As of May 15, 2025, the United States has made significant progress in cryptocurrency legislation. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced that clear regulatory rules for cryptocurrency assets will be formulated, covering areas such as issuance, custody, and trading, and is considering allowing registered brokers to trade non-security assets like Bitcoin and Ethereum through Alternative Trading Systems (ATS). Additionally, President Trump signed an executive order in March to establish a strategic Bitcoin reserve and digital asset inventory, aimed at consolidating the United States' leadership in the digital asset field. However, Congress has faced resistance in deliberating the stablecoin bill, with Democrats concerned that the President and his family's cryptocurrency business may pose conflicts of interest. Nevertheless, the White House indicated that the relevant legislation is still expected to pass before August.