Why did the United States pass three major cryptocurrency bills?

The United States passed three major cryptocurrency bills mainly for the following reasons:

1. Consolidating the dominance of the dollar:

As the U.S. economy and trade share globally decline and the debt crisis intensifies, the status of the dollar faces challenges. The "Genius Act" links stablecoins to U.S. Treasury bonds, forming a closed loop of "dollar - stablecoin - U.S. Treasury bonds," which can expand the demand for the dollar, solidify its status as a reserve currency, and construct a "digital Bretton Woods system" to address the challenge of "de-dollarization."

2. Competing for the power to set global cryptocurrency rules:

The U.S. is attempting to export regulatory standards through legislation, creating a global governance paradigm for cryptocurrency. As the first country to legislate synchronously for stablecoins and regulatory frameworks, its regulatory model may be emulated by other countries and regions, thereby playing a benchmark role in the global cryptocurrency field.

3. Strengthening cryptocurrency regulation and market norms:

The cryptocurrency industry previously suffered from a lack of regulation, leading to frequent incidents like FTX, which severely impacted market and investor confidence. The "Genius Act" establishes a systematic legal status for payment-based stablecoins, clarifies issuance and reserve rules, and ends regulatory gray areas. The "Clarity Act" attempts to define the regulatory scope of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, providing clear rules for the cryptocurrency market and reducing market risks.

4. Protecting citizens' privacy and financial freedom:

The "Anti-CBDC Act" aims to prohibit the Federal Reserve from issuing retail Central Bank Digital Currency without Congressional authorization, preventing government agencies from excessively monitoring and intervening in personal financial transactions, safeguarding citizens' privacy rights and financial freedom, and establishing a "protective wall" for cryptocurrency.

5. Promoting U.S. economic development: The "Genius Act" requires stablecoins to be anchored to high-quality low-risk liquid assets like short-term U.S. Treasury bonds at a 1:1 ratio, which can transform personal payment demand into demand for U.S. Treasury bonds, enhancing the attractiveness of the Treasury bond market, lowering federal borrowing rates, and providing structural support for the U.S. economy.