#美国众议院通过三项加密货币法案 The recent passage of the "GENIUS Act," "Clarity Act," and "Anti-CBDC Act" by the U.S. House of Representatives marks a pivotal turning point where cryptocurrency relinquishes "innovation freedom" in exchange for "mainstream legitimacy": 🤡

Compliance drives market expansion (40% of Bitcoin held by institutions within 5 years), but may weaken the anti-censorship DNA of Web3; offshore issuers like Tether (USDT) will exit the U.S. market if they remain non-compliant; while compliant issuers like Circle (USDC) become the biggest winners, with a market value potentially exceeding $100 billion.

The digitization of the dollar strengthens hegemony, yet accelerates the layered confrontation of the global financial system.

Stablecoin issuers are forced to increase their holdings of short-term U.S. Treasury bonds, with expectations that by 2028, the stablecoin market size will grow from $250 billion to $2 trillion, creating an annual demand for $50-80 billion in U.S. Treasuries. This move directly alleviates the pressure of U.S. Treasury bond sell-offs and reduces financing costs.

In the future, the real game will focus on the interpretation rights of "decentralization" standards—who defines "mature blockchain" will dominate the control of digital assets.