U.S. cryptocurrency legislation is progressing with a dual-track approach at both federal and state levels. At the federal level, the House of Representatives passed the '21st Century Financial Innovation and Technology Act' in 2024, which explicitly defines 'digital assets' for the first time, covering cryptocurrencies, stablecoins, and tokenized assets, and regulates their classification and regulatory framework. In May 2025, the House released a new draft authorizing the Commodity Futures Trading Commission (CFTC) to regulate the digital commodities market while retaining the Securities and Exchange Commission (SEC)'s jurisdiction over securities-type assets.

Regarding stablecoins, the 'National Innovation Stablecoin Guidance and Establishment Act' (GENIUS Act) is expected to pass on May 26, 2025, establishing a federal regulatory framework for stablecoins and removing controversial provisions to promote consensus. Additionally, there are still differences in the regulatory positions of the CFTC and SEC regarding crypto assets, with the former viewing them as commodities and the latter considering certain tokens as securities.

At the state level, New York has implemented the BitLicense system since 2015, requiring virtual currency operators to obtain a business license, emphasizing consumer protection and anti-money laundering measures. Recently, New Hampshire passed a bill allowing the state government to include Bitcoin in its financial reserves to combat inflation and diversify its investment portfolio.

Overall, the U.S. is actively promoting cryptocurrency legislation to establish a unified regulatory framework and foster innovation and market stability.