#加密立法新纪元 US Cryptocurrency Legislation: A New Era for the Industry?

On July 17 local time, the U.S. House of Representatives passed multiple rounds of voting, consecutively approving the "Genius Act," "Clarity Act," and "Anti-CBDC Act." These three bills construct the basic framework for U.S. cryptocurrency regulation, focusing on stablecoin regulation, the definition of digital asset properties, and restrictions on central bank digital currencies, with profound implications for the global cryptocurrency industry.

The "Genius Act" sets strict issuance and reserve standards for stablecoins, clarifying that only licensed institutions can issue them, and they must hold 100% of their reserves in cash or U.S. Treasury securities, with regular audits and disclosures. This measure standardizes the stablecoin market, enhances its safety, and provides a compliant pathway for traditional financial institutions to enter the space. The "Clarity Act" delineates the regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), clearly stating that mainstream cryptocurrencies like Bitcoin are commodities regulated by the CFTC, addressing the long-standing ambiguity in regulatory authority. The "Anti-CBDC Act" prohibits the Federal Reserve from issuing retail central bank digital currencies without Congressional authorization, safeguarding citizen privacy and financial freedom, and providing a relatively independent space for the development of the cryptocurrency market.

This recent legislation in the U.S. is an important milestone in the development of cryptocurrencies. On one hand, it provides certainty for the cryptocurrency industry, attracting institutional funds and promoting market maturity; on the other hand, it reinforces the U.S. dollar's position in the digital finance arena and enhances the U.S.'s voice in the formulation of global cryptocurrency regulations.

However, the financial risks and regulatory challenges posed by the high volatility and anonymity of cryptocurrencies still persist. In the future, how to balance innovation with regulation and protect investors' rights will become the ongoing direction of global cryptocurrency regulatory exploration.