Let's talk about the legislative background first. The cryptocurrency market is growing larger and larger, and as a financial powerhouse, the United States certainly cannot sit idle. On one hand, the innovative potential of cryptocurrencies is immense, attracting a large amount of capital and talent; on the other hand, issues such as fraud and money laundering caused by regulatory gaps are also significant. If legislation is not enacted soon, the wallets of retail investors could be in danger.

Currently, the legislative progress in the United States can be described as 'walking on multiple legs.' Both the House of Representatives and the Senate have established working groups specifically to study and formulate a regulatory framework for digital assets and stablecoins. The Senate is already advancing the regulatory work for stablecoins, with a bill proposed by Senator Bill Hagerty aimed at creating a regulatory framework. The Chairman of the House Financial Services Committee, French Hill, has also stated that future stablecoin legislation will be similar to the Senate's proposal and that it has bipartisan support, which means there's a good chance the bill will pass.