#加密货币监管框架 Seeing the "Responsible Financial Innovation Act" pushed forward by Lummis finally move through the process in the Senate Banking Committee, I feel a mix of emotions. Over the past decade, I have seen numerous regulatory policies shift from aggressive opposition to gradual acceptance; this time, it seems truly different.

I still remember back in 2014 when the banking system basically refused to acknowledge digital assets, fearing any association would attract regulatory scrutiny. Then came the frenzy of 2017, the winter of 2018, and by 2020, institutional investors gradually entered the scene. The overall narrative framework has been slowly but steadily changing. The logic behind this bill’s progression is very clear—it's no longer about whether to accept digital assets, but under what framework to do so.

Most importantly, this time it’s not just about custody and staking; it explicitly states that large banks can participate in digital asset payment services. What does this mean? It signifies that the traditional financial system officially recognizes digital assets as part of the financial infrastructure. The collaboration framework between the CFTC and SEC also indicates that regulatory agencies have reached some consensus— the old siloed approach is being broken down.

Historically, each turning point in the cycle tends to occur when regulatory attitudes shift from "suppression" to "guidance." After the 2013 "Three Ministries' Notice," there was a period of silence in 2015, followed by steady development after the 2017 bubble burst, leading into 2019. At this current juncture, although full deregulation isn’t here yet, the framework has been established, and the development cycle might accelerate faster than expected. Of course, the detailed rules will depend on the results of the second-week revision meeting in the Senate, but the overall direction is already very clear.