#美国加密立法 The cryptocurrency legislation in the United States is rapidly advancing, here are the latest developments and related content:

Legislative Dynamics as of May 2025

• Regulatory Framework and Classification Clarified: The cryptocurrency regulation draft released by the U.S. House of Representatives before the hearing on May 6 clearly outlines the classification and regulatory system for digital assets, using standards such as the Howey Test to determine whether digital assets are securities or commodities, thus delineating the regulatory boundaries of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).

• Stablecoin Regulation Priority: This draft, in conjunction with the previously advanced stablecoin legislation, clarifies the issuance and reserve requirements for USD-pegged stablecoins, responding to the Trump administration's goal to complete the legislation by August.

• Innovation Exemptions and Regulatory Sandbox Mechanism: The draft introduces a 'safe harbor' mechanism, allowing token issuance and DeFi projects to conduct compliance trials under the premise of meeting anti-money laundering (AML) and investor protection requirements, while also introducing a 'regulatory sandbox' mechanism that allows companies to test tokenized securities and other applications in a limited scenario, achieving comprehensive monitoring.

Senate Related Bill Dynamics

• Advancement of the 'GENIUS Act': Senate Majority Leader John Thune stated that the Senate will address the 'GENIUS Act' proposed by Senator Bill Hagerty before May 26. This bill aims to restrict any entity other than 'licensed payment stablecoin issuers' from issuing payment stablecoins, intending to establish a clear regulatory framework for stablecoin issuance.

• Stablecoin Regulatory Details: The 'GENIUS Act' defines payment stablecoins as digital assets used for payment or settlement, requiring stablecoin issuers to maintain 100% USD reserves and connect to a real-time auditing system.

Impact of the Trump Administration

• First Cryptocurrency Legislation Signed: On March 26, 2025, Trump signed a bill that repealed the IRS's 'DeFi Broker Rule,' preventing the IRS from collecting tax data from decentralized cryptocurrency platforms. This is the first legislation in the U.S. specifically targeting cryptocurrency.

• Strategic Reserves and Stablecoin Legislation: The Trump administration promoted the 'Bitcoin Strategic Reserve Act,' incorporating judicially confiscated bitcoins into the national strategic reserve, while also advancing the 'Stablecoin Accountability Act' to establish a dual regulatory framework of 'federal charter + state-level license.'