The U.S. Senate Committee on Banking, Housing, and Urban Affairs has confirmed that the final vote on three important pieces of legislation in the cryptocurrency sector (the Responsible Financial Innovation Act), (the Digital Asset Anti-Money Laundering Act), and (the Stablecoin Regulatory Framework) will take place tomorrow or Thursday. This vote is seen as a key event that will determine the direction of the global cryptocurrency market, impacting multiple levels:
Regulatory landscape reshaped: If the bill passes, it will clarify the jurisdiction of the SEC and CFTC over digital assets, ending a long-standing state of regulatory ambiguity, and the era of 'regulatory arbitrage' in the cryptocurrency field may come to an end.
Strict regulation of stablecoins: It is proposed that stablecoin issuers must hold 100% USD reserves and accept direct supervision from the Federal Reserve, which becomes a crucial 'line of life and death' for stablecoin projects.
The compliance pressure on exchanges has sharply increased: trading platforms are required to complete registration within 90 days, or they will face daily fines of one million dollars, significantly raising compliance costs.
From the perspective of market dynamics, Wall Street giants have begun to lay out plans in areas such as compliant stablecoins, Bitcoin ETF options, and institutional custody services. Notably, if the bill includes 'tax incentive clauses', compliant mining companies may receive a 30% federal tax credit, which could spark new competition for computing power.
Historical cases have repeatedly warned of risks: A non-compliant exchange faced daily fines of $500,000 for failing to register in advance, with its stock price plummeting 40% in a single day; a stablecoin project faced short selling due to opaque reserves, resulting in a 60% evaporation of market value; a MEME coin was delisted from major exchanges for not entering the regulatory whitelist.
Current market signs show volatility, with Bitcoin volatility soaring to a new high for the year due to expectations of the bill's passage. Industry analysts believe that short-term market fluctuations may intensify; in the medium term, there could be a significant differentiation between compliant assets and gray projects, with compliant assets likely to see growth, while non-compliant projects face the risk of elimination; in the long term, this may strengthen Wall Street's influence in the cryptocurrency market.
For investors, it is essential to pay attention to tokens related to compliant stablecoins, Bitcoin ETF option targets (such as BITO), and stocks of compliant mining companies (such as RIOT, MARA), while also being wary of non-registered exchanges and other targets that carry compliance risks.
The market is ever-changing, and investors need to respond cautiously, making decisions based on their own risk tolerance.
