The legislative process for cryptocurrency in the United States has recently shown a trend of acceleration, with an intensifying struggle between the two parties over the regulatory framework. The '21st Century Financial Innovation and Technology Act' passed by the House of Representatives in 2023 attempts to establish a classification standard for digital assets for the first time, but significant disagreements remain in the Senate—Democrats emphasize consumer protection and financial stability, demanding that the SEC serve as the primary regulatory agency; Republicans advocate for prioritizing innovation and support CFTC jurisdiction to lower compliance thresholds. Key points of contention include: criteria for determining securities characteristics (applicability of the Howey test), regulations on stablecoin issuance, and liability definitions for DeFi platforms. Industry giants like Coinbase have spent millions lobbying for clear rules to end the 'regulatory gray area'. Analysts believe that a compromise may emerge before the 2024 elections, but comprehensive legislation still needs to overcome the jurisdictional tug-of-war between the SEC and CFTC. From a global perspective, the lagging legislation in the United States may weaken its competitive advantage in the Web3 space, especially in the context of the EU having implemented MiCA regulations.