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In May 2025, the process of cryptocurrency legislation in the United States intertwines deeply with market conditions. At the federal level, the Senate voted 48:49 against the "GENIUS Stablecoin Act," with Democrats concerned about conflicts of interest and regulatory loopholes, causing the federal framework for stablecoins to be temporarily shelved. Meanwhile, New Hampshire passed the nation's first state-level Bitcoin reserve bill (HB 302), allowing the state treasury to allocate 5% of its funds to Bitcoin, triggering the acceleration of bills like Texas SB21 and creating a "policy domino effect." However, Florida's HB487/SB550 bills were withdrawn due to price volatility risks, and Arizona's SB1025 was vetoed by the governor, exposing the divergent game of state-level legislation.
The market reacted strongly: Bitcoin broke through $104,000 on May 9, with its market cap ranking among the top five globally, and institutional funds continued to flow in—MicroStrategy announced an $84 billion increase plan, and companies like Japan's Metaplanet followed suit, forming a purchasing power exceeding $300 billion. Compliant exchanges emerged as the biggest winners, with Coinbase's market cap skyrocketing by 38% in a month, its spot Bitcoin ETF seeing a weekly net inflow of $1.8 billion, while the number of daily active protocols plummeted by 74%, accelerating the market's "headification" reshuffle.
In the dual variations of regulation and market, investors need to be wary of the risks of policy lag and geopolitical disturbances, while also paying attention to the capital migration tide triggered by state-level legislation. As the Bitcoin volatility index and CME futures open interest hit new highs in sync, crypto assets are becoming a new anchor to hedge against uncertainties in traditional finance.
