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

Legislative Dynamics in May 2025

• Regulatory Framework and Classification Clarified: The cryptocurrency regulatory draft released by the U.S. House of Representatives before the hearing on May 6 clearly defines the classification and regulatory system for digital assets, using standards such as the Howey Test to determine whether digital assets are securities or commodities, thereby 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: The draft complements the previously promoted stablecoin bill, clarifying the issuance and reserve requirements for USD-pegged stablecoins, responding to the Trump administration's goal of completing legislation before August.

• Innovation Exemptions and Regulatory Sandbox Mechanism: The draft introduces a 'safe harbor' mechanism, allowing token issuances and DeFi projects to conduct compliance testing provided they meet 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 limited scenarios, achieving comprehensive monitoring.