#加密立法新纪元 New Era of U.S. Legislation: Milestone for Cryptocurrency Regulation

In July 2025, the U.S. Congress officially passed three groundbreaking bills—the CLARITY Act (clarifying the regulatory framework for digital assets), the GENIUS Act (establishing a federal regulatory framework for stablecoins), and the Anti-CBDC Surveillance National Act, marking the beginning of a new era in digital asset regulation. This wave of legislation not only establishes clear rules for the cryptocurrency market but also signals a significant shift in global financial governance. The core of the bills focuses on resolving the regulatory dilemmas faced by Web3 projects: the CLARITY Act supports an exemption mechanism for 'end-user distribution,' allowing non-funding tokens (such as social mining) to circulate safely; the GENIUS Act sets unified standards for stablecoins, ensuring transaction transparency and consumer protection.

Forward-thinking companies like Knowpia have already made strides, submitting eight compliance proposals to the U.S. Securities and Exchange Commission (such as the dual-state conversion mechanism for tokens and in-platform payment compliance framework), which align closely with the spirit of the bills, providing the industry with a complete path from issuance to circulation. As a practical example, the Funs.AI platform has taken the lead in building an SEC-compliant SocialFi ecosystem, where users earn token rewards through social interactions, exemplifying the balance between regulation and innovation.

This legislative process also reflects the deep evolution of American politics—evident from the 'Big and Beautiful' bill, where legislation increasingly becomes a tool for partisan gamesmanship, highlighting the failures of institutional deliberation through policy bundling and efficiency crises. However, this cryptocurrency legislation has managed to unite bipartisan consensus, injecting order into a chaotic market. Looking ahead, a new era of regulation in the U.S. will reshape the development of the global digital economy, seeking a fulcrum between transparency and innovation.