A New Era of Cryptocurrency Legislation: Reshaping Regulations and Industry Transformation!

The three pieces of legislation passed during the United States' "Cryptocurrency Week" mark a substantial implementation of the cryptocurrency regulatory framework, ushering in a new era of global cryptocurrency legislation, with profound implications for the industry's direction.

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

"Digital Asset Market Clarity Act" (the "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 the 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 Currency 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 leads to a collective surge in cryptocurrencies. It also prompts changes in the competitive landscape of the industry, as compliance costs eliminate smaller issuers, potentially allowing giants to dominate the market. The global regulatory wave resonates, with countries accelerating the improvement of regulatory frameworks, leading the industry into a golden age of compliance, and likely attracting more traditional capital into the market, facilitating the integration of cryptocurrencies into the mainstream financial system. $SUI