US Regulatory Push Intensifies as Bitcoin Navigates Critical Phase

Bitcoin CRYPTO000BTC

While Bitcoin trades near $68,650, a significant distance from its autumn 2025 peak, regulatory bodies in Washington are accelerating efforts to define the digital asset landscape. The focus centers on two pivotal issues: establishing a clear market structure and determining whether stablecoin issuers can offer yields without falling under traditional banking regulations.

Treasury Secretary Scott Bessent emphasized the urgency on February 10, calling for the passage of the Digital Asset Market Clarity Act before spring concludes. He directed a pointed message at the industry, stating that major players such as Coinbase should not obstruct the legislative process. According to Bessent, the absence of definitive market rules poses a direct threat to the future of the U.S. cryptocurrency sector.

In a parallel development, the White House convened a meeting on February 11 with representatives from both traditional finance and the crypto industry. Attendees included giants like JPMorgan, Goldman Sachs, and Bank of America alongside crypto heavyweights Coinbase and Andreessen Horowitz. The central topic was the permissibility of yield-bearing stablecoins. The debate hinges on whether issuers can pay interest to users without being subjected to bank licensing requirements—a sticking point that has derailed previous regulatory attempts.

Institutional Accumulation Amid Market Correction

Despite the price correction, institutional interest demonstrates notable resilience. Business intelligence firm MicroStrategy disclosed a further purchase of 1,142 BTC for approximately $90 million on February 10. This acquisition brings the company’s total holdings to 714,644 BTC, representing over 3.4% of the entire circulating Bitcoin supply.

Market analysts at Bernstein maintain a bullish long-term outlook. They reaffirmed a price target of $150,000 by the end of 2026, characterizing the current downturn as a crisis of confidence rather than a fundamental structural issue. Bitcoin’s current price sits roughly 45% below its all-time high of over $126,000, recorded in October 2025.

Global Regulatory Scrutiny Expands

Regulatory pressure is mounting beyond U.S. borders. On February 10, the UK's Financial Conduct Authority (FCA) demanded that social media platforms and app stores block access to the crypto exchange HTX. The regulator cited the platform's unauthorized promotion of financial services to British consumers as the reason.

Meanwhile, in South Korea, the Financial Supervisory Service (FSS) has launched an investigation into exchange Bithumb. The probe follows an incident earlier in the week where the platform accidentally distributed Bitcoin worth roughly $44 billion to users during a promotional event. Although 99.7% of the funds were recovered, the event has triggered a review of the company's internal controls.

Evolving Market Narratives

Mike Novogratz, CEO of Galaxy Digital, recently commented on a shifting market phase, suggesting the "speculation era" is ending. He forecast a pivot toward real-world assets and less volatile investments. Market data provides some support for this view: as Bitcoin has struggled since the start of the year, gold has appreciated by about 25% over the same period.

The coming weeks are likely to prove decisive, indicating whether Washington can overcome its regulatory impasse and if sustained institutional buying from entities like MicroStrategy will be sufficient to stabilize the market.