The smooth passage of the three major cryptocurrency bills in the United States indeed marks the arrival of a strong regulatory era for cryptocurrencies.

1. "Genius Act":

As the first federal bill in the U.S. to establish a systematic legal status for payment stablecoins, it requires that only licensed banks or approved payment institutions can issue stablecoins, and they must hold 100% cash reserves in U.S. dollars or U.S. Treasury bonds, supplemented by regular audits and information disclosures. This ends the regulatory gray area for stablecoins, opening the door for traditional financial institutions and large tech payment companies to enter the market compliantly, while also accelerating the market reshuffling process in the stablecoin industry.

2. "Clarity Act": This bill attempts for the first time at the federal level in the U.S. to define "digital securities" and "digital commodities," classifying tokens such as Bitcoin and Ethereum that meet the definition of "mature blockchain" as commodities, regulated by the CFTC, while security tokens are regulated by the SEC. This clearly delineates the regulatory division of labor between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to some extent weakening the SEC's regulatory power and providing a clearer regulatory framework for the crypto industry.

3. "Anti-CBDC Act": This bill aims to prohibit the Federal Reserve from issuing a CBDC independently without Congressional authorization, essentially reserving competitive space for market-issued U.S. dollar stablecoins and preventing an official digital dollar from directly replacing private stablecoins. This reflects a cautious attitude in the U.S. towards the development of digital currencies, while also embodying the maintenance of the existing financial system and market order.