Crypto Is On a Roll

Prelude: Responsible financial innovation can’t happen without this one thing

Crypto is on a roll…

In just the past 30 days, four major developments have reshaped the regulatory and policy landscape:

July 21, 2025 - The US Senate Banking Committee releases the Responsible Financial Innovation Act (RFIA) of 2025 (PDF)

July 30, 2025 - The President’s Working Group on Digital Asset Markets publishes Strengthening American Leadership in Digital Financial Technology (Fact Sheet, PDF)

July 31, 2025 - The SEC launches Project Crypto (Video, Remarks)

August 7, 2025 - President Trump signs an Executive Order: Democratizing Access to Alternative Assets For 401(k) Investors (Fact Sheet, Text)

Brogan Law has a solid summary covering three of these four moves. He kicked off a series, and we will be doing the same, though with our usual twist.

As always, we’ll approach this through the lens of definitions; in this case, the definition of investing.

Remember our vantage point:

One cannot invest in crypto. One can only speculate on it.

Cue the grumbles:

”Nonsense.”
“What are you talking about?”
“Yeah, right–another boomer who doesn’t get it”
etc. etc.

That’s fine. If we’re wrong about the definition of investing, feel free to ignore this post, and carry on.

But if we’re right?
Then, everything turns upside down.

Before we dive into the details of these four developments, we’ll leave you with this:

We’re not anti-crypto. Far from it. We want America to innovate responsibly and continue to lead in this space.

But none of that will happen–none of it–
Unless America reaches consensus on what investing really means.

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