Major Progress in U.S. Crypto Assets Policy

Recently, the United States' monetary policy on Crypto Assets has reached a historic breakthrough. Congress has pushed forward several landmark bills, providing a clear direction for the industry's development.

On July 19, the "GENIUS Act" officially became law. The act sets a uniform standard for stablecoins, pushing the total market value of Crypto Assets to surpass $4 trillion for the first time, with stablecoin issuance reaching a new high of $261 billion. Several financial giants immediately announced pilot programs. This act positions Crypto Assets as a core pillar of the next-generation financial internet, while consolidating the United States' leading position in the global Crypto Assets space.

The "CLARITY Act" has passed in the House of Representatives and is currently submitted for review in the Senate. The bill clarifies the division of regulatory responsibilities for digital assets among regulatory agencies. Additionally, the "Anti-CBDC Act" has been incorporated into the "Defense Authorization Act," limiting the Federal Reserve's power to issue a centralized digital dollar.

Analysis of the GENIUS Act

The "GENIUS Act" stipulates the qualifications for stablecoin issuance and reserve asset requirements:

• Compliant issuers include federally regulated banks, OCC-licensed non-bank institutions, as well as state-chartered issuers. ( circulation not exceeding 10 billion dollars )
• The value of reserve assets must be equal to or greater than the total face value of the issued stablecoins.
• Qualifying reserve instruments include cash, short-term government bonds, etc.
• The issuer must regularly disclose reserve details and accept audits.

Although interest-bearing stablecoins are prohibited, projects may provide incentives in other ways. This could drive industry consolidation, forming a pattern dominated by a few leading players.

Key Points of the CLARITY Act

The "CLARITY Act" delineates clear boundaries for the regulation of digital assets:

• The SEC is responsible for regulating tokens with the attributes of "investment contracts".
• The CFTC governs "digital commodities," which are non-security digital assets based on mature blockchain systems.
• Allow digital assets to transition from SEC regulation to CFTC regulation after achieving sufficient decentralization.

The bill clearly defines the "decentralization" standards and provides a quantifiable development path for projects. This will prompt teams to seek a balance between performance optimization and advancing decentralization.

Impact of the Anti-CBDC Act

The "Anti-CBDC Act" prohibits the Federal Reserve from issuing central bank digital currency without authorization from Congress. This legislative framework indicates that the U.S. government is inclined to support stablecoins on decentralized ledgers rather than centralized digital currencies.

The bill helps protect individual financial privacy and reduces state-led financial surveillance. It aligns closely with the core principles of blockchain, ensuring that users maintain control over their economic sovereignty.

New Trends in the Industry

With the increasingly clear regulation of Crypto Assets in the United States, the industry is迎来 a strong recovery centered around the U.S.

• Talent returning to the United States, local recruitment demand surges
• The token issuance model is transitioning to "adapt to the US market".
• Airdrop and other activities are more targeted towards US users
• Mainstream platforms launch Web3 features for US users

Regulatory certainty is injecting strong momentum into the industry, driving the flourishing development of innovative stablecoin banks and payment companies. Both industry leaders and newcomers are rapidly launching institutional-grade solutions, laying the foundation for a mature Crypto Assets ecosystem.

With its rapid development momentum and solid legal framework, the United States is quickly consolidating its position as a global Crypto Assets hub. The industry's prospects have never been brighter.