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

1. Overall Trends

U.S. cryptocurrency regulation is shifting from early ambiguity to clarity and support for innovation. Since the Trump administration took office, policies have clearly leaned towards integrating cryptocurrencies into the national strategy, promoting the legitimization and reserve status of Bitcoin and digital assets, aiming to consolidate the U.S. 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 by 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 bill is seen as landmark legislation, receiving a certain level of bipartisan consensus support.

• Trump Executive Order (March 2025)
On March 6, 2025, Trump signed an executive order requiring the inclusion of Bitcoin confiscated by the federal government into the Strategic Bitcoin Reserve (SBR) and establishing reserves composed of other digital assets. This initiative marks the first time the U.S. has regarded Bitcoin as a national asset, aiming to stabilize the economy through diversified foreign exchange reserves. Additionally, the executive order emphasizes the protection of citizens' rights to use blockchain networks, including the ability to develop, mine, trade, and self-custody digital assets.

• Stablecoin Bill (GENIUS)
Stablecoin regulation is a current hot topic. In May 2025, the Senate narrowly rejected the stablecoin bill GENIUS but is expected to re-vote 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 would review regulatory obstacles hindering the development of blockchain and stablecoins, with the goal of providing more inclusive financial services for ordinary Americans.

• **Latest Market Structure Bill (the