#加密立法新纪元 Coco submits homework~

It's a new era now, folks, let's get our spirits up, we've entered a new era~

Next, let Coco talk about what was said? 🤔🤔🤔

"Genius Act" — Registering "Digital Dollar"

In the future, all stablecoins claiming "1 dollar = 1 coin" must obtain licenses like banks. Issuers must hold sufficient cash or short-term U.S. Treasury bonds in banks or the treasury, and publicly disclose "passbook" statements monthly, compensating coin holders first in case of bankruptcy. The benefit is a sharp reduction in the risk of running away, but the downside is the loss of interest, and compliance costs will ultimately be passed on to users[^0^].

2. "Clarity Act" — Dividing territories in the crypto space

The SEC (which regulates stocks) and the CFTC (which regulates futures) no longer compete for territory: Bitcoin and Ethereum are officially labeled as "commodities" under CFTC supervision; only tokens resembling stocks (STOs) fall under the SEC. With clear trading rules, the threshold for Wall Street funds to enter is lowered, and volatility may decrease[^1^].

3. "Anti-CBDC Act" — Tightening the reins on the Federal Reserve

Without Congressional approval, the Federal Reserve cannot issue "digital dollars" intended for the public. The official reason is to protect privacy, but the underlying message is to pave the way for private stablecoins, avoiding government control over everyone’s wallets directly[^2^]. ⛽⛽⛽⛽🚀🚀🚀🚀