The Battle Over Crypto Regulation in the United States (Issue 2 · Week 30, 2026)

01Latest Developments

Event: U.S. Crypto Regulation Battle Key Entities: (other) Time Period: 2026-07-14 — 2026-07-21 Number of Events: 515 | Related Articles: 1,031

Timeline (Top 5 Updates): · 2026-07-21: CLARITY Act becomes the final hurdle for regulation · 2026-07-20: South Korea advances legislation framework for stablecoins · 2026-07-20: Polymarket blocked in France triggers global regulatory wave · 2026-07-20: South Korea introduces first legislation for Korean won stablecoins · 2026-07-20: Disputes over Bitcoin governance accelerate institutional tokenization

Latest Developments

2026-07-22 Digital Asset secures an additional $10 million in funding from Shinhan Finance and Standard Chartered, bringing its total funding to $365 million. With a valuation still at $2 billion, this shows continued confidence among institutions in compliant blockchain infrastructure.

2026-07-21 Base developers confirm that Coinbase will launch 1:1 stock tokens, using its compliance advantages to challenge Robinhood and accelerate the integration of traditional assets with DeFi. Former New York Governor Cuomo officially joins OKX’s board, rising from an advisory role to a decision-making position. This move aims to leverage his political connections to deepen cooperation with ICE and strengthen OKX’s compliance setup and ties to traditional finance in the U.S. The CEO of Gate Europe warns that high compliance costs are making it difficult for some companies licensed under MiCA to sustain operations, squeezing innovation space and potentially forcing startups to relocate to regions with looser regulations.

2026-07-20 ADGM designates XAUT as a qualified spot commodity, allowing institutions to provide services in compliance with regulations. Ledn plans to use it as collateral. The circulation volume of USDGO under OSL exceeds $1 billion, ranking it among the top six compliant stablecoins globally and meeting the large-scale payment needs of institutions. Alfakraft collaborates with Bitwise to develop compliant digital asset products for European markets, utilizing Luxembourg-based frameworks to create solutions for professional investors there. Cordant completes a $8 million seed round of financing, led by BanklessVC, aiming to build compliant stablecoin infrastructure.

2026-07-19 One year has passed since the GENIUS Act came into effect. Non-U.S. issuers have a two-year window to adjust to meet U.S. regulatory requirements, though specific rules have not yet been finalized.

2026-07-18 Trump signs a bill establishing a federal regulatory framework. The total value of stablecoins reaches $310 billion, with industry giants accelerating commercial applications thanks to clearer regulations.

2026-07-17 Stalemate over the CLARITY Act leaves regulatory oversight unresolved, putting companies facing both a regulatory vacuum and soaring costs. OKX’s European version launches a USDT-to-USDC conversion feature to cope with regulations, while firms like Revolut have set a deadline of August 31. Bybit acquires PT Enkripsi Teknologi Handal to obtain an OJK license in Indonesia, entering a market with 21.37 million users. Transaction volumes of 482 trillion rupiah demonstrate the value of compliant strategies as a growth driver in Southeast Asia.

02Impact Analysis

The regulatory landscape in the United States is shifting from “legislative uncertainty” to a structural divide between “compliance arbitrage by giants” and “struggles for survival among startups.”

Stablecoin Landscape: Compliance Premium Emerges, Tether Faces Marginalization Risk
One year after the implementation of the GENIUS Act, non-U.S. issuers have been given a two-year adjustment period. However, cracks are already appearing in the market: despite holding a market value of nearly $310 billion, Tether has been phased out by European platforms such as Revolut, with an August 31 deadline set. In contrast, compliant stablecoins are expanding rapidly—USDGO under OSL has seen its circulation volume exceed $1 billion, ranking it among the top six globally. Giants are accelerating their adoption thanks to clear regulations, while startups struggle due to stringent bank audits.

