#美国加密立法 1. Regulatory Paradigm Revolution: SEC's New Policies Open a New Era of Compliance
The new SEC Chairman Paul Atkins proposed three major breakthrough policies on May 12:
1. Issuance Mechanism Innovation: Introduction of a dedicated registration exemption mechanism for cryptocurrencies, simplifying the token issuance process (e.g., referencing exchange listing application forms), with an expected 70% reduction in compliance costs for issuing tokens. At the same time, it clarifies that certain tokens do not constitute securities, paving the way for compliance of altcoins.
2. Custody Breakthrough: Abolition of SAB 121 accounting rules, allowing for self-custody compliance. Institutions like Coinbase and MetaMask can become qualified custodians, breaking the traditional financial institutions' monopoly on custody.
3. Trading Model Innovation: Promoting mixed operations between brokers and exchanges, allowing ATS to support mixed trading of cryptocurrencies and securities, with Robinhood potentially launching Bitcoin ETF options.
2. Legislative Process: Key Bills Amidst Bipartisan Struggles
1. The Financial Innovation and Technology Act of the 21st Century (FIT21)
Passed in the House of Representatives in 2024, it clarifies the division of responsibilities between the SEC and CFTC, establishing a dual classification system for commodities and securities, expected to form the most comprehensive regulatory framework globally after passing in the Senate in 2025.
2. The GENIUS Stablecoin Act
Failed to pass the Senate by a single vote on May 8, exposing core contradictions between the two parties: the Republicans advocate for a federal priority licensing system, while the Democrats insist on state regulatory authority. The failure of the bill has led to a postponement of $12 billion in institutional funds entering the market.