As of May 15, 2025, significant progress has been made in cryptocurrency legislation in the United States. Below is a brief overview of the latest developments based on recent information:

1. Overall Trend

U.S. cryptocurrency regulation is shifting from early ambiguity to a clearer, innovation-supporting direction. Since the Trump administration took office, policies have clearly leaned towards incorporating cryptocurrencies into the national strategy, promoting the legalization and reserve of Bitcoin and digital assets, aiming to consolidate the U.S. leading position in the global financial market.

2. Important Legislation and Executive Orders

• The Financial Innovation and Technology Act of the 21st Century (FIT21)
On May 22, 2024, the U.S. House of Representatives passed the Financial Innovation and Technology Act of the 21st Century with a vote of 279-136, providing a federal regulatory framework for the digital currency industry, clarifying the regulatory rules for digital assets, and promoting orderly market development. This act is regarded as milestone legislation, receiving bipartisan consensus support to a certain extent.

• Trump's Executive Order (March 2025)
On March 6, 2025, Trump signed an executive order requiring the federal government to include confiscated Bitcoin in the Strategic Bitcoin Reserve (SBR) and to establish a reserve composed of other digital assets. This move marks the first time the U.S. has viewed Bitcoin as a national asset, aiming to stabilize the economy through diversified foreign exchange reserves. Furthermore, the executive order emphasizes protecting citizens' rights to use blockchain networks, including the ability to develop, mine, trade, and self-custody digital assets.

• Stablecoin Bill (GENIUS)
Regulation of stablecoins is currently a hot topic. In May 2025, the Senate narrowly voted down the stablecoin bill GENIUS, but a re-vote is expected after May 12. This bill aims to clarify the issuance requirements for payment stablecoins and the restrictions on foreign stablecoins entering the U.S. The U.S. Treasury Secretary recently stated that they will review regulatory barriers hindering the development of blockchain and stablecoins, with the goal of providing more inclusive financial services for ordinary Americans.

• **Latest Market Structure Bill (the 21st Century)