A New Era of Cryptocurrency Legislation The three pieces of legislation passed during the U.S. 'Cryptocurrency Week' mark a substantial establishment of a cryptocurrency regulatory framework, ushering in a new era of global cryptocurrency legislation, profoundly impacting 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, integrating 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 alleviate the debt crisis.
'Digital Asset Market Clarity Act' ('Clarity Act'), clarifies the commodity attributes of cryptocurrencies, delineates the regulatory roles of 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 Surveillance 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.
