How Far Crypto Has Come in Washington
The a16z crypto report reviews how the U.S. policy landscape for digital assets has shifted over the past three years, highlighting newly enacted stable‑coin law and regulatory rollbacks. It finds that while formal legislation like Clarity remains pending, substantial progress has been made through agency guidance and bipartisan bills.
Points clés
- Stable‑coin issuance is now governed by a federal law, a first for the U.S. crypto sector.
- Congress repealed the IRS DeFi broker rule and the SEC withdrew SAB 121, removing major compliance hurdles.
- The SEC and CFTC have issued proposals and exemptions that clarify token offerings and exchange regulation.
- Bipartisan House bills FIT21 (2024) and Clarity (2025) passed, signaling strong legislative appetite despite not yet being law.
- Industry‑built policy teams and coalitions were crucial in turning Washington from a skeptic to an active regulator.
- Long‑term certainty still hinges on final legislation; agencies can only provide interim guidance.
From Uncertainty to Action
Three years ago, crypto founders in the United States faced a stark question: could they legally operate at home? The environment was hostile—SEC lawsuits, a lack of clear compliance frameworks, and an official stance that existing rules were sufficient. Many companies either hired extra legal counsel or relocated abroad, and the industry’s attempts to influence Washington seemed futile.
Building Policy Capacity
Recognizing that influence required organization, the sector invested in policy teams, political operatives, and coalitions. Founders began briefing lawmakers on blockchain fundamentals, shifting the narrative from headline‑driven fear to constructive dialogue. This groundwork laid the foundation for the regulatory wins detailed in the report.
Tangible Regulatory Wins
The most visible achievement is the federal stable‑coin law, which imposes issuer requirements and consumer protections—a first step from debate to implementation. In addition, Congress overturned the IRS’s DeFi broker rule, the SEC rescinded SAB 121 (an accounting obstacle for institutional crypto holdings), and FinCEN withdrew the controversial “Unhosted Wallet Rule.” These actions eliminated several high‑cost compliance barriers.
Agency‑Level Progress
Beyond legislation, agencies have moved forward. The SEC proposed a token‑offering framework, issued an exemption for on‑chain tokenized stocks, and the CFTC outlined a path for regulating centralized exchanges. Both regulators released guidance on how existing securities and commodities laws apply to crypto assets, answering core industry questions about token launches, trading, and custodial responsibilities.
Legislative Landscape and Remaining Gaps
The House has passed two bipartisan crypto market‑structure bills—FIT21 in 2024 and Clarity in 2025—though neither has become law. While agency proposals and guidance provide interim clarity, they lack the durability of statutory rules that survive electoral cycles. a16z crypto estimates that finalizing legislation will be the decisive factor for long‑term certainty, especially for ten‑year investment horizons.
What This Means for Readers
For builders and investors, the shift from an “exit‑or‑hire‑lawyers” mindset to one of domestic operation signals a more predictable regulatory environment. However, the pending nature of key bills means firms should continue monitoring legislative developments and maintain flexible compliance strategies. The progress to date demonstrates that sustained industry advocacy can reshape policy, but the journey toward lasting legal certainty remains ongoing.