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 like Bitcoin, and innovatively defines the standard for "decentralization" (where a single entity's holdings are ≤20%). The 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 cryptocurrency 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; North Carolina, Texas, and other states followed suit, while states like Florida rejected similar proposals due to risk concerns.

Regulators are shifting towards rule-making: the SEC chairman announced the end of the "enforcement-based regulation" model, promising to clarify exemption clauses through rules; the CFTC is enhancing its regulatory authority over digital commodities and DeFi through FIT21. Industry reactions are polarized: companies like Coinbase support the legislation, and 34 institutions jointly called for clarification of the definition of "money transmitters" to avoid over-regulation.

In the future, the FIT21 Act is expected to pass in the Senate, and the regulatory framework for stablecoins may become the next focal point. The United States needs to balance innovation incentives with risk prevention while consolidating its global leadership through international cooperation (such as the UK and US jointly promoting cryptocurrency standards). This regulatory revolution is reshaping the valuation logic and power landscape of digital assets.