Recently, US cryptocurrency legislation has attracted significant attention. In January 2025, Trump issued an executive order emphasizing the protection of citizens' rights to use public chains, participate in mining, and self-custody digital assets, while promoting the development of USD stablecoins. In early May, the House of Representatives proposed a new bill draft stating that third-party crypto transactions without profit rights would not be considered securities transactions, aiming to provide a clear regulatory framework for exchanges. However, the Senate's progress on the GENIUS Act stablecoin bill has been hindered, as this bill seeks to expand jurisdiction over overseas stablecoin issuers. These legislative dynamics indicate that the US is striving to balance innovation and regulation, impacting the global crypto market.