As of May 14, 2025, the United States has made significant progress in cryptocurrency legislation, particularly with the passage of the 21st Century Financial Innovation and Technology Act (FIT21) in the House of Representatives at the federal level. This bill aims to establish a clear regulatory framework for digital assets, delineating the regulatory responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Specifically, FIT21 classifies most digital assets as commodities, granting the CFTC primary regulatory authority while limiting the SEC's oversight of certain crypto assets.

This legislation has received widespread support from the crypto industry and is seen as an important step toward fostering innovation and providing regulatory clarity. However, SEC Chairman Gary Gensler has expressed strong opposition, arguing that the bill could weaken oversight of investment contracts and increase risks faced by investors. He pointed out that allowing issuers to self-certify their products as digital commodities could lead to regulatory loopholes and harm investor interests.

At the state level, Arizona and New Hampshire have also taken proactive measures. Arizona has established a Bitcoin and digital asset reserve fund through legislation to manage unclaimed crypto assets. New Hampshire allows up to 5% of public funds to be invested in major crypto assets like Bitcoin, demonstrating state government attention to digital assets.

Additionally, President Trump signed Executive Order No. 14178 at the beginning of 2025, prohibiting the establishment of central bank digital currencies (CBDC) and requiring the submission of a federal digital asset regulatory framework within 180 days. This order reflects the federal government's strategic adjustment in the field of digital financial technology.

Overall, the U.S. is moving towards providing regulatory clarity and promoting innovation in cryptocurrency legislation. However, the division of responsibilities among regulatory agencies, investor protection, and potential regulatory loopholes still need further discussion and resolution. In the future, the outcome of the FIT21 bill's review in the Senate will play a key role in the final formation of the U.S. cryptocurrency regulatory system.