Recently, the United States has introduced three important bills in the digital asset space: GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. These three major bills address stablecoins, the regulatory structure of the digital asset market, and the potential risks of central bank digital currencies (CBDC), aiming to establish a clearer regulatory framework in the rapidly evolving cryptocurrency market. This article will delve into the core content of these three bills and their potential impacts.
1. GENIUS Act: A New Regulatory Framework for Stablecoins
Stablecoins, as an important component of the cryptocurrency market, have long faced the challenge of balancing innovation and regulation. The GENIUS Act aims to provide a clear federal regulatory framework for payment-type stablecoins. According to this bill, only certified banks, qualified non-bank entities, or state regulatory agencies can issue stablecoins. The focus of this measure is to ensure that the issuance of stablecoins is backed by sufficient asset support, at least on a 1:1 basis with highly liquid assets (such as cash or U.S. Treasury bonds).
In addition, the GENIUS Act also requires regular reserve audits and public disclosures to enhance transparency and protect consumer rights. The bill also emphasizes anti-money laundering mechanisms, requiring all stablecoin issuers to adhere to strict anti-money laundering (AML) regulations. This initiative will strengthen the stability of the financial system and reduce market abuse.
The most innovative part of the bill is that it establishes a parallel mechanism of federal and state regulation, requiring stablecoin issuers to enter the federal regulatory framework when the market size reaches $1 billion. This will make the regulation of stablecoins more standardized and provide stronger protection for consumers.
2. CLARITY Act: Structural Regulation of the Digital Asset Market
As digital assets become increasingly popular, defining the regulatory jurisdiction of digital assets has become particularly crucial. The CLARITY Act delineates a clear regulatory framework for the digital asset market, specifying which regulatory agency different types of digital assets should belong to.
The bill categorizes digital assets into two main types: 'digital commodities' and 'securities-type assets', stipulating that the Commodity Futures Trading Commission (CFTC) will be responsible for regulating 'digital commodities', while digital assets that fall under the securities category will be governed by the Securities and Exchange Commission (SEC). This classification standard not only clarifies the regulatory responsibilities of the market but also effectively avoids functional conflicts between different regulatory agencies.
Additionally, the CLARITY Act requires digital asset exchanges and their brokers to register and be bound by the Bank Secrecy Act (BSA), ensuring transaction transparency. The bill further clarifies classification standards, registration requirements, exemption clauses, and disclosure obligations, strengthening investor protection and market transparency.
The introduction of this bill undoubtedly brings more legitimacy and normativity to the digital asset market, and also enhances market participants' trust in the regulatory environment.
3. Anti-CBDC Surveillance State Act: Curbing the Risks of Central Bank Digital Currency Monitoring
As the concept of central bank digital currency (CBDC) gradually progresses, how to avoid the potential monitoring issues it may bring to individual privacy has become a sensitive topic. The Anti-CBDC Surveillance State Act explicitly states that the Federal Reserve is prohibited from issuing retail CBDC to the public directly or through intermediaries. The core idea of this bill is to prevent CBDC from being used as a tool for implementing monetary policy, which could potentially monitor personal accounts and transactions.
Furthermore, the Anti-CBDC Surveillance State Act further stipulates that the Federal Reserve may not design, test, issue, or conduct related experiments without Congressional authorization. This provision aims to fundamentally prevent the potential threat of CBDC to individual privacy, providing greater privacy protection for the public.
The introduction of this bill reflects the public's high concern about the potential risks of CBDC and indicates that the U.S. will be more cautious in promoting CBDC, ensuring that it does not infringe upon citizens' basic rights and privacy.
Impacts of the Bill and Future Outlook
The introduction of these three bills will provide a clearer regulatory framework for the U.S. digital asset market, avoiding excessive wild growth of the market, protecting investor rights, and also promoting the standardized development of the market.
The GENIUS Act provides more rigorous regulations for the issuance and management of stablecoins, expected to enhance the transparency and security of stablecoins and promote their widespread application in the financial field.
The CLARITY Act provides a clear framework for the structural regulation of the digital asset market, which will reduce regulatory confusion and regulatory arbitrage, helping market participants operate in a legal and compliant environment.
The Anti-CBDC Surveillance State Act ensures that CBDC will not become a tool for infringing on individual privacy, injecting more public trust into the development of digital currency.
With the implementation of these bills, the regulation of digital assets in the U.S. will become clearer, providing a reference for the stability and development of the global cryptocurrency market.
The introduction of these three bills marks an important step for the U.S. in digital asset regulation. They not only provide a clear regulatory framework for stablecoins, the digital asset market, and central bank digital currencies but also further strengthen consumer protection and market transparency. In the future, these bills may serve as important references for other countries around the world in cryptocurrency regulation, promoting the global cryptocurrency market towards more standardized and transparent development.
