The three major cryptocurrency bills in the United States are the "Guidance and Establishment of the American Stablecoin Innovation Act" (GENIUS Act), the "Digital Asset Market Clarity Act" (Clarity Act), and the "Anti-Central Bank Digital Currency Surveillance State Act" (Anti-CBDC Surveillance State Act). They have had various impacts on the cryptocurrency space:

1. Clarifying regulatory boundaries and reducing uncertainty:

The CLARITY Act clearly delineates the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), classifying tokens that meet the definition of "mature blockchain," such as Bitcoin and Ethereum, as commodities regulated by the CFTC, while security tokens are regulated by the SEC. This reduces speculation about the regulatory nature of cryptocurrencies and provides clearer compliance pathways for crypto enterprises.

2. Stablecoins usher in opportunities for regulated development:

The GENIUS Act establishes the first federal regulatory framework for stablecoins in the U.S., requiring stablecoin issuers to obtain federal or state-level licenses and to hold reserves in a 1:1 ratio of U.S. dollars in cash, bank deposits, or short-term U.S. Treasury securities. This will make the issuance of stablecoins more transparent, reduce the risk of "printing money out of thin air," and enhance market trust in stablecoins. Leading stablecoins like USDC and USDT are expected to gain "official passports" and may experience explosive growth.

3. Institutional funds accelerate entry:

The passage of the three bills significantly enhances regulatory certainty in the cryptocurrency market, clarifying the regulatory identity of assets such as Bitcoin and Ethereum. This is expected to attract more traditional financial giants and institutional funds like pensions into the space, bringing more capital and liquidity to the cryptocurrency market.

4. Consolidating the dominance of private stablecoins:

The Anti-CBDC Act prohibits the Federal Reserve from issuing retail central bank digital currencies without Congressional authorization, ensuring the survival and dominance of private stablecoins like USDC and USDT. The status of stablecoin ecosystems will be further consolidated, and market share will no longer face the threat of "official competitors."

5. The U.S. competes for global cryptocurrency regulatory discourse:

The U.S. exports regulatory standards through legislation, creating a governance paradigm for global cryptocurrencies. Its regulatory framework for stablecoins and the division of regulatory authority may be referenced by other countries and regions, thereby playing a benchmark role in the global cryptocurrency field and influencing the global cryptocurrency market landscape.