百币精
--
Family, big news is here! The U.S. Senate Banking Committee passed the stablecoin regulation bill with an 18 to 6 vote, setting an important regulatory framework for the cryptocurrency industry. This clarifies the legal pathways for compliant stablecoins like USDT and USDC, and market sentiment has subsequently risen.
However, there is a clause in the bill that deserves attention. Stablecoins that are entirely collateralized by self-created digital assets, detached from the dollar peg, are banned for two years. This stems from the 2022 collapse of Luna and UST, which sent shockwaves throughout the crypto community.
The bill defines self-created assets as those generated internally by the issuer, such as Luna supporting USDT. Yet, the standard of “sole reliance” is not clearly defined, which is puzzling. Traditional stablecoins like USDC and USDT have dollar reserves and undergo transparent audits, maintaining a 1:1 redemption even amidst market fluctuations, providing reassurance. In contrast, self-created stablecoins rely solely on internal design without external asset backing, raising concerns about stability. For example, USDE primarily collateralizes with Ethereum assets like stETH, and the governance token ENA is not directly collateralized, which may still face regulatory scrutiny.
However, this two-year ban is not a complete denial by U.S. regulators of algorithmic stablecoins; it feels more like a trial. The concept of “self-created models” is ambiguous and prone to controversy, leaving room for future regulatory maneuvering. The Treasury will study the boundaries of algorithmic stablecoins to determine which projects are restricted and which can innovate and develop.
For on-chain DeFi, these two years are both a testing period and a cooling-off period. If one wishes to obtain permission from the U.S. government, a more robust and innovative design system must be built between decentralization and regulatory acceptance; otherwise, one can only pursue a purely on-chain and anonymous path. In the crypto world, the ambiguity of legal terms and the ever-present possibility of regulation create a significant lack of security. We must always stay vigilant, respond cautiously, and avoid pitfalls.
However, there is a clause in the bill that deserves attention. Stablecoins that are entirely collateralized by self-created digital assets, detached from the dollar peg, are banned for two years. This stems from the 2022 collapse of Luna and UST, which sent shockwaves throughout the crypto community.
The bill defines self-created assets as those generated internally by the issuer, such as Luna supporting USDT. Yet, the standard of “sole reliance” is not clearly defined, which is puzzling. Traditional stablecoins like USDC and USDT have dollar reserves and undergo transparent audits, maintaining a 1:1 redemption even amidst market fluctuations, providing reassurance. In contrast, self-created stablecoins rely solely on internal design without external asset backing, raising concerns about stability. For example, USDE primarily collateralizes with Ethereum assets like stETH, and the governance token ENA is not directly collateralized, which may still face regulatory scrutiny.
However, this two-year ban is not a complete denial by U.S. regulators of algorithmic stablecoins; it feels more like a trial. The concept of “self-created models” is ambiguous and prone to controversy, leaving room for future regulatory maneuvering. The Treasury will study the boundaries of algorithmic stablecoins to determine which projects are restricted and which can innovate and develop.
For on-chain DeFi, these two years are both a testing period and a cooling-off period. If one wishes to obtain permission from the U.S. government, a more robust and innovative design system must be built between decentralization and regulatory acceptance; otherwise, one can only pursue a purely on-chain and anonymous path. In the crypto world, the ambiguity of legal terms and the ever-present possibility of regulation create a significant lack of security. We must always stay vigilant, respond cautiously, and avoid pitfalls.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
4
0