As of May 15, 2025, significant progress has been made in U.S. cryptocurrency legislation. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced the development of clear regulatory rules for cryptocurrency assets, covering areas such as issuance, custody, and trading, and 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 U.S. leadership in the digital asset space. However, Congressional deliberations on the stablecoin bill have faced resistance, with Democrats concerned that the President and his family's cryptocurrency business could lead to conflicts of interest. Nevertheless, the White House has indicated that related legislation is still expected to pass before August.