The U.S. cryptocurrency legislation has attracted 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 U.S. dollar stablecoins. In early May, the House of Representatives introduced a new bill draft stating that third-party crypto transactions without profit rights would not be considered securities transactions, aiming to provide a clear regulatory framework for exchanges. However, the Senate's advancement of the GENIUS Act stablecoin bill has been hindered, as the bill attempts to expand jurisdiction over foreign stablecoin issuers. These legislative dynamics show that the U.S. is striving to balance innovation and regulation, impacting the global crypto market.