China Bans Crypto Mining, Trading, Driving Global Shift

China's comprehensive ban on cryptocurrency trading and mining reflects deep concerns about financial stability, capital flight, and the government's control over monetary policy, despite the country's aggressive development of a state-backed digital currency. In the U.S., President Donald Trump's administration has markedly shifted crypto policy away from the enforcement-heavy approach of the previous Biden administration, signing an executive order to create a "crypto strategic reserve" and endorsing greater U.S. leadership in digital assets. This shift aims to make the U.S. a more attractive jurisdiction for crypto ventures, contrasting with prior regulatory uncertainty under SEC Chair Gary Gensler. Meanwhile, the resignation of the acting enforcement director of the Consumer Financial Protection Bureau (CFPB) amid criticism of the Trump administration's agency cutbacks raises concerns about consumer protections for crypto users, as industry figures have both attacked the CFPB and welcomed regulatory streamlining efforts. This evolving regulatory landscape illustrates the tensions between fostering innovation and ensuring consumer safeguards in the rapidly developing digital asset economy.