The US attitude towards crypto assets has really done a 180-degree turn. From the strict crackdown back then to the current strategic layout, this is not just policy wavering but a bigger game behind the scenes.

Let's look back at the history: In 2013, the US classified crypto exchanges as money service businesses; in 2014, Bitcoin was defined as property; by 2022, during the crypto bear market, regulators frequently targeted project teams; moving towards 2025, they are pushing to establish a strategic Bitcoin reserve, with official confirmation and implementation—this decade-long evolution is essentially a complete shift from "containment" to "integration." The underlying logic is simple: rather than pushing these assets overseas, it’s better to incorporate them into their own financial system, which allows control and also helps to reinforce the US dollar’s global influence.

Now, the global crypto regulatory landscape has clearly diverged. The first type is the "proactive embrace," represented by the US, which is integrating crypto assets tightly with the domestic financial system through measures like establishing reserves, launching spot ETFs, and improving stablecoin frameworks—aiming to make stablecoins the "digital tools" of the dollar, extending dollar dominance from traditional finance into the crypto world. The second type is the "rule-setting" approach, exemplified by the EU, which is implementing layered regulation through the MiCA framework, differentiating various types of crypto assets and establishing a risk-based regulatory structure.