This previous week has seen U.S. crypto coverage thrust again into the highlight — however not simply within the legislative chambers. A political feud between two of essentially the most influential names in tech and governance — Donald Trump and Elon Musk — spilled out onto social media, whereas regulatory milestones unfolded within the Senate and Treasury Division.
The conflicting headlines replicate a actuality that the crypto sector is aware of all too nicely: on the subject of digital asset coverage in america, readability stays elusive.
Trump Slams Musk Amid New Political Occasion Formation
U.S. President Donald Trump’s disagreement with Elon Musk took a pointy flip this week, because the president publicly criticized Musk over the formation of a brand new political celebration.
U.S. President Donald Trump known as tech billionaire Elon Musk a "prepare wreck" in a social media publish on Sunday. #DonaldTrump #ElonMuskhttps://t.co/aDoUhWXSVR
— Cryptonews.com (@cryptonews) July 7, 2025
On July 6, Trump lashed out on Reality Social, calling Musk a “prepare wreck” who had gone “off the rails” over the previous 5 weeks. This response adopted Musk’s July 5 publish on X (previously Twitter) saying the launch of the “America Occasion.”
Trump, a long-time critic of third-party actions, mentioned Musk’s efforts would lead solely to “disruption and chaos,” arguing such ventures have by no means succeeded within the U.S. political panorama.
The conflict marks an escalation in what seems to be a rising political and ideological rift between two highly effective figures with vested pursuits in the way forward for expertise, freedom of speech, and digital property.
Trump additionally took intention on the Democratic Occasion, accusing them of dropping each their “confidence and their minds” within the ongoing cultural and monetary shifts, notably concerning crypto coverage.
Digital Property Are Not Going Away, Senator Tim Scott Says
In the meantime, constructive progress on crypto regulation was unfolding in Washington. Senate Banking Committee Chairman Tim Scott (R-SC) led a July 9 listening to titled “From Wall Road to Web3”—the Senate’s first full committee listening to centered on digital property.
In his opening remarks, Scott burdened that blockchain expertise and digital property are right here to remain. He urged fellow lawmakers to construct a sturdy and balanced regulatory framework that protects buyers whereas permitting innovation to thrive.
Senator Tim Scott advised his fellow U.S. lawmakers that digital property should not going away in a committee listening to on Wednesday.#TimScott #Senatehttps://t.co/8Akk1p8zrs
— Cryptonews.com (@cryptonews) July 10, 2025
Scott’s feedback had been supported by testimony from Ripple CEO Brad Garlinghouse, Blockchain Affiliation’s Summer time Mersinger, and Chainalysis co-founder Jonathan Levin.
He burdened the necessity for America to take care of a management position in shaping the way forward for digital finance, reasonably than ceding affect to jurisdictions just like the UAE and Singapore.
The listening to highlighted bipartisan acknowledgment that digital asset markets require clearer regulatory steerage, at the same time as lawmakers differ on the strategies of implementation.
US Treasury Formally Scraps Crypto Dealer Reporting Guidelines
In a transfer for DeFi advocates, the U.S. Treasury Division has formally repealed a controversial dealer reporting rule. The regulation, initially launched underneath the Biden administration in late 2024, sought to impose broker-level reporting necessities on entities concerned in decentralized finance and crypto infrastructure.
Nevertheless, following a profitable problem underneath the Congressional Overview Act—and a signature from President Trump—the rule has now been nullified.
The scrapped rule, titled “Gross Proceeds Reporting by Brokers,” would have gone into impact in February 2025 and required in depth knowledge assortment from DeFi platforms.
Its repeal has been welcomed by business teams, who noticed the rule as overly broad and detrimental to innovation. The Treasury will now revert to pre-2024 steerage, which exempts validators and pockets suppliers from dealer classification, marking a key coverage win for decentralized methods.
US Banking Regulator OCC Will get New Chief with Crypto Roots
Lastly, regulatory management is taking a crypto-savvy flip. Jonathan Gould, a former Bitfury govt with deep expertise in blockchain and monetary coverage, has been confirmed as the brand new head of the Workplace of the Comptroller of the Forex (OCC). Permitted by a 50-45 Senate vote, Gould turns into the OCC’s first everlasting chief since 2020.
Gould’s appointment reveals a possible shift in how the U.S. banking regulator approaches digital asset oversight. Throughout his prior tenure on the OCC underneath the Trump administration, Gould helped form key positions on fintech and crypto integration in banking.
Together with his return, stakeholders hope the company will undertake a extra innovation-forward stance—particularly as conventional banks discover blockchain-based merchandise comparable to tokenized deposits and on-chain settlement rails.
Collectively, this week’s occasions replicate the rising entanglement between crypto, regulation, and politics. Whether or not by means of partisan clashes or bipartisan hearings, the evolution of U.S. digital asset coverage is coming into a extra complicated and consequential section.
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