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#CLARITY法案推進受阻
The U.S. Senate is currently advancing the "Digital Asset Market Clarification Act," which is seen as a significant turning point in U.S. cryptocurrency regulation. The bill aims to end the current "law enforcement-led regulation" situation and provide a clear legal framework for the market.
Below are the main structural impacts the bill could have on the crypto market: clear regulatory responsibilities: the core of the bill is to reallocate regulatory authority.
CFTC (Commodity Futures Trading Commission): will gain primary jurisdiction over "digital commodities" (such as Bitcoin spot and secondary market trading). SEC (Securities and Exchange Commission): retains jurisdiction over initial coin offerings (ICOs), information disclosure, and investor protection.
Regulation of stablecoin markets: regulation of stablecoins is currently a key battleground in negotiations. Yield term compromise: recent developments show that both parties have reached a compromise on "stablecoin yields," leaning toward "conditional interest," to balance banking sector concerns over deposit outflows. Issuance access: stablecoin issuers will need to meet specific capital and reserve transparency requirements.
Boundaries of DeFi and tokenized assets: DeFi banking: some provisions require DeFi platforms to implement KYC (identity verification) and transaction reporting, which could challenge the core idea of decentralization. RWA (Real-World Asset) tokenization: the bill attempts to establish regulatory boundaries for tokenized stocks and physical assets, but some draft provisions currently set higher thresholds for tokenized stocks.
Lowering institutional entry barriers: clarifying legal status is expected to attract more traditional financial institutions like Morgan Stanley into the market. Clear compliance pathways can reduce exchange listing risks and legal uncertainties for issuers.
Current progress and risks: as of May 2026, negotiations in the Senate Banking Committee have entered the final stage, with the market expecting a full vote as early as June. However, if it fails to pass before the August recess, the legislative process could face long-term delays due to the midterm election political window. $DOGE $BTC $ETH