves of crypto assets, based on the theory of supply and demand elasticity, this structural change will create significant room for the revaluation of Bitcoin prices, fundamentally reshaping the global valuation system for crypto assets.

In-depth analysis reveals that the profound impact of this bill lies in the implied struggle for financial discourse power behind it. Historical experience shows that the United States successfully mastered the pricing dominance of global commodities by establishing a strategic petroleum reserve and a gold reserve system. The current trend of "American regulatory framework export" in the Bitcoin market is essentially an extension of the struggle for monetary sovereignty in the digital age. For other countries, the decision to establish a strategic reserve of crypto assets has transcended the simple realm of economic decision-making, evolving into a strategic choice for national financial security in the digital economy era, which deserves significant attention.

Legislation of Stablecoins and Integration with the Banking System: Shifting from Speculation-Driven to Technology Empowerment

At the White House Crypto Assets Summit on March 8, the government announced that the legislative timetable for the Stablecoin Accountability Act would be advanced to complete before the August congressional recess, bringing significant industry opportunities for the integration of stablecoin legislation with the banking system.

The government believes that the key to solving the "bank exclusion" phenomenon of Crypto Assets lies in building a federal-level regulatory framework, especially regulating the reserve standards and institutional qualifications for stablecoin issuance. According to the legislative framework disclosed by the Treasury, the new bill will establish a dual-layer regulatory structure of "federal charter + state-level license," which will require issuers to maintain 100% USD reserves and connect to a real-time auditing system. This design not only draws on the regulatory practice experience of the New York State Department of Financial Services but also achieves standardization through the Federal Reserve's federal review mechanism.

Licensed institutions are reshaping the power structure of the crypto market. The spot trading volume share of compliant trading platforms surged from 42% in 2024 to 79% in the second quarter of 2025. The average weekly net inflow of funds to licensed platforms is 12 times that of unlicensed platforms, and this gap is particularly evident with certain mainstream stablecoins. When the clearing systems launched by some exchanges in cooperation with traditional banks demonstrate significant improvements in efficiency and cost reductions, the technological advantages of licensed players have become very apparent.

The technological revolution in the banking system has become a new engine for industry growth. The time for cross-border payments has been compressed from the traditional 10-60 minutes of blockchain to less than 3 seconds, and the settlement failure rate has significantly decreased. These improvements stem from the integration of the Federal Reserve's real-time settlement system. The automated KYC system has significantly reduced the cost of single customer verification, driving rapid growth in the number of compliant wallet users at certain banks, most of whom are first-time users of Crypto Assets. This enhancement in efficiency is reshaping the behavior patterns of market participants, with a noticeable increase in the proportion of small transaction users.

The macroeconomic influence of crypto assets has entered a transformative phase. Models from the International Monetary Fund show that the growth of crypto market capitalization has a significant contribution to the US GDP. The strong correlation observed between Bitcoin volatility and changes in the Federal Reserve's balance sheet indicates that the crypto market has become a new conduit for US dollar liquidity. Some analyses predict that by 2027, crypto assets will handle 35% of global payment clearing volume and achieve legal tender status in several major economies. As technology empowerment and regulatory frameworks resonate, this transformation will ultimately reshape the global financial order.

The Linkage Reconstruction Between Macroeconomics and the Crypto Market

Despite the overall positive situation, this does not mean that the crypto market will inevitably rise, as the correlation between the crypto market and the U.S. stock market is deepening. The government's fiscal expansion policies and the Federal Reserve's monetary policy game are reshaping the pricing logic of Crypto Assets. Since the formal approval of the Bitcoin ETF, the correlation between Bitcoin prices and U.S. stocks has become more significant. Data shows that the 30-day rolling correlation coefficient between Bitcoin and the S&P 500 index rose from 0.35 in 2023 to 0.78 in the second quarter of 2025. Therefore, the rise and fall of the crypto market is closely related to U.S. stocks and even the U.S. economy.

The Federal Reserve is facing a policy dilemma between "controlling inflation" and "fighting recession." The current U.S. economy is experiencing the most typical stagflation scenario since the 1970s, with a "high inflation + low growth" combination putting the Fed in a quandary: continuing to raise interest rates to suppress inflation could lead to massive debt interest costs devouring federal revenue; shifting to cutting rates to stimulate the economy might risk repeating the vicious inflation cycle of 1980. Historical data shows that in similar stagflation environments, the short-term volatility of Bitcoin may significantly increase.

The turmoil in the US economy may lead to a cautious contraction of liquidity in the capital markets. Under normal market conditions, a contraction in liquidity would trigger arbitrage funds to enter the market to balance supply and demand. However, in times of chaotic policy expectations, this self-regulating mechanism may fail: traders tend to hold onto their coins and wait due to their inability to predict the Federal Reserve's response. When liquidity providers collectively reduce their exposure, the market may fall into a "liquidity black hole," where price declines trigger further capital withdrawals, leading to a vicious cycle.

Industry Outlook in the Global Landscape

The shift in U.S. policy is triggering a global regulatory paradigm change. The digital asset sovereign reserve model established by the "Bitcoin Strategic Reserve Act" and the banking integration path outlined by the "Stablecoin Accountability Act" provide a replicable regulatory framework sample for the world. As G20 countries gradually roll out Crypto Assets regulatory details, the global market is evolving from the "regulatory arbitrage" stage to the "institutional competition" stage.

In the new era where the digital economy intersects with geopolitics, the reconstruction of the regulatory framework for Crypto Assets has transcended the mere realm of technical specifications and has evolved into an important dimension of national financial competitiveness. Current policy practices in the United States indicate that whoever can first establish a regulatory system that balances innovation inclusivity and risk prevention will occupy a strategic high ground in the global competition of the digital economy. For global economies undergoing a crucial period of digital transformation, this regulatory paradigm shift is both a challenge and a historical opportunity to reshape the international financial order.

However, the revolutionary developments in the Crypto Assets market led by the United States have also made the current volatility of the Crypto Assets market closely related to the U.S. economy. While paying attention to the impact of the U.S. economy on the Crypto Assets market, we need to call for broad global participation in the regulatory construction of the Crypto Assets market to avoid excessive dominance by the United States.