The U.S. cryptocurrency legislation is receiving considerable attention. In January 2025, Trump issued an executive order emphasizing the protection of citizens' rights to use public blockchains, participate in mining, and self-custody digital assets, while promoting the development of the U.S. dollar stablecoin. In early May, the House introduced a new bill draft stipulating that third-party crypto trading without profit rights is not considered securities trading, aiming to provide a clear regulatory framework for exchanges. However, the Senate's progress on the GENIUS Act stablecoin bill has been hindered, 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.