El cambio regulatorio de criptomonedas en EE. UU. y la adopción institucional

In 2025, the U.S. crypto landscape has undergone a seismic shift. What was once a Wild West of speculation and regulatory ambiguity is now a maturing asset class, anchored by legislative clarity and institutional-grade infrastructure. For years, institutional investors hesitated to enter the crypto space due to fragmented regulations, custody risks, and a lack of standardized frameworks. But this year, a confluence of federal policy updates and bank-led innovation has created a defensible on-ramp for institutional capital.

Regulatory Clarity: The CFTC, SEC, and the GENIUS Act

The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have taken pivotal steps to define the boundaries of crypto regulation. In a landmark move, the Senate Committee on Agriculture, Nutrition and Forestry released a bipartisan discussion draft granting the CFTC exclusive jurisdiction over spot digital commodity markets. This shift requires brokers, dealers, and custodians to register with the CFTC and adhere to market-integrity standards like asset segregation and cybersecurity protocols. While the draft leaves terms like "blockchain" undefined, it signals a move toward centralized oversight, reducing regulatory arbitrage and uncertainty for institutional players.

Meanwhile, the SEC's Project Crypto has delivered tangible outcomes. Chair Paul Atkins announced an "innovation exemption" for certain crypto activities, set to launch in early 2026. This exemption is expected to shield compliant projects from enforcement actions, incentivizing innovation. Simultaneously, the SEC issued a no-action letter allowing state-chartered trust companies to custody digital assets, a critical win for institutional investors who previously faced legal risks in holding crypto.

The Treasury Department's GENIUS Act, passed in July 2025, further solidified the foundation. By requiring stablecoin issuers to back tokens with high-quality liquid assets like cash and Treasuries, the law addressed systemic risks while legitimizing stablecoins as a bridge between traditional finance and digital assets. These regulatory milestones collectively create a framework where institutions can engage with crypto without fear of sudden enforcement actions or unclear compliance requirements.

Bank Partnerships: Bridging the Gap Between Legacy and Digital

Regulatory clarity alone isn't enough to drive institutional adoption-it needs infrastructure. In 2025, U.S. banks have stepped up to fill this gap, forming partnerships that integrate crypto into their core services. U.S. Bank, for instance, resumed cryptocurrency custody services for institutional managers in 2025, leveraging NYDIG as a sub-custodian. This move followed a 300% surge in Bitcoin ETF assets under management from July 2024 to July 2025, reaching $150 billion, demonstrating demand for secure, institutional-grade custody solutions.

PNC Bank took an even bolder step, becoming the first major U.S. bank to offer direct Bitcoin trading to private banking clients via a partnership with Coinbase. By embedding crypto into its digital banking platform, PNC is positioning itself as a gateway for high-net-worth individuals and institutions seeking exposure to digital assets. Similarly, U.S. Bank piloted a custom stablecoin on the Stellar network with PwC and the Stellar Development Foundation, showcasing how blockchain can streamline cross-border payments-a use case with immediate appeal to institutional investors.

These partnerships are not isolated experiments. JPMorgan, Citi, HSBC, and State Street have all launched initiatives in tokenized deposits, custody, and settlement platforms, reflecting a broader industry shift. Banks are no longer gatekeepers resisting crypto; they're now architects of its institutional adoption.

Institutional Adoption: Metrics and Momentum

The data underscores this transformation. In jurisdictions with clear, innovation-friendly regulations-such as the U.S., EU, and parts of Asia-over 80% of financial institutions announced digital asset initiatives in 2025. Stablecoins, in particular, have become a critical entry point, with 60% of institutional investors preferring to access digital assets through registered investment vehicles like ETFs. This preference aligns with the SEC's approval of spot Bitcoin ETFs, which has normalized crypto as a strategic asset class.

Moreover, the Office of the Comptroller of the Currency's shift away from using "reputational risk" as a supervisory tool has eased the path for banks to offer crypto services. This change, combined with the Transatlantic Taskforce for Markets of the Future-a U.S.-U.K. initiative to harmonize cross-border regulations-has created a global ecosystem where institutional investors can operate with confidence.

The Defensible Entry Point

For institutional investors, the 2025 crypto landscape offers a defensible entry point in three ways:
1. Regulatory Certainty: Clear jurisdictional boundaries (CFTC/SEC) and stablecoin frameworks (GENIUS Act) reduce legal and operational risks.
2. Infrastructure: Bank partnerships provide custody, trading, and settlement solutions that meet institutional standards.
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4. Liquidity and Diversification: Bitcoin ETFs and stablecoins offer liquid, low-volatility exposure to digital assets, aligning with traditional portfolio strategies.

This trifecta of clarity, infrastructure, and liquidity is what has transformed crypto from a speculative niche into a legitimate asset class. As one industry observer noted, "The 2025 regulatory shift isn't just about compliance".

Conclusion

The U.S. crypto market in 2025 is no longer defined by hype or regulatory chaos. It's a space where institutions can engage with digital assets through well-defined legal frameworks, bank-grade infrastructure, and proven use cases. For investors who once hesitated, the message is clear: the on-ramp is open, and the path forward is paved with policy and partnership.