Elliptic report: Banks, stablecoins, and Asian financial hubs will lead the next phase of crypto policymaking.

According to Elliptic's "2025 Global Cryptocurrency Regulatory Review" released on Thursday, the global cryptocurrency regulatory landscape is undergoing a transformation, with banks, stablecoins, and Asian financial hubs leading the next phase of policymaking. The annual report points out that governments are shifting their regulatory focus this year from an "enforcement-led model" to building comprehensive regulatory frameworks that prioritize innovation, a stark contrast to the stringent and confrontational regulatory approach of the past few years. This shift is particularly evident in the United States. Former US President Donald Trump listed "taking leadership in the cryptocurrency space" as one of his core policy priorities and pushed for the passage of the Cryptocurrency Innovation and Cybersecurity Enhancement Act (GENIUS Act), which became the first federal-level stablecoin regulatory framework in the United States.