The legislation on cryptocurrency in the United States is still in the exploratory stage. The main obstacles are the regulatory power struggle between the SEC and CFTC, ambiguous token classifications, and unclear tax rules. Although the House of Representatives has passed bills like FIT21, progress in the Senate is slow, and there are significant differences between the two parties. In the short term, there may be a focus on regulating stablecoins, while in the long term, a balance between innovation and risk needs to be struck. The divergence in state policies (such as support from Wyoming and strict regulations in New York) adds to the complexity. The future trajectory depends on the election results and global regulatory coordination (such as MiCA). The industry is looking for a clear framework, but comprehensive legislation may still take years.