Reconstruction of the U.S. Crypto Regulatory Framework: A Financial Order Game Affecting the Globe #美国加密立法 #美国PPI数据来袭 #加密圆桌会议要点 $BTC $ETH $SOL
Washington is initiating the most significant financial regulatory reform since the Dodd-Frank Act. On May 17, the draft of the "Digital Asset Market Structure Act," which is being expedited through Congress, was revealed, marking the first complete regulatory coverage over three core areas: stablecoin issuance, DeFi protocol governance, and exchange asset custody. Unlike an extreme path of a complete ban, this bill attempts to seek a balance between traditional financial regulatory paradigms and the native characteristics of crypto.
Behind the regulatory storm lies a triple game: the overlapping jurisdiction of the SEC and CFTC (involving disputes over token classification worth over $200 billion), divergences in technical routes between traditional investment banks and Silicon Valley venture capital, and the competition between the two parties for 120 million American crypto users in an election year. Notably, this bill innovatively introduces a "regulatory sandbox" mechanism, allowing institutions that meet capital adequacy requirements to conduct compliant stablecoin business — the 12 stablecoin issuers approved by the New York Department of Financial Services (NYDFS) in the past two years may become the biggest beneficiaries.
Trend forecasts indicate: ① Dollar-pegged stablecoins will establish a bank-like reserve system (USDT and USDC issuers must hold no less than 110% of high-quality liquid assets); ② centralized exchanges face a $20 billion license reshuffle (Coinbase has reserved $430 million for regulatory preparations); ③ DeFi protocols need to complete compliance modifications within a 180-day buffer period, and completely anonymous protocols like Tornado Cash may be forced to block.
This round of regulatory storm is essentially a "compliance operation" for integrating digital assets into the mainstream financial system. As 70% of the gray areas are brought into the light, the channels for traditional institutions to enter will be completely opened. Historical experience shows that the establishment of electronic trading rules by Nasdaq in 1998 gave rise to the real value accumulation during the internet bubble — the current compliance process may be nurturing the next structurally driven bull market in the crypto space, led by institutional capital.
