Introduction

This week, the Web3 industry witnessed several significant developments at policy and macroeconomic levels. On March 21, the SEC clarified its regulatory stance on PoW mining activities, stating that they do not involve securities issuance. On March 24, the IMF formally defined classifications for crypto assets, listing Bitcoin under the capital account. The Oklahoma House of Representatives passed a bill proposing the inclusion of Bitcoin in public fund reserves. Kentucky officially signed the “Bitcoin Rights Act,” safeguarding the rights to self-custody and node operation. On March 25, the Asia Web3 Alliance Japan proposed U.S.-Japan collaboration to promote a tokenized economy and Web3 innovation. On March 27, Wyoming announced plans to launch its stablecoin, the WYST token, in July.

Abstract

• March 21 — The SEC clarified its regulatory stance on PoW mining activities, stating that they do not constitute securities issuance.
• March 24 — The IMF formally defined crypto asset classifications, placing Bitcoin under the capital account.
• March 24 — The Oklahoma House of Representatives passed a bill proposing the inclusion of Bitcoin in public fund reserves.
• March 24 — Kentucky officially signed the “Bitcoin Rights Act,” safeguarding the rights to self-custody and node operation.
• March 25 — Asia Web3 Alliance Japan proposed U.S.-Japan collaboration to advance the tokenized economy and Web3 innovation.
• March 27 — Wyoming announced plans to launch the WYST stablecoin in July.

Key Events

March 21 — SEC Clarifies Regulatory Stance on PoW Mining: Not Considered Securities Issuance

The U.S. Securities and Exchange Commission (SEC) clarified its regulatory position on Proof-of-Work (PoW) mining activities. The SEC determined that PoW mining does not constitute an offer or sale of securities. As a result, miners are not required to register their activities under securities law, nor are they subject to exemptions related to securities registration. According to the SEC, PoW mining is fundamentally an administrative or operational activity, whether it involves solo miners or mining pools. It does not meet the criteria of an “investment contract” as defined by the Howey Test, which requires an expectation of profit derived from the efforts of others. The SEC emphasized that miners’ earnings in a PoW network result from their own computational power and resources—not from the managerial decisions of a third party. Even when miners join pools, this principle holds true.[1]

This statement is a positive signal for the PoW ecosystem, helping eliminate regulatory uncertainty. PoW miners and mining pool operators can confidently continue their operations without facing compliance challenges under securities law. However, the SEC’s clarification applies specifically to PoW-based protocol mining and does not extend to other consensus mechanisms or evaluate the security status of individual crypto assets.

March 24 — IMF Defines Crypto Asset Classifications, Lists Bitcoin Under the Capital Account

The International Monetary Fund (IMF) has, for the first time, outlined a formal classification system for digital assets in its newly updated Balance of Payments and International Investment Position Manual (BPM7). The manual categorizes assets like Bitcoin, stablecoins, Ethereum, and Solana based on whether they carry liabilities and how substitutable they are, officially integrating them into the global financial statistics framework.

This system treats Bitcoin and similar tokens without underlying liabilities as non-produced, non-financial assets recorded under a country’s capital account. Stablecoins, which carry redemption obligations, may be considered financial instruments. The IMF’s classifications carry significant weight as the institution responsible for maintaining global monetary stability and advising on economic policy. Its BPM manual serves as a global standard for how countries compile balance of payments data, influencing central banks, national statistics agencies, and financial markets worldwide.

This update will improve how cross-border digital asset flows are tracked, strengthen financial stability analysis, and inform more targeted policy recommendations. Governments and statistical bodies must adjust how they collect data—such as counting Bitcoin under capital accounts or treating mining services as exports. These changes could drive more investment and talent into the blockchain sector.

For the crypto industry, the IMF’s move is a step toward greater legitimacy and institutional recognition. However, classifying Bitcoin as a capital asset, stablecoins as financial instruments, ETH and SOL as equity-like assets, and mining as an export activity could have broad implications for regulation, taxation, and international investment—possibly prompting countries to refine their blockchain strategies and infrastructure.[2]

March 24 — Oklahoma House Passes Bill to Include Bitcoin in Public Fund Reserves

The Oklahoma House of Representatives has passed a bill proposing that up to 10% of the state’s public funds be allocated to Bitcoin or other digital assets with a market capitalization exceeding $500 billion. The goal is to diversify the state’s treasury holdings and enhance its ability to hedge against inflation. If enacted into law, Oklahoma would become one of the first U.S. states to formally support Bitcoin reserves through legislation—marking a symbolic step toward broader governmental adoption.

