Three cryptocurrency bills passed in the United States: the official launch of the expansion of digital currency applications and demand in the United States.

On July 17, 2025, Thursday local time, the United States House of Representatives unanimously passed three cryptocurrency-related bills: the "Guidance and Establishment of the National Stablecoin Act" (referred to as the "GENIUS Act"), the "2025 Digital Assets Market Clarity Act" (referred to as the "CLARITY Act"), and the "Anti-CBDC Surveillance State Act". The "CLARITY Act" and the "Anti-CBDC Surveillance State Act" will be sent to the Senate for consideration. The "GENIUS Act" is expected to be signed into law by President Trump on Friday local time. Previously, we analyzed the background, core content, and regulatory orientation of the "GENIUS Act" in "Stablecoins: From Payment Tools to RWA Ecosystem". This time, we focus on analyzing the core content of the "CLARITY Act" and the "Anti-CBDC Surveillance State Act", and summarize the regulatory path choices of the United States towards digital assets and their potential impact. 1. Core content of the "CLARITY Act" The "CLARITY Act" establishes a dual regulatory framework for digital assets under the U.S. Securities and Exchange Commission (securities-based digital assets) and the Commodity Futures Trading Commission (digital commodities), regulating issuance, trading, intermediary operations, and more, while also leaving space for innovative activities like decentralized finance (DeFi). Defines and categorizes digital assets. The bill categorizes digital assets into "securities" and "commodities". Digital commodities are defined as assets associated with a blockchain system and whose value comes from assets used in that blockchain system, such as Bitcoin, Ethereum, etc. It clarifies that digital commodities do not include securities, licensed payment stablecoins, derivatives, bank deposits, etc. The distinction between digital commodities and digital securities is made through exclusive clauses. If a digital asset falls under traditional securities (such as representing ownership, debt, or meeting the definition of an "investment contract" in the Howey test, i.e., investors expect to profit through the efforts of others), it is classified as a securities-based digital asset, such as tokenized stocks, bonds, or tokens that rely on issuer operations for profits. Defines the regulatory boundaries of the SEC and CFTC. It clarifies that the Commodity Futures Trading Commission (CFTC) has primary regulatory authority over the spot market for digital commodities and supervises digital commodity exchanges, brokerages, traders, and custodians. The U.S. Securities and Exchange Commission (SEC) is responsible for regulating securities-based digital assets. For assets that may have characteristics of both securities and commodities, the bill requires coordination between the SEC and the CFTC for regulation. Introduces the concept of a "mature blockchain system" with the ability to facilitate regulatory transition. A mature blockchain system is characterized by decentralization (not controlled by any individual or group), open-source code, and automated operation based on preset rules. Once a blockchain system is certified (for example, by submitting evidence of no centralized control, unchallenged by the SEC within 60 days), it will be deemed "mature". If a blockchain system related to digital commodities is certified as "mature", regulatory oversight will be solely under the CFTC, with the SEC no longer exercising securities regulation, completing the regulatory compliance transition from "securities" to "commodities". Provides exemptions for DeFi activities. The bill provides specific exemptions for activities related to decentralized finance (DeFi) protocols. Conducts such as code writing, running nodes, providing front-end interfaces, and non-custodial wallets are generally not considered financial services and are exempt from SEC regulation. However, they must still adhere to basic terms such as anti-fraud and anti-manipulation. This mechanism avoids excessive regulation on the underlying technology development and decentralized operations of DeFi, while maintaining market order by preserving enforcement powers such as anti-fraud. Provides entry pathways for traditional financial institutions to participate in digital asset trading. The bill provides diversified pathways for traditional financial institutions to participate, primarily by registering for compliance identities and complying with relevant regulatory requirements (such as customer protection, anti-fraud), in trading, intermediation, and custody of digital commodities. For example, the bill stipulates that traditional financial institutions can register as digital commodity exchanges, making it possible for stocks and digital commodities to be traded in the same venue as traditional exchanges like the NYSE, Nasdaq, etc. Banks can also participate in custody and financial services related to digital commodities, with custodial assets not counted on their balance sheets, or potentially eliminating capital barriers for traditional financial institution entry. Supports innovation in the digital asset sector. The bill upgrades the SEC's mission by adding an "innovation" goal and establishing a "Financial Technology Innovation Center" (FinHub); establishes the CFTC Lab (LabCFTC). The bill requires research on decentralized finance (DeFi), non-fungible tokens (NFTs), illegal uses of digital assets, etc., to analyze their risks, benefits, and regulatory gaps. 2. Core content of the "Anti-CBDC Surveillance State Act" The "Anti-CBDC Surveillance State Act" aims to prohibit the Federal Reserve and its banks from issuing or providing central bank digital currencies (CBDC), restricting their use in individual financial activities to prevent CBDCs from being used for monitoring or monetary policy tools. Defines Central Bank Digital Currency (CBDC). Refers