The recent passage of the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act by the U.S. Congress marks a historic turning point in global digital asset regulation. These three acts not only reshape the crypto regulatory framework in the U.S. but also attempt to reestablish American dominance in global digital financial competition through strategies such as 'digital dollar hegemony' and 'regulatory certainty export'. The core significance can be analyzed from the following four dimensions:
🏛️ 1. Ending the regulatory gray area, establishing a new balance of 'compliance-innovation'
Clarification of regulatory responsibilities (core breakthrough of the CLARITY Act)
Clarification of SEC and CFTC jurisdiction: For the first time, legal definitions for the classification of digital assets are established—tokens from 'mature blockchains' (like Bitcoin, Ethereum) are defined as 'digital commodities' under CFTC jurisdiction; tokens with strong financing attributes fall under SEC jurisdiction. Projects can apply to 'graduate' from SEC to CFTC based on their 'degree of decentralization,' addressing long-standing regulatory arbitrage issues.
DeFi 'safe harbor' clause: Exempts compliance obligations for non-controlling roles such as protocol developers and node operators, providing legal protection for DeFi projects like Uniswap and alleviating litigation risks associated with 'unregistered exchanges'.
Comprehensive standardization of stablecoins (rigid constraints of the GENIUS Act)
100% reserves and transparent audits: Stablecoins are required to be backed 1:1 by cash or short-term U.S. Treasuries, prohibiting algorithmic stablecoins, with monthly public audit reports directly responding to the lessons learned from Terra's collapse (which saw $40 billion evaporate).
Offshore cleanup and compliance costs: Offshore stablecoin issuers (like Tether) face a 'comply or exit' dilemma, while compliant players like Circle (USDC issuer) become winners due to transparency in reserves and banking partnerships, with stock prices surging 22% after the bill's passage.
Completely blocking competition from government digital currencies (ideological stance of the Anti-CBDC Act)
Citing provisions of the U.S. Constitution, permanently prohibiting the Federal Reserve from issuing retail CBDCs without Congressional authorization, preventing 'programmable currency' from monitoring citizens' transactions, and reinforcing Bitcoin's 'anti-censorship' narrative. This move directly contributed to Bitcoin's single-day surge of 3.5% during the bill's debate.
💰 2. Activating the institutional influx wave, reconstructing the risk-return logic of crypto assets
Seamless access mechanism for traditional finance
Custody and credit breakthrough: Authorizing banks to become custodians of digital assets (assets not included in balance sheets), with JPMorgan, Goldman Sachs, and others launching Bitcoin ETF collateral loan services to eliminate institutional 'private key phobia'.
Product matrix expansion: BlackRock launches 'Bitcoin interest products' (expected annual return of 6-8%), attracting conservative investors; over 260 listed companies are incorporating cryptocurrencies into their balance sheets, with total holdings reaching 3.5 million BTC.
Market structure optimization and risk transfer
Decline in volatility: Wall Street market makers entering the market have driven Bitcoin's annualized volatility down from over 80% to around 50%, sharply reducing the probability of black swan events like FTX.
Polarization of compliance costs: Centralized exchanges (like Coinbase) see annual compliance costs rise to $10-50 million, gaining monopoly advantages; small DeFi protocols may be forced to relocate from the U.S. due to an inability to bear compliance costs of $500,000 to $1 million per year.
🌍 3. Digital reinforcement of dollar hegemony, igniting global regulatory competition and cooperation
The 'hidden strategy' of the GENIUS Act
U.S. Treasury demand binding: 99.8% of stablecoins are denominated in U.S. dollars. After the act mandates reserves in U.S. Treasuries, an expected annual increase of $50-80 billion in U.S. Treasury purchases is anticipated, alleviating U.S. fiscal pressure.
Payment penetration and standard output: The trading volume of stablecoins in emerging markets has increased by over 40% annually, becoming a de facto tool for 'digital dollarization'; the U.S. is promoting the adoption of similar standards within the G20, replicating the SWIFT hegemony model.
Emergency response and regulatory arbitrage risks in various countries
European Union: Accelerating MiCA implementation, but setting a daily trading limit for stablecoins.
UAE: Sovereign fund invests $2 billion in Binance to create a 'regulatory safe haven'.
Hong Kong: The stablecoin regulations implemented in August face conflicts with U.S. extraterritorial jurisdiction.
Talent repatriation: The Ethereum Foundation is shifting 75% of its R&D expenses back to the U.S., and Singaporean companies are considering relocation.
⚖️ 4. Internal power restructuring within the industry: winners, losers, and a new order
Winners list:
Compliance giants: Circle (USDC), Coinbase, stock prices rose 22%/4.3% respectively;
Traditional financial institutions: JPMorgan, Visa (stablecoin settlement volume increased by 240% in a single quarter);
Decentralized benchmarks: Bitcoin (surpassed $122,000), Ethereum (obtained security exemption).
Losers and challengers:
Tether (USDT): Needs to divest risk assets or exit the U.S., compliance costs surge;
Algorithmic stablecoins like DAI: Need to restructure reserves (the proportion of U.S. Treasury bonds needs to increase from 10% to over 50%);
'Pseudo-decentralized' projects: SEC plans to crack down on disguised projects.
These three acts not only represent the U.S. 'incorporation' of digital assets but also a precise maneuver to integrate cryptocurrencies into the dollar hegemony system through legislative means. As the 'clarity' of regulation descends, the crypto industry bids farewell to its wild era and officially becomes a player in the global financial power game.#以太坊突破3700 #Chainbase上线币安 $BTC