Interest in allocating Bitcoin as a public reserve asset is growing among local governments, reflecting digital assets’ broader institutionalization and mainstreaming. This trend boosts market confidence and could encourage other states or even national governments to follow suit, potentially creating a new long-term demand driver for Bitcoin.[3]

March 24 — Kentucky Signs “Bitcoin Rights Act” to Protect Self-Custody and Node Operation

On March 24, Kentucky Governor officially signed House Bill 701 (HB701) into law, safeguarding residents’ rights to use digital assets, self-custody their crypto wallets, and operate blockchain nodes. The bill explicitly exempts such activities from money transmission licensing and securities regulation, while also restricting local governments from imposing discriminatory rules on related technologies. HB701 represents a breakthrough in Kentucky’s approach to crypto regulation. By legally protecting individual rights and clarifying regulatory exemptions, the law creates a more favorable environment for digital asset innovation and industry growth within the state.[4]

March 25 — Asia Web3 Alliance Japan Proposes U.S.-Japan Collaboration to Advance Tokenized Economy and Web3 Innovation

On March 25, 2025, Asia Web3 Alliance Japan submitted a proposal to the U.S. Securities and Exchange Commission (SEC) Crypto Task Force, calling for a joint U.S.-Japan regulatory initiative focused on tokenization and Web3 development. The proposal advocates for creating a unified token classification framework that clearly defines tokenized securities, utility tokens, and non-security digital assets. It also emphasizes the need for coordinated oversight and the compliant issuance of cross-border tokens. The initiative calls for collaborative efforts involving the SEC, Japan’s Financial Services Agency (JFSA), Ministry of Economy, Trade and Industry (METI), and the Bank of Japan (BOJ). Key components include establishing safe harbor provisions for early-stage token projects, and setting cross-border standards for secure and compliant token trading and custody. The proposal also recommends regular U.S.-Japan Web3 regulatory roundtables to facilitate the exchange of policy insights and research findings.

This initiative aims to deepen U.S.-Japan cooperation on Web3 regulation, aligning token standards and reducing legal and compliance barriers for cross-border operations—ultimately fostering a healthier crypto ecosystem. The proposed sandbox environments and safe harbor mechanisms are expected to ease compliance costs and improve market access for Japanese Web3 startups. If adopted, the collaboration could serve as a global model for crypto and Web3 regulation, accelerating the globalization and standardization of the tokenized economy while enhancing market transparency and stability worldwide.[5]

March 27 — Wyoming Plans to Launch WYST Stablecoin in July

Wyoming is set to launch its own stablecoin, the WYST token, in July 2025—making it the first U.S. state to issue a government-backed, fiat-pegged stablecoin. The WYST token will be fully collateralized with U.S. Treasury securities, cash, and repurchase agreements, maintaining a minimum capitalization ratio of 102%. The state aims to use interest income generated from these reserve assets to fund public projects such as education and infrastructure. Wyoming is evaluating blockchain platforms, including Solana, Ethereum, and Polygon, for deploying and transacting the token. The introduction of WYST marks a significant step as a U.S. state formally enters the crypto space, potentially setting a precedent for other states or even national governments to explore similar initiatives.

Backed by fiat currency and equipped with clear capitalization standards, WYST may offer stronger stability and regulatory compliance than existing stablecoins like USDT or USDC. This could make it especially appealing to traditional institutional investors and promote the use of blockchain in public finance. However, WYST’s success will depend on market adoption, exchange support, and how it competes with existing stablecoins. If deployed on chains like Solana, Ethereum, or Polygon, it could stimulate growth within those ecosystems and generate positive momentum in the broader crypto market.[6]

Conclusion

This week, the cryptocurrency market was shaped by a mix of macroeconomic policies and regulatory developments. The U.S. Securities and Exchange Commission (SEC) issued a statement clarifying its stance on Proof-of-Work (PoW) mining, asserting that it does not fall under securities regulation. The International Monetary Fund (IMF) formally introduced a classification system for crypto assets, placing Bitcoin under the capital account. Meanwhile, the Oklahoma House passed a bill proposing that up to 10% of public funds be allocated to Bitcoin or digital assets with a market cap exceeding $500 billion. Kentucky signed the “Bitcoin Rights Act,” securing the right to self-custody and node operation. Asia Web3 Alliance Japan submitted a proposal to the SEC’s crypto task force, calling for a U.S.-Japan regulatory partnership on tokenization and Web3 innovation. Additionally, Wyoming announced plans to launch WYST, the first fiat-backed stablecoin issued by a U.S. state, in July 2025.

Overall, several U.S. state governments are actively advancing crypto-related legislation. At the same time, the IMF, as a key pillar of the global economy, has now established a clearer framework for classifying digital assets. These evolving policies and regulatory shifts present challenges and opportunities for the crypto industry, highlighting the ongoing need to balance innovation and compliance.


References:

1. SEC,https://www.sec.gov/newsroom/speeches-statements/statement-certain-proof-work-mining-activities-032025
2. IMF,https://www.imf.org/-/media/Files/Data/Statistics/BPM6/draft-bpm7-wcv.ashx
3. X,https://x.com/oklahomabtc/status/1904296761465679874
4. Kentucky General Assembly,https://apps.legislature.ky.gov/record/25RS/hb701.html
5. SEC,https://www.sec.gov/about/crypto-task-force/written-submission/ctf-input-asia-web3-alliance-japan-3-25-25
6. STC,https://stabletoken.notion.site/

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the [Link] to learn more

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.