Exchange Strategies: Dual Approach of Political Connections and License Acquisition
Leading exchanges are building competitive advantages through “political endorsements” and “local licenses.” Former New York Governor Andrew Cuomo joined the board of OKX to strengthen cooperation with ICE and enhance its compliance framework in the U.S. Bybit acquired a licensed institution in Indonesia to enter a market with 21.37 million users, demonstrating the growth potential of compliance strategies in Southeast Asia.

Industry Ecosystem: Rising Compliance Costs Drive Innovation
The deadlock over the CLARITY Act has left companies facing a regulatory vacuum and soaring costs. The high compliance requirements under MiCA are making it difficult for some licensed firms to sustain operations. The CEO of Gate Europe warned that startups might move to regions with looser regulations. Meanwhile, institutional capital continues to invest in compliance infrastructure—Digital Asset received an additional $10 million in funding from Shinhan Finance and Standard Chartered, keeping its valuation at $2 billion; Cordant completed a $8 million seed round to develop infrastructure for compliant stablecoins. The tokenization of traditional assets is also accelerating—Coinbase is leveraging its compliance advantages to launch 1:1 stock tokens, reshaping the landscape of securities tokenization.

03Keep an eye on it later.

Ongoing Monitoring

1. Tether’s European Compliance Deadline (Continued)
   Track the actual progress of European platforms such as Revolut in complying with the August 31, 2026, deadline for phasing out USDT. Warning threshold: If major institutions fail to remove USDT on schedule or Tether does not announce substantive compliance measures, it could lead to regional liquidity crunches.

2. GENIUS Act Two-Year Adjustment Period for Non-U.S. Emitters (New)
   Monitor how non-U.S. stablecoin issuers implement specific MicroStrategy approaches within the two-year compliance adjustment period set aside until July 20, 2026. Warning threshold: If no concrete implementation rules are introduced by 2026 or leading issuers refuse to cooperate, it may result in a regulatory gap in the U.S.

3. Industry Shifts Driven by High MiCA Compliance Costs (Continued)
   Observe whether licensed companies withdraw from the EU on a large scale or if new projects move to regions with looser regulations due to high compliance costs. Warning threshold: A significant decline in the number of crypto service providers in the EU or a large influx of users to non-EU platforms could trigger enhanced regulatory coordination under AMLA.

4. Competition for Market Share Among Compliant Stablecoins (New)
   Track the sustained growth of compliant stablecoins like USDGO after reaching a market size of $1 billion. Warning threshold: If the growth rate of compliant stablecoins falls significantly below the industry average, or if industry giants fail to accelerate their commercial deployment, it will exacerbate the challenges faced by startups.

04Related Reads

1. “Valued at $2 billion: Shinhan and Standard Chartered invest another $10 million in compliant chains”
2. “Coinbase counters Robinhood: Breaking through with 1:1 stock token compliance”
3. “Former New York governor joins OKX’s board; crypto giants bet on new compliance paths”
4. “Rising costs of MiCA compliance may force licensed crypto firms to leave the EU”
5. “ADGM recognizes Tether Gold; Middle East’s compliance landscape expands further”
6. “OSL’s compliant stablecoin USDGO hits a circulation volume of over $1 billion”
7. “Alfakraft and Bitwise collaborate to develop European-compliant digital asset products”
8. “Gigants bet on compliance infrastructure: Cordant raises $8 million in seed funding”
9. “Stablecoin issuers like Tether given two years to develop compliance MicroStrategy”
10. “Stablecoin market value exceeds $310 billion: Giants take the lead while startups struggle with compliance”
11. “Senate voting deadline passes; rising compliance costs force companies to seek self-help solutions”
12. “Tether refuses to comply: The $310 billion giant expelled by European platforms”
13. “Acquiring licensed institutions: Bybit breaks through market compliance challenges with 21.37 million users”
14. “AMLA warns that crypto service providers will face AML compliance pressures after MiCA’s transition period”