#US Crypto Legislation US crypto legislation is advancing rapidly, 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 May 6 hearing clarifies the regulatory classification system for digital assets, using standards such as the Howey Test to determine whether a digital asset is a security or a commodity, thereby delineating the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).
• Stablecoin Regulation Priority: The draft aligns with the previously promoted stablecoin bill, clarifying the issuance and reserve requirements for dollar-pegged stablecoins, in response to the Trump administration's goal to complete 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 testing under the premise of meeting anti-money laundering (AML) and investor protection requirements, while also introducing a "regulatory sandbox" mechanism, allowing companies to test tokenized securities and other applications in limited scenarios, achieving in-depth monitoring.
