#美国加密立法 The impact of US cryptocurrency legislation on cryptocurrencies presents significant intertwined characteristics of advantages and disadvantages. On the positive side, legislation through the '21st Century Financial Innovation and Technology Act' (FIT21) and the 'Stablecoin National Innovation Act' (GENIUS) has established the world's most comprehensive regulatory framework, clarified the classification standards for digital assets, and defined the regulatory boundaries of the SEC and CFTC. This has promoted the process of market compliance and attracted traditional financial institutions to accelerate their entry (e.g., institutions like BlackRock increasing their Bitcoin holdings). Additionally, tax incentives and the Strategic Bitcoin Reserve Plan (SBR) have boosted market confidence, spurring a surge in the scale of products like Bitcoin ETFs. On the downside, excessive regulation may stifle technological innovation; for instance, the Trump administration's ban on central bank digital currencies limited competition, while the lack of detailed rules on stablecoin reserves and audits has created long-term risks. Furthermore, the US's strengthening of control over global trading data through the 'Crypto NATO' and long-arm jurisdiction may exacerbate digital hegemony and geopolitical conflicts, and the government's substantial holdings of Bitcoin reserves raise concerns about potential market manipulation. Overall, while legislation facilitates market standardization, it also raises concerns about the freedom of innovation and the imbalance of global financial power.