#A New Era of Cryptocurrency Legislation: Reshaping Rules and Industry Transformation!

The three pieces of legislation passed during the U.S. 'Cryptocurrency Week' mark the substantial establishment of a cryptocurrency regulatory framework, ushering in a new era of global cryptocurrency legislation, with far-reaching impacts on the direction of the industry.

'Guidance and Establishment of the U.S. Stablecoin National Innovation Act'

(‘Genius Act’), requires stablecoin issuers to obtain federal or state-level licenses, to hold reserves in a 1:1 ratio of U.S. dollar cash, bank deposits, or short-term U.S. Treasury bonds, 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. Treasury bonds, and helping to resolve the debt crisis.

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

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

The passage of these three acts 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, and giants potentially dividing the market. A global wave of regulation resonates, with countries accelerating the improvement of regulatory frameworks, the industry moving towards a golden period of compliance, and the potential to attract more traditional funds into the market, promoting the integration of cryptocurrencies into the mainstream financial system. $SUI