The three legislations passed during the U.S. 'Cryptocurrency Week' mark a substantial implementation of the cryptocurrency regulatory framework, ushering in a new era of global crypto legislation with profound implications for the industry's direction.

'Guidance and Establishment of the U.S. Stablecoin National Innovation Act' ('Genius Act') requires stablecoin issuers to obtain federal or state-level licenses and to hold reserves in a 1:1 ratio of U.S. dollar cash, bank deposits, or short-term U.S. Treasury bonds to enhance fund security. It aims to integrate digital assets into the U.S. sovereign credit system, solidifying the dollar's hegemony in the digital age, creating demand for U.S. debt, and helping to alleviate the debt crisis.

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

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

With the passage of these three acts, the legitimacy of the crypto market has increased, investor confidence has risen, and prices have surged, leading to a collective rise in cryptocurrencies. It also prompts changes in the competitive landscape of the industry, where compliance costs may eliminate smaller issuers, allowing giants to potentially capture the market. The global regulatory wave resonates, with countries accelerating the improvement of their regulatory frameworks, moving the industry toward a golden age of compliance, which is expected to attract more traditional capital into the market and promote the integration of cryptocurrencies into the mainstream financial system. $SUI