Elliptic: Global crypto regulation is shifting from enforcement to innovation; banks and stablecoins will dominate the next phase of the policy landscape.

According to Foresight News , Elliptic's latest "2025 Global Crypto Regulatory Review" indicates that countries have shifted from a focus on enforcement to a focus on innovation this year, with banks, stablecoins, and Asian financial centers dominating the next phase of policy development. The most significant changes are in the United States: Trump has prioritized crypto as a core policy priority, pushing for the GENIUS Act, a federal stablecoin framework; the DOJ has stopped using prosecution as a substitute for regulation; and the SEC has established a special task force on crypto to revitalize confidence in US crypto innovation. The report states that stablecoins are moving from centralized IOUs to on-chain native assets used as collateral, settlement, and yield tools, impacting protocol design. Banks in the US, EU, and Hong Kong are preparing to enter the stablecoin issuance and custody market, showing a structural increase in institutional participation. Global stablecoin regulations are being implemented intensively, with Hong Kong, the UK, South Korea, Singapore, and the UAE making steady progress.