#加密立法新纪元
Latest Developments in U.S. Cryptocurrency Legislation
1. Three major cryptocurrency bills have passed, signaling the era of strong regulation.
The "GENIUS Act" (Guidance and Establishment of the National Innovation Act for U.S. Stablecoins):
This act aims to regulate stablecoins, requiring 100% reserves, cracking down on algorithmic stablecoins, and reinforcing the dominance of the U.S. dollar. Recently, the U.S. House of Representatives advanced three crypto legislative bills, including the "GENIUS Act," through procedural voting, with the possibility of being signed by Trump within this week.
Impact: Provides a clear regulatory framework for the stablecoin industry, attracts global capital inflows, reduces market volatility, and strengthens the U.S. position as a cryptocurrency hub.
The "Cryptocurrency Clarity Act" (CLARITY):
This act establishes clear definitions for digital assets, categorizing tokens into commodities, securities, and utilities, clarifying the regulatory division of labor between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and reducing legal uncertainties for project parties and investors.
Impact: Provides legal protection for institutional investors entering the market and accelerates the normalization of the crypto market.
The "Anti-CBDC Act":
Prohibits the Federal Reserve from issuing Central Bank Digital Currency (CBDC), aiming to protect privacy and promote the development of private stablecoins.
Impact: Limits direct government control over digital currency, encouraging decentralized finance (DeFi) innovation.
2. Legislative Background and Controversies
The U.S. House of Representatives' cryptocurrency legislative process had been stalled due to internal party disagreements, with Republicans advocating for "innovation-friendly" regulation and Democrats emphasizing investor protection. The preliminary legislative framework is expected to take shape by the end of September.
The Trump administration actively promoted the development of cryptocurrencies, proposing the establishment of a Strategic Bitcoin Reserve (SBR) to manage Bitcoin as a national asset, diversifying the Exchange Stabilization Fund (ESF), and reinforcing the global position of the U.S. dollar.
Trump declared at the 2024 Bitcoin Nashville Conference that he aims to make the U.S. the "global cryptocurrency capital," sparking market discussions and causing Bitcoin prices to surpass $100,000.
3. Strengthened Regulatory Enforcement
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has intensified enforcement against violations in the cryptocurrency industry, previously imposing hefty fines on Binance in 2023, highlighting the regulatory focus on the covert characteristics of cryptocurrencies.
