Author: Zoltan Vardai, CoinTelegraph; Translated by: Deng Tong, Golden Finance

Industry leaders and legal experts say that before lawmakers prioritize tax reforms, U.S. cryptocurrency regulation needs a clearer explanation of stablecoins and banking relations.

"In my opinion, taxes are not necessarily a priority for upgrading the regulation of cryptocurrencies in the United States," said Mattan Erder, general counsel for Orbs, a third-tier decentralized blockchain network.

Erder said adopting a “tailored regulatory approach” and eliminating “banking barriers” in areas including securities laws is a priority for U.S. lawmakers, which has “more benefits” for the industry.

"New Trump is clearly putting all his money into the cryptocurrency space and is taking measures we could only dream of a few years ago (including during his first term)," he said. “Cryptocurrency regulation seems to have everything and gain clearer and more reasonable regulation in all areas including taxes.”

However, Erder notes that what President Donald Trump can achieve through executive orders and the actions of regulators is limited. “At some point, the law itself will need to change, and for that, he will need Congress,” he said.

Trump issued an executive order on March 7 directing the use of crypto assets seized in criminal cases to build Bitcoin reserves, which is seen as a signal of increased federal support for digital assets.

Despite recent measures to support cryptocurrencies, industry experts say cryptocurrency companies may still face bank access difficulties until at least January 2026.

Custodia Bank founder and CEO Caitlin Long said on Cointelegraph’s Chainreaction daily X show: “It’s too early to say that debanking is over, as Trump won’t be able to appoint a new Fed director until January next year.”

In June 2024, Coinbase launched a lawsuit that led to letters from U.S. banking regulators showing that U.S. banking regulators asked certain financial institutions to “suspend” crypto banking activities, and the industry’s anger over the so-called debanking was culminated.

David Pakman, managing partner of cryptocurrency investment firm CoinFund, said the stablecoin regulatory framework may encourage more traditional financial institutions to adopt blockchain-based payment methods.

"Some legislation that may be passed in the United States, such as the stablecoin bill, will put many traditional banks, financial services and payment companies on cryptocurrencyCoin track,” Pakman said.

“We heard this directly when we talk to them; they wanted to use crypto tracks as a low-cost, transparent, 24/7, non-intermediate-dependent fund transfer network. ”

Bo Hines, executive director of the President’s Digital Assets Advisory Board, said the industry is waiting for progress in U.S. stablecoin legislation, which could be introduced as soon as the next two months.

The GENIUS Act, abbreviation for Guidance and Creation of U.S. Stablecoin Innovation, will create collateral guidelines for stablecoin issuers while requiring full compliance with the Anti-Money Laundering Act.