The cryptocurrency legislation in the United States is under close scrutiny. 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 dollar stablecoins. In early May, the House introduced a new bill draft stipulating that third-party crypto transactions without profit rights would not be regarded as 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 seeks to expand jurisdiction over foreign stablecoin issuers. These legislative dynamics indicate that the United States is striving to balance innovation with regulation, impacting the global crypto market.