#美国加密立法

As of May 2025, U.S. cryptocurrency legislation is at a critical turning point, with Congress actively pushing multiple bills to establish a clearer regulatory framework. 

Major Legislative Progress

1. Stablecoin Act

The bill aims to establish a federal regulatory system for U.S. dollar stablecoins and was passed by the House Financial Services Committee on April 3, 2025. However, due to conflicts of interest arising from the Trump family's involvement in cryptocurrency investments, the Senate voted down the bill with 48 votes in favor and 49 votes against. Currently, bipartisan lawmakers are intensifying efforts to restart the legislative process for this bill, hoping to reach a consensus before the Memorial Day recess.

2. Digital Asset Market Structure Bill

This bill proposes a dual-track regulatory model that allows digital assets to be regulated by either the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) based on their functional characteristics. This move aims to provide clearer classifications and regulatory guidance for crypto assets.

3. Bitcoin Act

Proposed by Senator Cynthia Lummis, this bill suggests establishing a U.S. government-controlled Bitcoin reserve, planning to accumulate one million Bitcoins within five years to hedge against inflation and strengthen economic resilience.

Political and Regulatory Challenges

Despite the positive legislative progress, political factors remain a challenge. The involvement of family members of President Trump in cryptocurrency investments raises questions of conflicts of interest that impact the advancement of the bills. Additionally, some Democratic lawmakers hold reservations about cryptocurrency regulation, which could pose resistance to the passage of the bills.  

Outlook

It is expected that the stablecoin and market structure bills will likely be passed before Congress recesses in August 2025, providing a clearer regulatory framework for the cryptocurrency industry. This will help promote innovation, enhance investor confidence, and solidify the U.S.'s leadership position in the global digital asset space.