9 Major Developments in the Crypto Industry: March 23–30, 2025

The past week has witnessed significant events shaping the cryptocurrency landscape. From regulatory shifts and institutional investments to technological advancements and security concerns

The past week in the crypto industry was marked by several key developments, including Japan's move to grant legal status to crypto assets, World Liberty Financial's plans for a stablecoin backed by U.S. treasuries, and an FDIC guideline removal facilitating greater bank involvement in crypto.

Japan Plans to Grant Crypto Assets Legal Status

Japan's Financial Services Agency (FSA) is planning amendments to the Financial Instruments and Exchange Act, which will grant crypto assets legal recognition as financial products. This adjustment will also bring in restrictions on insider trading, rendering transactions based on non-public information illegal.

A bill is expected to be tabled in parliament early next year to adjust the definition of "unfair competition" in the Financial Instruments and Exchange Act. This move follows a statement by Prime Minister Fumio Kishida last December.

The new provisions will introduce a ban on transactions using material facts that are not generally known, aiming to prevent insider trading. Additionally, the FSA plans to adjust the scope of "unfair competition," encompassing market manipulation.

Moreover, the agency is working on setting guidelines for crypto exchange operators to ensure proper handling of customer assets and prevent bankruptcies.

World Liberty Financial Unveiling Stablecoin Backed by U.S. Treasuries

World Liberty Financial, a cryptocurrency venture linked to former President Donald Trump and his sons, is preparing to launch USD1, a stablecoin fully backed by U.S. treasuries, dollars, and cash equivalents.

The token will be available on both the Ethereum network and a Binance-developed blockchain, aiming to facilitate cross-border transactions for institutional investors.

The move comes amid broader efforts to introduce new technologies and investment opportunities in the cryptocurrency sphere.

Paul Atkins Pledges Balanced Approach in SEC Role, Criticizes Previous Actions

President Trump's nominee to lead the Securities and Exchange Commission (SEC), Paul Atkins, testified before the Senate Banking Committee, advocating for a balanced regulatory approach to digital assets and criticizing the previous administration's actions.

Atkins, a former SEC commissioner, is being considered for the chair role at the agency, a move that could significantly influence the future of cryptocurrency regulation in the U.S.

During his testimony, Atkins highlighted the importance of fostering investment and capital formation in the crypto sector, an area where he believes the SEC has not sufficiently focused.

"We need to make sure that the U.S. remains the best place to start and grow a company, and that includes making it easy to access capital from a variety of investors," Atkins said.

He also expressed concern over the SEC's actions in shutting down crypto firms, arguing that such moves could have broader implications for technological innovation.

"I am troubled by the recent trend of the SEC shutting down promising new technologies and business models without providing clear guidance to those seeking to comply with the law," Atkins said.

Atkins' nomination comes amid a broader shift in the U.S. government towards regulating cryptocurrency.

Last month, President Trump signed an executive order directing federal agencies to study and develop recommendations for the creation of a digital dollar, an initiative that could revolutionize the financial landscape.

The move followed months of speculation and anticipation among cryptocurrency enthusiasts and experts.

The executive order also tasked U.S. officials with assessing the macroeconomic and national security implications of cryptocurrencies.

"The United States must maintain technological leadership in the financial sector," President Trump said in a statement announcing the executive order.

"Now, therefore, I, Donald Trump, President of the United States, by virtue of the authority vested in me by the Constitution and laws of the United States, and in order to comprehensively assess the implications of digital assets and recommend ways to proceed, do hereby order the following:"

1. The Secretary of the Treasury, in consultation with the heads of other relevant agencies, shall, within 180 days of the date of this order, recommend whether and how the United States should proceed in developing a digital dollar.

2. The Secretary of the Treasury, in consultation with the heads of other relevant agencies, shall, within 180 days of the date of this order, recommend ways to promote the use of stablecoins or other cryptocurrencies for cross-border payments.

3. The President directs the heads of other relevant agencies to cooperate with the Secretary of the Treasury in carrying out the tasks assigned by this order.

4. The term “digital assets” includes, but is not limited to, cryptocurrency, blockchain technology, central bank digital currency, and stablecoins.

5. The term “relevant agencies” includes the Department of State, the Department of Justice, the Department of Commerce, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

6. This order shall be implemented consistent with applicable law.

President Trump's move comes amid growing interest in cryptocurrency among world leaders.

Earlier this year, Bank for International Settlements Innovation Center Hong Kong Chief Michelle Zhou said that central bank digital currencies (CBDCs) are