#数字资产法案

The new Republican bill may bring three types of clarity in the short term (1-2 years):

Asset classification standards (commodities/securities);

Stablecoin issuance rules (fully collateralized);

Exchange compliance pathways (national licenses).

However, in the medium to long term (3-5 years), it will give rise to three major uncertainties:

Coordination of enforcement between the SEC and CFTC;

Technical disputes over decentralized authentication;

Market fragmentation caused by global regulatory arbitrage.

Investors need to be wary of the results of the bipartisan struggle following the hearing on May 6, 2025: If the bill progresses smoothly, Bitcoin may break through $120,000 and drive up compliant assets; if it falls into a deadlock, the market may retreat to below $70,000, with small and medium tokens facing a bloodbath. The regulatory struggle over cryptocurrency is essentially a reconstruction battle between traditional financial power and digital-native order, the outcome of which depends not only on the text of the bill but also on the deep evolution of the political and economic landscape.