The '21st Century Financial Innovation and Technology Act' (FIT21) passed by the House of Representatives clarifies the division of responsibilities between the SEC and CFTC: the SEC regulates security tokens, while the CFTC oversees digital commodities like Bitcoin, and innovatively defines the standard for 'decentralization' (no single entity holding more than 20%). Legislation on stablecoins has seen ups and downs; the Senate's 'GENIUS Act' was defeated by a vote of 48:49 due to demands from the ** party to prohibit officials from participating in crypto businesses, 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.

Regulatory agencies are shifting towards rule-making: the SEC chairman announced the end of the 'enforcement regulation' model, committing to clarify exemption clauses through rules; the CFTC is strengthening its regulatory authority over digital commodities and DeFi through FIT21. The industry's response is polarized: companies like Coinbase support the legislation, and 34 institutions have jointly called for clarification of the definition of 'money transmitter' to avoid overregulation.