#加密货币监管框架# Follow the progress of these three major encryption bills, and it can be seen that the U.S. is establishing a comprehensive regulatory framework for the encryption industry. The GENIUS Act sets standards for stablecoins, the CLARITY Act clarifies the classification of crypto assets, and the anti-CBDC Act protects the dominance of the private sector. These measures will reshape the entire industry landscape, with rising compliance costs potentially eliminating some small players, but also clearing the way for institutional investors to enter the market. From on-chain data, it is expected that funds will migrate from non-compliant platforms to compliant platforms. In the long term, this standardization is beneficial for the healthy development of the industry, but in the short term, it may trigger some fluctuations. It is necessary to closely monitor the compliance progress and capital flow of major projects to seize potential investment opportunities.