Major Breakthrough in U.S. Cryptocurrency Monetary Policy

Last week, the U.S. Crypto Assets sector witnessed a historic policy advancement. During this period known as "Crypto Assets Week," several important bills made significant progress.

On July 19, the "GENIUS Act" officially became law. This news immediately boosted market sentiment, pushing the total market value of Crypto Assets to surpass $4 trillion for the first time, while the issuance of stablecoins also reached a new high of $261 billion. The Act sets a unified standard for stablecoins, prompting several financial giants to announce pilot programs. The clarity of cryptocurrency regulation has reduced uncertainty in the industry, allowing institutional investors to mobilize previously idle funds, large banks to enter the stablecoin market compliantly, and users to conduct transactions more privately. This Act firmly positions Crypto Assets as the core pillar of the next generation of the financial internet, while also pushing the United States to a leading position in the global Crypto Assets arena.

The "CLARITY Act" has passed in the House of Representatives and is currently being rapidly submitted for review in the Senate. The Act clarifies the regulatory division of responsibilities between the SEC and CFTC regarding digital assets. Additionally, the "Anti-CBDC Act" has also made significant progress, being included in the "National Defense Authorization Act," prohibiting the Federal Reserve from issuing a centralized digital dollar without explicit approval from Congress.

The "GENIUS Act" clarifies the eligibility criteria for stablecoin issuance and reserve asset requirements. Compliant issuers include federally regulated banks, OCC-licensed non-bank stablecoin issuers, and state-chartered issuers. The reserve assets must be equal to or greater than the total face value of the issued stablecoins, and qualified reserve instruments include cash, short-term government bonds, etc. Issuers are required to regularly disclose details of their reserve assets and undergo audits.

The "CLARITY Act" provides clear definitions for "digital assets", "digital goods", and "mature blockchain systems". The Act allows digital assets to shift from SEC oversight to CFTC regulation once they achieve sufficient decentralization and widespread adoption. The Act also clarifies the specific standards for "decentralization", providing project teams with a clear development path.

The "Anti-CBDC Act" aims to prevent the Federal Reserve or government agencies from implementing central bank digital currency without Congressional authorization. The bill protects individual financial privacy and supports the development of decentralized infrastructure.

As the regulation of cryptocurrency in the United States becomes increasingly clear, the industry is experiencing a strong recovery centered around the U.S. The demand for local talent has surged, and many projects are actively adjusting their development strategies to adapt to the U.S. market. Regulatory certainty has injected powerful momentum into the digital asset industry, promoting the vigorous development of innovative stablecoin banks and payment companies. With its rapid development momentum and solid legal framework, the U.S. is quickly consolidating its leading position in the global cryptocurrency field.