From Regulation to Realization: How the U.S. Crypto Laws of 2025 Could Redefine Dollar Dominance in a Blockchain Economy
Open accessAbstract
In July 2025, the United States passed three landmark laws—the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—establishing the country’s first national legal framework for cryptocurrency. This paper explores how these regulations shift the role of stablecoins from speculative tools to regulated financial instruments, opening the door for broader adoption and U.S. leadership in Web3 finance. It highlights real-world crypto use in inflation-hit countries, then outlines key infrastructure priorities across stablecoins, decentralized finance (DeFi), and tokenized real-world assets (RWAs). Drawing on examples from BlackRock, Franklin Templeton, and emerging token standards, the paper proposes a path to modernize U.S. capital markets through blockchain. Clear regulation is the foundation—but real-world implementation is the next step. With the right infrastructure, tokenization could strengthen dollar dominance and make digital finance accessible to more people, not just professional traders.
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The Anti-CBDC Surveillance State Act represents a decisive mandate permanently prohibiting the Federal Reserve from issuing a retail CBDC.
“The Anti-CBDC Surveillance State Act (H. R. 5403, later H. R. 1919) represents a decisive mandate permanently prohibiting the Federal Reserve from issuing a retail CBDC”
From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Cao, 2025, pp. 1-12
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From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law
Zatti, F. (2025) · Strani pravni život · doi:10.56461/spz_25402kj
- Authors
- Cao, S.
- Affiliations
- University of California San Diego (US)
- Corresponding author
- Cao, Shuyan
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2025
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W4412627345
- Cited by
- 0
- References
- 0
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Law
- Keywords
- cryptocurrency regulation, stablecoins, dollar dominance, GENIUS Act, decentralized finance, token standards, blockchain infrastructure, BlackRock
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