The United States is accelerating the construction of a cryptocurrency regulatory system, with legislative games at the 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 securities-type tokens, while the CFTC oversees digital commodities such as Bitcoin, and innovatively defines the 'decentralized' standard (single entity ownership ≤ 20%). Stablecoin legislation has faced ups and downs; the Senate's 'GENIUS Act' was 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 restart before August.

State-level policies show divergence: New Hampshire signed the HB 302 bill, 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 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, promising to clarify exemption clauses through rules; the CFTC strengthens its regulatory authority over digital commodities and DeFi through FIT21. Industry reactions are polarized: companies like Coinbase support the legislation, and 34 institutions jointly call for clarification of the 'money transmitter' definition to avoid over-regulation.

In the future, the FIT21 bill 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 position through international cooperation (such as the U.S.-U.K. joint push for cryptocurrency standards). This regulatory revolution is reshaping the valuation logic and power landscape of digital assets.