On early May, House Bill TBAA was introduced, which clearly categorizes Bitcoin and Ethereum as "digital commodities" for the first time and stipulates the division of regulatory responsibilities between the SEC and CFTC, covering areas such as DeFi, stablecoins, and self-custody. However, the Senate's GENIUS Act was defeated on May 8 with 49 votes against and 48 votes in favor, mainly due to conflicts of interest arising from the Trump family's involvement in cryptocurrency projects. Nevertheless, Congressman French Hill stated that the stablecoin and market structure bill is expected to pass before the August congressional recess, indicating that both parties are still striving for consensus. Currently, U.S. cryptocurrency legislation is at a critical juncture of regulatory and political maneuvering, and its future direction is highly anticipated.