#美国加密立法 The United States is accelerating the construction of a cryptocurrency regulatory system, with legislative battles at both federal and state levels reshaping the industry landscape. The House of Representatives passed the "21st Century Financial Innovation and Technology Act" (FIT21), which clarifies the division of responsibilities between the SEC and CFTC: the SEC regulates security tokens, while the CFTC oversees digital commodities such as Bitcoin, and innovatively defines the standard for "decentralization" (a single entity holds ≤20% of shares). Legislation on stablecoins has faced ups and downs, with the Senate's "GENIUS Act" being rejected by a vote of 48:49 due to demands from the ** party to prohibit officials from participating in crypto business, but the market expects negotiations may resume before August.

State-level policies are showing divergence: New Hampshire signed HB 302, allowing the state treasury to allocate up to 5% of public funds (approximately $181 million) to invest in Bitcoin, setting a precedent for local government reserves; states like North Carolina and Texas are following suit, while states like Florida have rejected similar proposals due to risk concerns.