#加密立法新纪元

The three legislations passed during the "Cryptocurrency Week" in the United States mark a substantial implementation of the cryptocurrency regulatory framework, opening a new era of global cryptocurrency legislation and profoundly impacting the direction of the industry.

"Guidance and Establishment of the National Innovation Act for U.S. Stablecoins" (the "Genius Act") requires stablecoin issuers to obtain federal or state-level licenses and to hold reserves in cash, bank deposits, or short-term U.S. Treasury bonds at a 1:1 ratio, enhancing the safety of funds, incorporating digital assets into the U.S. sovereign credit system, consolidating the dollar's hegemony in the digital age, creating demand for U.S. debt, and helping to resolve the debt crisis.

"Digital Asset Market Clarity Act" (the "Clarity Act") clarifies the commodity attributes of cryptocurrencies, delineates the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), weakens the SEC's regulatory power, and provides clear rules for the cryptocurrency market.

"Anti-Central Bank Digital Currency Monitoring National Act" (the "Anti-CBDC Act") prohibits the Federal Reserve from issuing retail central bank digital currencies without authorization, protects citizens' privacy and financial freedom, and builds a "protective wall" for cryptocurrencies.

The passage of these three bills enhances the legitimacy of the cryptocurrency market, boosts investor confidence, drives prices up, and leads to a collective surge in cryptocurrencies. It also prompts changes in the competitive landscape of the industry, with compliance costs eliminating smaller issuers, leaving the giants to possibly dominate the market. A global wave of regulation resonates, as countries accelerate the improvement of regulatory frameworks, leading the industry into a golden period of compliance, and potentially attracting more traditional capital into the market, promoting the integration of cryptocurrencies into the mainstream financial system.