The New Era of Cryptocurrency Legislation #加密立法新纪元 The three pieces of legislation passed during the United States' "Cryptocurrency Week" mark a substantial establishment of a cryptocurrency regulatory framework and open a new era of global cryptocurrency legislation, profoundly impacting 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 and hold U.S. dollars, bank deposits, or short-term U.S. Treasury bonds in a 1:1 ratio as reserves, enhancing the security of funds, integrating digital assets into the U.S. sovereign credit system, solidifying the dollar's hegemony in the digital age, creating demand for U.S. Treasury bonds, and helping to alleviate the debt crisis.

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

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