#New Era of Cryptocurrency Legislation: Reshaping Rules and Transforming the Industry!
The three pieces of legislation passed during the U.S. “Cryptocurrency Week” mark the substantial establishment of a cryptocurrency regulatory framework, opening a new era of global cryptocurrency legislation and profoundly impacting the direction of the industry.
“The Guidance and Establishment of the National Innovation Act for U.S. Stablecoins”
(“Genius Act”) requires stablecoin issuers to obtain federal or state-level licenses and to hold U.S. dollars in cash, bank deposits, or short-term U.S. Treasury bonds at a 1:1 ratio as reserves, enhancing the safety of funds, integrating 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.
“The Digital Asset Market Clarity Act” (“Clarity Act”) clarifies the commodity nature of cryptocurrencies, delineates the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), weakens SEC regulatory power, and provides clear rules for the cryptocurrency market.
“The Anti-Central Bank Digital Currency Monitoring National Act” (“Anti-CBDC Act”) prohibits the Federal Reserve from issuing retail central bank digital currency without authorization, protects citizens' privacy and financial freedom, and builds a “protective wall” for cryptocurrencies.
