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What are the three major cryptocurrency bills passed by the U.S. House of Representatives overwhelmingly? Among them, the GENIUS Act will clarify the rules for the issuance and operation of stablecoins pegged to the US dollar at the federal level, claiming to "strengthen the position of the US dollar in the global financial system". The Clarity Act is a market structure reform bill that deals with the division of regulatory powers for digital assets. The Anti-CBDC Surveillance State Act permanently prohibits the Federal Reserve from issuing digital currencies (CBDCs). In fact, brothers look back at the history of financial innovation a lot, financial innovation itself is the coexistence of risk and return, sometimes brings huge economic heat, sometimes brings financial risk, we will also find a game route, It is the trade-off between financial innovation and financial supervision, and the long-term judgment criterion is mainly: the meaning of the existence of finance itself is to serve the real economy, and at the same time can better allow the people to participate in economic investment and obtain distribution from growth, if these two points can be done and can stand the test for a long time, then it is a good financial innovation, some financial innovation is very good at the beginning, and there will be problems with it. For example, the real estate-related financial derivatives that caused the 2008 global financial crisis were followed by a check to fill the gaps, and of course, they also paid a huge price for government debt. The so-called three major cryptocurrency bills are essentially regulatory bills, or financial regulatory bills that lag behind financial innovation, such as stablecoin regulation, digital asset regulatory power division, central bank digital currency hairstyle restrictions, etc. For financial innovation, the most feared is regulation, and the favorite is also regulation, but the people are different, such as the lack of regulation can bring a huge pool of funds and the space created by Ponzi, and after crazy growth, there is still no shortage of investment speculators, this has happened too many times, so I won't say much. The favorite of financial innovation is also regulation, only regulation, in order to better develop under the official rules, regulation itself is also a kind of endorsement, different from the mixed market is more standardized. The stablecoin bill and the digital asset market clarity bill are easier to understand, that is, to regulate financial innovation, the most noteworthy is actually the third bill, that is, the national bill to restrict anti-central bank digital currency monitoring, the purpose is to restrict the central bank (Federal Reserve) from issuing digital currency to the public, precisely to provide space for stablecoins and other digital assets to survive, it has been discussed many times before, it is completely two things, the central bank's digital currency is centralized, lost physical cash, is the government's endorsement, the central bank's liability , while virtual currencies such as stablecoins are decentralized, and the composition of credit endorsement is more complex, and it is indeed worth paying attention to restricting the rights of the central bank for the development of the latter. As an aside, contrary to the development of digital assets in our country, our country is dominated by the central bank's centralized digital currency, supplemented by some compliant stablecoins, and the compliant stablecoins now seem to be mainly "offshore RMB collateralized" and "Hong Kong dollar collateralized" stablecoins, vigorously promoting the central bank's digital yuan, which is the opposite of the development model of digital assets in the United States. The two development models have nothing to do with right or wrong, because it is a new thing, there are benefits and risks, the former focuses on benefits, our country focuses on risks, and it will take time to verify which one is better. Finally, the U.S. government vigorously develops stablecoins, especially stabilisation-collateralized stablecoins, if the proportion of the global settlement system increases, it is conducive to the continuation of U.S. financial hegemony in the emerging settlement system and economic globalization, and the government's bond issuance in the future can even not rely on deficit monetization, that is, the central bank buys treasury bonds, thereby increasing the supply of dollars in the market, and now stablecoins can also buy treasury bonds and enter the market circulation, the U.S. dollar and U.S. bonds are both U.S. credit, U.S. debt-collateralized stablecoins, is a relatively broad sense of holding hegemony. In addition, the position of the Federal Reserve has also been divided, the issuance of digital currencies is strictly restricted, and the absolute importance of US bonds in the past has given way to the US dollar, which will be suppressed by stablecoins, which is generally a process of weakening the position of the Federal Reserve and increasing the number of US bond collateralized stablecoins. The above is just talking about the basic situation, as for whether the hegemony of the US dollar can be consolidated to drive the US stock currency circle to take off, first of all, the credit of the United States is the embodiment of comprehensive influence, the stablecoin is just a financial tool, and whether it can better serve the United States and global trade is the ultimate evaluation standard, especially the progress of the reshaping of the United States' own manufacturing industry, it is still to be observed, financial innovation, no matter how beautiful the design is, the risk always appears in unexpected places, after the supervision is implemented, first run under the existing financial supervision.