As of May 15, 2025, significant progress has been made in U.S. cryptocurrency legislation. Here is a brief overview of the latest developments based on recent information:

1. Overall Trend

U.S. cryptocurrency regulation is shifting from early ambiguity to clarity and support for innovation. Since the Trump administration took office, policies have clearly leaned towards integrating cryptocurrency into national strategy, promoting the legalization and reserve status of Bitcoin and digital assets, aiming to solidify the U.S. leading position in the global financial market.

2. Important Legislation and Executive Orders

• The Financial Innovation and Technology Act of the 21st Century (FIT21)
2024 On May 22, 2024, the U.S. House of Representatives passed the Financial Innovation and Technology Act of the 21st Century with a vote of 279-136, providing a federal regulatory framework for the digital currency industry, clarifying the regulatory rules for digital assets, and promoting orderly market development. This bill is regarded as landmark legislation, receiving bipartisan consensus support to some extent.

• Trump Executive Order (March 2025)
2025 On March 6, 2025, Trump signed an executive order requiring that Bitcoin seized by the federal government be included in the Strategic Bitcoin Reserve (SBR) and establish a reserve composed of other digital assets. This initiative marks the first time the U.S. has recognized Bitcoin as a national asset, aiming to stabilize the economy through diversified foreign exchange reserves. Furthermore, the executive order emphasizes protecting citizens' rights to use blockchain networks, including the ability to develop, mine, trade, and self-custody digital assets.

• Stablecoin Bill (GENIUS)
Regulation of stablecoins is currently a hot topic. In May 2025, the Senate narrowly voted down the stablecoin bill GENIUS, but it is expected to be re-voted after May 12. The bill aims to clarify the issuance requirements for payment stablecoins and the restrictions on foreign stablecoins entering the U.S. The U.S. Treasury Secretary recently stated that they will review regulatory barriers hindering the development of blockchain and stablecoins, with the goal of providing more inclusive financial services for ordinary Americans.

• **Latest Market Structure Bill (202