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

State-level policies are showing divergence: New Hampshire has signed 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 others like Florida have rejected similar proposals due to risk concerns.

Regulatory agencies are shifting towards rule-making: the SEC Chairman announced the end of the 'enforcement regulation' model and promised to clarify exemption clauses 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, and 34 institutions have jointly called for clarification of the definition of 'money transmitter' to avoid excessive regulation.

In the future, the FIT21 Act is expected to pass in the Senate, and the regulatory framework for stablecoins may become the next focal point. The United States needs to balance innovation incentives and risk prevention while consolidating its global leadership position through international cooperation (such as the joint US-UK push for cryptocurrency standards). This regulatory revolution is reshaping the valuation logic and power landscape of digital assets.