#加密立法新纪元 The three legislations passed during the U.S. 'Cryptocurrency Week' signify the substantial establishment of a cryptocurrency regulatory framework, marking a new era of global cryptocurrency legislation that will profoundly impact the direction of the industry.

'Guidance and Establishment of the National Innovation Act for U.S. Stablecoins' ('Genius Act') requires stablecoin issuers to obtain federal or state-level licenses, holding reserves in a 1:1 ratio with U.S. dollars in cash, bank deposits, or short-term U.S. Treasury bonds to enhance fund security, integrating digital assets into the U.S. sovereign credit system, consolidating the dominance of the U.S. dollar in the digital age, creating demand for U.S. Treasuries, and helping to alleviate the debt crisis.

'The Digital Asset Market Clarity Act' ('Clarity Act') clearly defines the commodity attributes of cryptocurrencies, delineating the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), weakening the SEC's regulatory power, and providing clear rules for the cryptocurrency market.

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

The passage of these three bills enhances the legitimacy of the cryptocurrency market, boosts investor confidence, drives up prices, and leads to a significant surge in cryptocurrencies. It also prompts changes in the competitive landscape of the industry, where compliance costs may eliminate smaller issuers, allowing giants to potentially dominate the market. The global regulatory wave resonates, with countries accelerating the improvement of regulatory frameworks, ushering the industry into a golden period of compliance, and expected to attract more traditional capital into the market, facilitating the integration of cryptocurrencies into the mainstream financial system.