Overview of Cryptocurrency Related Legislation in the United States: Main Bill Content and Latest Developments The legislation related to cryptocurrency in the United States is rapidly advancing. On July 4th, the "Big and Beautiful Act" was passed in the House of Representatives. The macro background of fiscal expansion may weaken the market's trust in the US dollar and US bonds, while tax cuts and fiscal stimulus measures create a more relaxed macro environment for cryptocurrency assets. Meanwhile, the Genius and Clarity bills regarding stablecoins and market structure are currently under review in the House of Representatives and are expected to make significant progress during Crypto Week on July 14th. The following figure shows in detail the core content and latest legislative progress of the five key bills.