The letter also rescinds the requirement for "OCC-supervised institutions to receive supervisory non-objection and demonstrate that they have adequate controls in place before they can engage in these cryptocurrency activities."

In addition, the OCC withdrew its participation in the joint statement on cryptoasset risks to banking organisations and the joint statement on liquidity risks to banking organisations resulting from cryptoasset market vulnerabilities.

The OCC also published Bulletin 2025-2 'Bank Activities: OCC issuances addressing certain cryptoasset activities'.

The Executive Order sets out the policy of the Administration to support the digital asset industry, including by:

• promoting use of public blockchain network;
• promoting the sovereignty of the United States dollar, including through actions to promote the development of dollar-backed stablecoins worldwide;
• protecting and promoting fair and open access to banking; and
• providing regulatory clarity and certainty on technology-neutral regulations.

It also establishes a Presidential Working Group on Digital Asset Markets, which is tasked with submitting a report to the President (within 180 days) recommending regulatory and legislative proposals, including: (i) proposing a regulatory framework for the issuance and operation of digital assets, including stablecoins; and (ii) evaluating the potential creation and maintenance of a national digital asset stockpile and proposing criteria for establishing such a stockpile (e.g. from cryptocurrencies seized by law enforcement).

In addition, the Executive Order prohibits the issuance, circulation or use of central bank digital currencies (CBDCs) and terminates any plans or initiatives to create a CBDC in the United States.

Also of note is that recently both chambers of Congress presented drafts of legislation for regulating stablecoins in the U.S.:

• On 4 February 2025: the GENIUS Act, presented by Sens. Tim Scott, Bill Hagerty, Cynthia Lummis and Kirsten Gillibrand. A one-page overview of the legislation can be found here.
• On 6 February 2025:  the STABLE Act, introduced by House Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil.

The GMAC’s Digital Asset Markets Subcommittee also presented on the progress of its utility tokens workstream.

The report finds that investigations and enforcement actions taken by state securities regulators are increasingly linked to developments in technology, including digital assets and products marketed through the internet and social media. 

Report data reveals a significant rise in the number of investigations involving social media and internet scams in 2022, with 172 cases opened in 2022 compared to 127 cases in 2021. State securities regulators also reported filing 125 enforcement actions involving investments tied to digital assets, an increase of almost 30% from the previous year.