In recent times, US cryptocurrency legislation has attracted significant attention. In January 2025, Trump issued an executive order emphasizing the protection of citizens' rights to use public blockchains, participate in mining, and self-custody digital assets, while promoting the development of US dollar stablecoins. In early May, the House introduced a new draft bill 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 legislation has been hindered, as the bill seeks to expand jurisdiction over foreign stablecoin issuers. These legislative dynamics indicate that the US is striving to balance innovation with regulation, affecting the global crypto market.