#美国国债

The following is the latest compilation of #US Cryptocurrency Legislation and #美国国债 (as of June 2025):

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#US Cryptocurrency Legislation

The recent legislative process regarding cryptocurrencies in the United States has accelerated again, with lawmakers continuing to push multiple bills, focusing on:

• The "Financial Innovation and Technology Act of the 21st Century (FIT21)": Passed in the House in early June 2025, this positions the Commodity Futures Trading Commission (CFTC) as the primary regulatory body for crypto assets, clearly defining the division of authority with the SEC. The bill emphasizes a registration system, trading platform regulations, and stablecoin oversight.

• Stablecoin Bill Draft: Promotes the establishment of unified issuance and reserve requirements for stablecoins by Congress, explicitly limiting non-bank institutions from issuing "bank-like stablecoins."

• Privacy Coins and DeFi Regulatory Controversies: The Senate is still debating compliance regulations regarding privacy coins and decentralized finance (DeFi), with some members arguing for exemptions for certain smart contract developers.

Potential Impact:

Although legislative progress is not yet fully finalized, the market generally interprets it as moving toward clearer regulation and compliance, which helps attract institutional funds.

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#US National Debt

In 2025, the US national debt market is under heightened scrutiny, with the following key dynamics:

• Total Debt Continues to Rise: As of June 2025, the US federal debt has surpassed $38 trillion, reaching a historic high and raising concerns about fiscal sustainability.

• High Yields: The yield on 10-year US Treasuries continues to rise under inflation expectations and supply pressures, recently hovering in the range of 4.85% to 5.1%, leading to increased borrowing costs.

• Trend of Foreign Capital Reduction: Major international holders, such as China and Japan, continue to reduce their holdings of US Treasuries, turning to gold and other assets as a hedge.

• Selling and Hedging Sentiments Intertwined: Although some market participants are concerned about a potential US Treasury bubble, in the context of global instability, some institutions still view US Treasuries as relatively safe assets.

Potential Risks:

If the pace of debt growth remains uncontrolled, coupled with prolonged high interest rates, it could lead to credit rating downgrades, worsening fiscal pressure, and even impact the dollar's hegemonic status.