The U.S. cryptocurrency legislation is drawing significant attention. In January 2025, Trump issued an executive order emphasizing the protection of citizens' rights to use public chains, participate in mining, and self-custody digital assets, while promoting the development of dollar stablecoins. In early May, the House introduced a new bill draft that stipulates that third-party crypto transactions without profit rights are not regarded as securities transactions, aiming to provide a clear regulatory framework for exchanges. However, the Senate's progress on the GENIUS Act stablecoin bill has been stalled, as the bill attempts to expand jurisdiction over offshore stablecoin issuers. These legislative dynamics indicate that the U.S. is striving to balance innovation and regulation, impacting the global crypto market.