Recently, there have been three major developments in the field of cryptocurrency regulation in the United States. The Genius Act has officially become law, specifically regulating stablecoins. Meanwhile, the Anti-Central Bank Digital Currency (CBDC) Bill and the CLARITY Act are still in the legislative process.

The CLARITY Act differs from the Genius Act as it primarily focuses on the fundamental definitions and authority allocation of Crypto Assets. The Act addresses aspects such as public chains, decentralized finance (DeFi), and token issuance, and clarifies the responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It is noteworthy that the CLARITY Act is closely related to the FIT21 Act of 2024.

Through these bills, the United States is constructing a comprehensive Crypto Assets regulatory framework. This framework is rooted in past practical experience, and understanding this history is crucial for predicting the future.

Looking back, the U.S. financial regulation has gone through a process from liberalization to gradual standardization. The Federal Reserve System (Fed) has maintained the power of coinage under the guise of controlling inflation, while Trump has preferred to relax regulations.

The passage of the Genius Act has ushered in a new era of free stablecoins. The independent minting rights that Powell once upheld are now dispersed among Silicon Valley newcomers and established financial institutions on Wall Street. However, for some libertarians like Peter Thiel, this level of freedom is still far from sufficient.

After the 2008 financial crisis, financial derivatives became the target of criticism. To regulate the $35 trillion futures contract market and the $400 trillion swap market, Gary Gensler was nominated as the chairman of the CFTC. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was introduced, incorporating the derivatives market into the existing regulatory framework.

Gary Gensler once stated, 'We must establish a comprehensive regulatory framework to protect the stability of financial markets and the interests of investors.' This concept seems to have carried over into the current regulation of Crypto Assets.

As these new bills progress, the regulatory framework for Crypto Assets in the United States is gradually improving. This not only affects the domestic market in the United States but could also have a profound impact on global regulatory trends for Crypto Assets. Industry insiders generally believe that finding a balance between regulation and innovation will be key to the future development of Crypto Assets.