#美国加密立法
In 2025, U.S. cryptocurrency legislation entered a critical stage. The House of Representatives introduced the TBAA Act in early May, which for the first time clearly classified Bitcoin and Ethereum as 'digital commodities' and specified the division of regulatory responsibilities between the SEC and CFTC, covering areas such as DeFi, stablecoins, and self-custody. However, the Senate's GENIUS Act was rejected on May 8 with 49 votes against and 48 votes in favor, mainly due to conflicts of interest arising from the Trump family's involvement in cryptocurrency projects. Nevertheless, Congressman French Hill indicated that the stablecoin and market structure bill is expected to pass before the August congressional recess, showing that both parties are still working to seek consensus. Currently, U.S. cryptocurrency legislation is at a critical juncture of regulatory and political gamesmanship, and its future direction is uncertain.
