The direction of US cryptocurrency regulation is shifting from SEC enforcement to congressional legislation, with stablecoins becoming the core driving force According to BlockBeats, on May 19th, the latest industry analysis pointed out that the United States' attitude towards cryptocurrency is gradually shifting from "law enforcement suppression" to "establishing regulatory frameworks". In the past few years, the SEC has mainly regulated the cryptocurrency industry through litigation and enforcement actions, but due to the lack of unified rules, the market has long faced legal uncertainty. At present, the US Congress is accelerating the push for digital asset legislation, attempting to clarify which tokens belong to securities and commodities, and which regulatory agencies are responsible for regulating them. Analysis suggests that this means that Washington is no longer discussing whether to allow the cryptocurrency industry to exist, but is starting to focus on how to regulate and benefit from it. Stablecoins are one of the important reasons for the shift in US policy. Since the US dollar stable currency is directly related to the US treasury bond, payment system and the global status of the US dollar, the US government increasingly regards it as a digital financial infrastructure, rather than just a speculative asset. The regulatory authorities are concerned that without rules, stablecoins may bring reserve risks and financial stability issues, but at the same time, they also hope to use stablecoins to strengthen the dominant position of the US dollar in the global digital economy. In addition, the United States is also concerned about the flow of cryptocurrency innovation, capital, and employment opportunities to more regulated overseas markets, and therefore hopes to maintain its competitiveness in the global fintech field by establishing a formal regulatory framework. Analysis suggests that US cryptocurrency regulation is entering an "institutionalized stage", and the industry may face clearer compliance requirements in the future, including reserve transparency, investor protection, custody regulations, and anti money laundering supervision.