#加密立法新纪元 #加密立法新纪元 The three pieces of legislation passed during the U.S. "Cryptocurrency Week" mark a substantial implementation of the cryptocurrency regulatory framework, opening a new era of global crypto legislation, with far-reaching implications for the direction of the industry.

"Guidance and Establishment of the National Innovation Act for U.S. Stablecoins" (the "Genius Act") requires stablecoin issuers to obtain federal or state-level licenses, holding dollar cash, bank deposits, or short-term U.S. Treasury bonds in a 1:1 ratio as reserves to enhance fund security, incorporate digital assets into the U.S. sovereign credit system, solidify the dollar's hegemony in the digital age, create demand for U.S. debt, and help mitigate the debt crisis.

"Digital Asset Market Clarity Act" (the "Clarity Act") clearly defines the commodity nature of cryptocurrencies, delineating the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), weakening the SEC's regulatory power, and providing clear rules for the cryptocurrency market.

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

The passage of these three pieces of legislation enhances the legitimacy of the crypto market, boosts investor confidence, drives price increases, and leads to a collective surge in cryptocurrencies. It also prompts changes in the industry competitive landscape, where compliance costs may eliminate smaller issuers, allowing giants to potentially dominate the market. A global regulatory wave resonates, with countries accelerating the improvement of regulatory frameworks, moving the industry toward a golden age of compliance, potentially attracting more traditional capital into the market and promoting the integration of cryptocurrencies into the mainstream financial system.