#稳定币监管风暴

🔷 #US Cryptocurrency Legislation

Recently, the U.S. Congress has been actively promoting regulatory legislation for cryptocurrencies. Key issues include:

• Restarting discussions on the "Financial Innovation and Technology Act": The original version of this bill began in 2023, and the revised version in 2025 strengthened the role delineation between the SEC and CFTC, clarifying the regulatory boundaries between security tokens and commodity tokens.

• Growing support: An increasing number of lawmakers support establishing a clear framework for the cryptocurrency industry, especially after the FTX incident, emphasizing investor protection and transparency.

• Trump and the Republican Party express support for Web3 development, encouraging corporate innovation and the legalization of on-chain assets.

📌 Implication: If the bill passes, the U.S. is expected to become a compliance hub for crypto assets, attracting a return of funds.

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🌀 #Stablecoin Regulatory Storm

As the market value of stablecoins surpasses $170 billion, U.S. regulatory agencies have intensified their scrutiny, particularly targeting mainstream projects such as USDT, USDC, and FDUSD:

• SEC and Treasury Department concerns:

• Whether stablecoin issuing institutions have sufficient reserves;

• Whether they are being used for illegal financing or money laundering;

• The risk spillover effects on traditional banks (especially the risks associated with on-chain dollars and monetary policy linkage).

• After the decoupling incident of FDUSD, market panic expanded, prompting regulatory agencies to hold emergency hearings.

• The draft of the "Stablecoin Transparency Act" has been exposed: it proposes that all stablecoins must be issued by FDIC-registered banks and undergo regular audits.

📌 Risks and Opportunities:

• If regulation is overly burdensome, it may lead to projects fleeing;

• However, if regulation is clear, it will enhance stablecoin credibility and global legal use cases.

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