Significant Progress in U.S. Monetary Policy on Crypto Assets

Last week, the United States' cryptocurrency policy achieved a historic breakthrough. Congress pushed several landmark bills during the so-called "Cryptocurrency Week." On July 19, an important bill was officially signed into law. This news immediately boosted market sentiment, driving the total market capitalization 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 new bill sets a unified standard for stablecoins, prompting several financial giants to announce pilot programs. The clarity of cryptocurrency regulation has reduced industry uncertainty, allowing institutional investors to utilize previously idle funds, large banks to compliantly enter the stablecoin market, and users to conduct transactions more privately. This bill firmly positions Crypto Assets as a core pillar of the next generation of the financial internet, while propelling the United States to a leading position in the global Crypto Assets space.

Another important bill has passed the House with bipartisan support and is now being quickly submitted for Senate review. The bill clarifies the division of regulatory responsibilities among relevant agencies regarding the oversight of digital assets. In addition, a provision prohibiting the issuance of a centralized digital dollar without explicit approval from Congress has also made significant progress and has been incorporated into the defense-related legislation.

Stablecoin Issuance Bill

This bill clarifies who is eligible to issue payment stablecoins and lists qualified instruments that can serve as reserve assets for stablecoins. The bill fundamentally changes the market's perception of stablecoins, shifting from mere trading instruments to institutional-grade payment channels. Stablecoins allow banks and fintech companies to deploy them as true "programmable dollars," enabling instant settlements and round-the-clock clearing. This will unlock value across the entire value chain from machine payments to cross-border trade, while ensuring that global dollar liquidity remains under the supervision of U.S. regulators.

Compliance issuers include three categories: federally regulated banks, licensed non-bank stablecoin issuers, and state-chartered issuers (but the total market capitalization must not exceed $10 billion). The value of reserve assets must equal or exceed the total face value of all issued stablecoins. Qualified reserve instruments include cash, demand deposits, short-term government bonds, etc. Issuers must regularly disclose the details of reserve assets and circulation and undergo independent audits.

Although the bill prohibits interest-bearing stablecoins, many projects may offer returns through alternative means, such as launching loyalty programs, rebates, and other mechanisms. This regulatory pressure is expected to accelerate the consolidation of the stablecoin industry, pushing the sector from a decentralized "yield ecosystem" to a more centralized structure.

Digital Asset Regulatory Division Bill

This bill provides precise legal definitions for "digital assets", "digital goods", and "mature blockchain systems", and clearly delineates the responsibilities of relevant regulatory agencies in the regulation of digital assets.

The bill stipulates that tokens with the characteristic of "investment contracts" are regulated by securities regulatory agencies. These types of tokens are typically issued by projects that are under centralized control or in the early development stage for financing purposes. In contrast, "digital goods" are governed by commodity futures regulatory agencies, referring to fungible digital assets that do not fall under securities and are based on mature blockchain systems.

The bill also allows digital assets to "migrate" from securities regulation to commodity futures regulation after achieving sufficient decentralization and widespread adoption. This brings much-needed regulatory certainty to industry innovators and paves the way for predictable development.

Anti-Central Bank Digital Currency Act

This bill aims to prevent the Federal Reserve or any U.S. government agency from creating and implementing a central bank digital currency without explicit authorization from Congress. This provision prohibits the government from searching and seizing the financial data of Americans while closing loopholes to prevent the indirect issuance of central bank digital currency through third-party intermediaries.

This legislation is highly aligned with the core spirit of blockchain, ensuring that users have control over their economic sovereignty without worrying about transaction scrutiny. By supporting decentralized infrastructure, this bill reduces the possibility of state-led financial surveillance in the central bank digital currency system, thus protecting individual financial privacy.

Conclusion

As the regulation of Crypto Assets in the United States becomes increasingly clear, the industry is experiencing a strong recovery centered around the U.S. We are witnessing a surge in demand for local talent, and the token issuance model is also transitioning to "adapt to the U.S. market." This new era of regulatory certainty is injecting powerful momentum into the digital asset industry, fostering the robust development of innovative stablecoin banks and payment companies.

With its rapid development momentum and solid legal framework, the United States is quickly consolidating its leading position in the global Crypto Assets field. The introduction of this series of bills marks the entry of the Crypto Assets industry into a new stage of development.