#加密立法新纪元 The three pieces of legislation passed during the U.S. "Cryptocurrency Week" mark a substantial establishment of the cryptocurrency regulatory framework, ushering in a new era of global cryptocurrency legislation with far-reaching impacts on the industry's direction.

"Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (the "Genius Act"), requires stablecoin issuers to obtain federal or state-level licenses, holding reserves in a 1:1 ratio of U.S. dollar cash, bank deposits, or short-term U.S. Treasury securities, enhancing fund security, incorporating digital assets into the U.S. sovereign credit system, consolidating the dollar's hegemony in the digital age, creating demand for U.S. debt, and helping to resolve the debt crisis.

"Digital Asset Market Clarity Act" (the "Clarity Act"), clarifies the commodity attributes of cryptocurrencies, delineates the regulatory division of labor between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), weakens SEC's regulatory power, and provides clear rules for the cryptocurrency market.

"Anti-Central Bank Digital Currency Monitoring National Act" (the "Anti-CBDC Act"), prohibits the Federal Reserve from issuing retail central bank digital currencies without authorization, protects citizens' privacy and financial freedom, and builds a "protective wall" for cryptocurrencies.

The passage of these three bills enhances the legitimacy of the cryptocurrency market, boosts investor confidence, drives price increases, and results in a collective surge in cryptocurrencies. It also prompts changes in the competitive landscape of the industry, with compliance costs eliminating smaller issuers, while giants may divide the market. The global regulatory wave resonates, with countries accelerating the improvement of regulatory frameworks, leading the industry toward a golden age of compliance, and is expected to attract more traditional capital into the market, promoting the integration of cryptocurrencies into the mainstream financial system.