#美国加密立法 The cryptocurrency legislation in the United States is advancing rapidly, here are its latest developments and related content:

Legislative Dynamics as of May 2025

• Regulatory Framework and Classification Clarified: The cryptocurrency regulatory draft released by the U.S. House of Representatives before the hearing on May 6 clarifies the classification and regulatory system for digital assets, using standards such as the Howey Test to determine whether digital assets are securities or commodities, thereby delineating the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).

• Stablecoin Regulation Priority: This draft complements the previously advanced stablecoin bill, clarifying the issuance and reserve requirements for dollar-pegged stablecoins, in response to the Trump administration's goal of completing legislation by August.

• Innovation Exemptions and Regulatory Sandbox Mechanism: The draft introduces a 'safe harbor' mechanism, allowing token issuance and DeFi projects to conduct compliance trials under the premise of meeting Anti-Money Laundering (AML) and investor protection requirements, while also introducing a 'regulatory sandbox' mechanism, allowing companies to test applications such as tokenized securities within limited scenarios, achieving penetrative monitoring.

Senate Related Bill Dynamics

• Advancement of the 'GENIUS Act': Senate Majority Leader John Thune stated that the Senate will address the 'GENIUS Act' proposed by Senator Bill Hagerty before May 26. This act aims to restrict any entity from issuing payment stablecoins except for 'licensed payment stablecoin issuers', aiming to establish a clear regulatory framework for stablecoin issuance.

• Stablecoin Regulatory Details: The 'GENIUS Act' defines payment stablecoins as digital assets used for payment or settlement, requiring stablecoin issuers to maintain 100% dollar reserves and connect to a real-time auditing system.

Impact of the Trump Administration

• First Cryptocurrency Bill Signed: On March 26, 2025, Trump signed a bill that repealed the Internal Revenue Service (IRS) 'DeFi Broker Rules', preventing the IRS from collecting tax data from decentralized cryptocurrency platforms. This is the first legislation in the U.S. specifically targeting cryptocurrency.

• Strategic Reserves and Stablecoin Legislation: The Trump administration promoted the 'Bitcoin Strategic Reserve Act', incorporating judicially seized bitcoins into the national strategic reserves, while also advancing the 'Stablecoin Accountability Act', establishing a dual-layer regulatory framework of 'federal charter + state-level licenses'.