The United States cryptocurrency legislation is receiving 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, as well as promoting the development of dollar stablecoins. In early May, the House introduced a new bill draft stipulating that third-party crypto transactions without profit rights are not 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 the bill attempts to expand jurisdiction over overseas stablecoin issuers. These legislative dynamics indicate that the United States is striving to balance innovation and regulation, impacting the global crypto market.