to a digital form of currency or currency value priced in the national currency unit, belonging directly as a liability of the Federal Reserve and widely provided to the public. Directly/Indirectly prohibits Federal Reserve banks from providing services to individuals. The bill states that Federal Reserve banks may not: directly provide financial products or services to individuals; maintain accounts for individuals; directly issue CBDCs or any similar digital assets under any name/tag. It prohibits Federal Reserve banks from indirectly providing CBDCs or similar digital assets to individuals through financial institutions or other intermediaries. Prohibits the development and use of CBDCs for monetary policy. The bill stipulates that the Federal Reserve Board may not test, research, develop, create, or implement CBDCs; the Federal Reserve Board and the Federal Open Market Committee may not use CBDCs for monetary policy; open, permissionless, private and fully reserved, entity-privacy-protected U.S. dollar-denominated currencies are not subject to the ban. 3. The United States' regulatory path to digital assets and its potential impact The acceleration of the implementation of the three bills marks a strategic shift of the United States from "regulatory ambiguity" to "framework construction" regarding cryptocurrencies. Prior to this, there was uncertainty in the regulation of cryptocurrencies in the United States. Firstly, there was inconsistency in regulatory approaches and strictness among different states. Secondly, there has been an ongoing debate about whether cryptocurrencies are considered securities or commodities. Participants in the digital asset sector, such as projects and platforms, faced difficulties operating in a "grey area". This uncertainty has also led to some entities or institutions in the cryptocurrency field moving to other regulatory-friendly areas. If the related bills are successfully implemented, 2025 may become a turning point in the global cryptocurrency field, transitioning from "barbaric growth" to "rule-led", from "technology-driven" to "ecosystem synergy". The three bills reflect the United States' regulatory path in the digital asset sector. The "GENIUS Act" establishes a regulatory framework for private stablecoins, enhancing the compliance of payment stablecoins, and the requirement for reserve assets also helps extend the dominance of the U.S. dollar on-chain. The "CLARITY Act" clarifies the regulatory boundaries between digital commodities and securities-based digital assets, with weaker regulation for digital commodities than securities-based digital assets, leaving room for market innovation. The "Anti-CBDC Surveillance State Act" restricts central bank digital currencies, contrasting with the central bank digital currency developments already taking place in most other countries. This choice of regulatory path reflects the policy concept of "market over government" and "maintaining the dominance of the U.S. dollar". Limiting the direct participation of central banks in the financial sector preserves the financial autonomy of market participants and individuals. By regulating rather than prohibiting private sector innovation, the government avoids suppressing financial innovation while leveraging market competition to enhance financial efficiency. It aligns with the long-standing U.S. institutional logic of "power decentralization" and implies a preference for a decentralized financial order. Requiring stablecoin issuers to have 100% reserves and be anchored in highly liquid U.S. dollar assets not only safeguards the stability of stablecoin value but also strengthens the role of the U.S. dollar as a currency anchor in the digital economy, consolidating the dominant position of the U.S. dollar stablecoin in global digital transactions. The digital asset ecosystem in the United States and globally may undergo significant changes. If the three bills are implemented, potential impacts may include: 1. Helping the United States take the lead in digital asset innovation. For example, the developer exemption clause in the "CLARITY Act" may unleash significant creativity and vitality in the DeFi ecosystem, attracting related projects, institutions, and professionals to gather in the United States, increasing research and development investment. 2. Mainstream stablecoins may need to adjust their reserve compositions, leading to increased demand for U.S. short-term treasuries. Assets in USDT reserves that do not meet the requirements of the "GENIUS Act", such as gold, bitcoin, etc., may need to be restructured or require an increase in the proportion of compliant assets, thus increasing demand for U.S. short-term treasuries. 3. By prohibiting a digital U.S. dollar from the Federal Reserve, U.S. dollar stablecoins become the primary vessel to meet the demand for digital currencies. The future demand for digital currencies in the United States will increasingly rely on the penetration of compliant private stablecoins and the extension of the ecosystem. 4. Accelerating the integration of traditional finance and decentralized finance. After the passage of the "CLARITY Act", sectors in traditional finance such as exchanges, brokerages, custodians, etc., will be quickly replicated in the decentralized finance sector, creating a larger market. 5. The global competition in digital asset regulation escalates. As the most influential country in the global cryptocurrency market, the United States' regulatory framework may become a global reference template, influencing the policy-making of other countries and potentially reshaping the global competition landscape in the digital asset sector. Risk Cryptocurrencies themselves have inherent risks, and there is uncertainty in the implementation of regulatory policies. This article is sourced from the "CICC Fixed Income Research" WeChat official account, authored by analysts Chen Jianheng, Wei Zhenzhen, etc.; GMTEight editing: Wenwen.