#美国加密立法 The recent acceleration of U.S. cryptocurrency legislation has led to a tug-of-war between the two parties over the regulatory framework, with the core issue being the balance between innovation and risk. The SEC's strengthened enforcement has triggered a backlash from the industry, while proposals such as the '21st Century Financial Innovation and Technology Act' attempt to clarify the classification of digital assets and the jurisdictional division between the CFTC and SEC. However, there are significant disagreements between the two parties on investor protection, DeFi regulation, and stablecoin rules. Under the pressure of global regulatory competition, U.S. legislation needs to seek a balance between preventing systemic risk, anti-money laundering, and maintaining technological leadership. The enactment of the bill may reshape the industry landscape, but the dual variables of the political cycle and technological iteration still leave the final path uncertain.