According to @cryptorover, Donald Trump said "I will sign crypto legislation," indicating support for advancing U.S. crypto policy if such bills reach his desk, source: Crypto Rover on X (Nov 9, 2025). Active legislation includes the Financial Innovation and Technology for the 21st Century Act (H.R. 4763, FIT21), which passed the U.S. House on May 22, 2024 and awaits Senate consideration, source: U.S. House of Representatives, H.R. 4763 roll call (May 22, 2024). The House Financial Services Committee has negotiated federal-state payment stablecoin legislation through 2023–2024 that would establish issuer standards and supervision, source: U.S. House Financial Services Committee stablecoin draft materials and hearings (2023–2024). Congress approved a resolution to overturn SEC Staff Accounting Bulletin No. 121 in 2024, but President Biden vetoed it on May 31, 2024; SAB 121 therefore remains in effect for crypto custody accounting, source: White House Veto Message on H.J.Res. 109 (May 31, 2024) and SEC Staff Accounting Bulletin No. 121 (March 2022). For traders, FIT21 would expand CFTC jurisdiction over digital commodities while preserving SEC oversight of digital asset securities, a structural shift that can alter token classification, exchange listing standards, and compliance costs for BTC, ETH and altcoins, source: U.S. House of Representatives summary of H.R. 4763 (FIT21). A federal stablecoin framework would formalize issuer licensing and reserve requirements, directly affecting USD liquidity rails and market depth in USDC/USDT pairs across U.S.-facing venues, source: U.S. House Financial Services Committee stablecoin draft framework (2023–2024). If a future administration signs crypto legislation aligned with FIT21 or a stablecoin regime, U.S. policy risk premia and liquidity conditions for BTC and ETH could reprice around Senate progress and implementation timelines, source: U.S. legislative status of H.R. 4763 and House Financial Services Committee stablecoin work (2023–2024).