The U.S. government recently released its first comprehensive policy report on digital assets, led by a cross-departmental working group, covering blockchain technology applications and cryptocurrency regulatory frameworks comprehensively. This report has the core objective of 'balancing innovation risks and consolidating the leadership of U.S. digital finance,' and systematically sorts out the federal government's regulatory thinking and policy direction in the digital asset field for the first time.
Core content of the policy: Clarify the regulatory framework and release signals for compliant innovation.
Clarify the boundaries of regulatory responsibilities: Clearly define the division of labor between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), delineate the regulatory jurisdiction for cryptocurrencies, derivatives, and other assets, and reduce regulatory gaps in the industry.
Support the compliant DeFi ecosystem: Encourage banks and other financial institutions to participate in digital asset services, promote the construction of decentralized finance (DeFi) infrastructure, and guide the industry towards compliance and institutionalization.
Dual-track regulation for stablecoins: Require stablecoin issuers to hold compliant reserve assets such as dollars and implement a licensing system for issuing institutions to prevent financial stability risks.
Strengthen tax and trading regulation: Enhance tax collection management for blockchain transactions, combat illegal activities such as money laundering and tax evasion, and improve the transparency of the digital asset market.
Promote the internationalization of dollar tokens: Explore the application of dollar tokens in international payment scenarios to consolidate the dominant position of the dollar in the global digital economy.
Market impact: Structural opportunities are highlighted, but policy implementation still has uncertainties.
The policy signals released in the report outline a clear compliance development path for the industry:
Favorable directions: Compliant DeFi protocols, stablecoin issuers holding dollar reserves, and service providers offering on-chain data compliance analysis are expected to benefit first from the implementation of the regulatory framework.
Potential risks: The previously highly anticipated 'Bitcoin Strategic Reserve Plan' has not made substantial progress. Policy details still need to be further clarified through subsequent hearings and the Federal Reserve's digital currency project developments. In the short term, the market may face policy uncertainties.
Investor strategy recommendations: Closely monitor the joint hearings of regulatory agencies in September and the Federal Reserve's digital currency project dynamics. While laying out compliant infrastructure in the long term, avoid high-risk areas in the short term to cope with fluctuations during the policy implementation process.
This report marks a shift in U.S. digital asset regulation from 'decentralized exploration' to 'systematic construction', preserving space for technological innovation while preventing systemic risks through clearly defined rules. Whether the industry can achieve healthy development under the regulatory framework may depend on the efficiency of subsequent policy details and the compliance response from market participants.$BTC