The United States is accelerating the construction of a cryptocurrency regulatory system, with legislative games at the federal and state levels reshaping the industry landscape. The House of Representatives passed the '21st Century Financial Innovation and Technology Act' (FIT21), which clarifies the division of responsibilities between the SEC and CFTC: the SEC regulates security tokens, while the CFTC governs digital commodities like Bitcoin and innovatively defines the 'decentralized' standard (where a single entity holds ≤20%). Stablecoin legislation has faced ups and downs; the Senate's 'GENIUS Act' was rejected by a vote of 48:49 due to a party requirement to prohibit officials from participating in crypto businesses, but the market expects negotiations to restart before August.

State-level policies show divergence: New Hampshire signed Bill HB 302, allowing the state treasury to allocate up to 5% of public funds (approximately $181 million) to invest in Bitcoin, setting a precedent for local government reserves; states like North Carolina and Texas are following suit, while states like Florida have rejected similar proposals due to risk concerns.

Regulators are shifting towards rule-making: The SEC Chair announced the end of the 'enforcement regulation' model and committed to clarifying exemption terms through rules; the CFTC is strengthening its regulatory authority over digital commodities and DeFi through FIT21. The industry's response is polarized: companies like Coinbase support the legislation, while 34 institutions jointly call for clarification of the definition of 'money transmitter' to avoid over-regulation.

In the future, the FIT21 bill is expected to pass in the Senate, and the regulatory framework for stablecoins may become the next focus. The U.S. needs to balance innovation incentives and risk prevention while consolidating its global leadership through international cooperation (such as the U.S.-U.K. joint push for crypto standards). This regulatory revolution is reshaping the logic of digital asset valuation and the power landscape.