This is an important event for the crypto market, as the USA remains a key jurisdiction, and the decisions made there affect the global dynamics of digital asset regulation. Two outcomes are possible:
What could bring clarity:
1. Determination of jurisdiction for SEC and CFTC. If the law clearly distinguishes which assets are securities (under SEC supervision) and which are commodities (under CFTC), it will eliminate long-standing legal uncertainty.
2. Rights and obligations of stablecoin issuers. Transparent requirements for reserves, licensing, and disclosure will help legalize and scale this segment, especially for banks and fintech.
3. Clear rules for crypto platforms. If exchanges and custodians are given clear standards for registration, KYC/AML, and client protection, it will strengthen investor and institutional trust.
What could increase uncertainty:
1. Excessive regulation. If the bill introduces strict limitations without flexibility (for example, a ban on DeFi or anonymous wallets), it could drive innovation outside the USA.
2. Incomplete or vague definitions. If the law does not provide clear definitions for crypto assets and continues to leave everything to the discretion of courts or regulators, the market will remain in limbo.
3. Politicization of the issue. In the context of elections and inter-party struggles, amendments may complicate the adoption or implementation of the law.
What could help the implementation of cryptocurrencies:
Regulatory sandbox for testing crypto projects with minimal barriers.
Recognition of digital assets as legitimate asset classes, especially for banks and pension funds.
International compatibility of rules to avoid fragmentation and "regulatory arbitrage."
What could harm:
Categorical bans on DeFi, private wallets, or P2P transactions.
High compliance costs, especially for startups.
Unpredictability and retrospective sanctions for actions already taken.
Overall, if the bill is balanced and well-thought-out, it could be a turning point, strengthening trust in the industry. But if there is an overreach—especially towards control and restrictions—it could slow the development of the crypto economy in the USA.