<p>作者：区块链骑士；来源：X，@Knight_in_Block</p>
<p>昨晚，美国参议院银行委员会以 15 票赞成、9 票反对通过了 CLARITY 法案。</p>
<p>在消息传出后，比特币迅速突破 82,000 美元，市场用真实资金对这一里程碑投出了信任票。</p>
<p>这份 309 页的法案不仅是迄今为止美国最全面的加密监管框架，还标志着联邦政府决心结束监管混乱，拥抱数字资产时代。</p>
<p>法案的通过结束了美国证券交易委员会（SEC）与商品期货交易委员会（CFTC）之间长达十年的管辖权争议。</p>
<p>新规清晰划定了边界，赋予 CFTC 对加密货币现货市场的广泛监管权，而 SEC 则保留对数字资产证券和投资合同首次发行的监管权。</p>
<p>白宫数字资产总统顾问委员会的执行董事表示，该法案是美国在全球金融市场保持领导地位的必要政策，其消费者保护和反非法金融条款是基础。短期内对市场的提振和长期影响同样显著；除了比特币的激增，Coinbase 的股价当天也上涨了超过 9%。核心原因在于立法者在稳定币奖励上达成了微妙的妥协：<strong>它明确禁止平台对闲置稳定币支付被动利息，类似于存款，这让以美国银行家协会为首的传统银行家对存款流失感到安心。</strong> 然而，<strong>与此同时，该法案允许与直接交易相关的基于活动的奖励，例如燃气费支付和水电费支付，为 Coinbase 和 Circle 等稳定币企业保留了合法的商业空间。</strong> Coinbase 首席执行官称赞该法案，表示它将使美国金融系统更快、更便宜、更便捷。尽管势头强劲，但该法案在成为法律之前面临一系列重大挑战。首先，存在严重的时间和程序挑战。支持者希望特朗普总统能在 7 月 4 日签署该法案，但时间安排极为紧张。立法者将在 5 月 21 日进入阵亡将士纪念日休会，随后是 8 月的国会休会。该法案必须首先与参议院农业委员会在 1 月提出的版本进行协调，然后才能提交给全体参议院，在那里需要至少 60 票才能推进。之后，还需要与众议院在 2025 年 7 月通过的相应法案（HR 3633）进行协调，然后再由众议院投票，最后送交总统。其次，政治分歧依然存在。进步派参议员对该法案进行了激烈批评，称其将 “加剧特朗普及其家族的加密业务所带来的巨大利益冲突。” 尽管相关条款的修正案在委员会投票中被否决，但类似的声音仍可能在众议院全体投票中造成障碍。此外，关于开发者保护是否被削弱以及稳定币条款是否仍存在伪装利息套利的漏洞的细节，将继续成为辩论的焦点。Galaxy Digital 对此持谨慎乐观的评估，认为该法案在 2026 年前成为法律的机会为 55%。CLARITY 法案在委员会的成功通过是加密行业的重要突破，标志着从无监管增长到合规成熟的转变。在接下来的几个月里，市场将密切关注众议院和参议院版本协调的进展以及众议院的全体投票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7466220_watermarknone.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="336" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7466220_watermarknone.png"/></p>

银河数码

GLXY

GBTC

<p>美国参议院银行委员会通过了 CLARITY 法案，这标志着加密货币监管的重要一步，比特币价格飙升至超过 82,000 美元。该法案明确了美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）之间的监管权力，旨在稳定市场并增强消费者保护。尽管面临程序和政治挑战，Galaxy Digital 估计该法案在 2026 年前成为法律的可能性为 55%。该法案被视为美国在全球金融市场保持领导地位的关键</p>

<p>Author: Blockchain Knight; Source: X, @Knight_in_Block</p>
<div class="lb-trans"><p>作者：区块链骑士；来源：X，@Knight_in_Block</p>
</div><p>Last night, the U.S. Senate Banking Committee passed the CLARITY Act with 15 votes in favor and 9 against.</p>
<div class="lb-trans"><p>昨晚，美国参议院银行委员会以 15 票赞成、9 票反对通过了 CLARITY 法案。</p>
</div><p>Following the news, Bitcoin quickly surpassed $82,000, with the market casting a vote of confidence in this milestone with real money.</p>
<div class="lb-trans"><p>在消息传出后，比特币迅速突破 82,000 美元，市场用真实资金对这一里程碑投出了信任票。</p>
</div><p>This 309-page bill is not only the most comprehensive crypto regulatory framework in the United States to date, but also signifies the federal government's determination to end regulatory chaos and embrace the digital asset era.</p>
<div class="lb-trans"><p>这份 309 页的法案不仅是迄今为止美国最全面的加密监管框架，还标志着联邦政府决心结束监管混乱，拥抱数字资产时代。</p>
</div><p>The passage of the bill ends the decade-long jurisdictional dispute between the SEC and CFTC.</p>
<div class="lb-trans"><p>法案的通过结束了美国证券交易委员会（SEC）与商品期货交易委员会（CFTC）之间长达十年的管辖权争议。</p>
</div><p>The new regulations clearly delineate boundaries, granting the CFTC broad regulatory authority over the cryptocurrency spot market, while the SEC retains regulatory authority over the initial offerings of digital asset securities and investment contracts.</p>
<div class="lb-trans"><p>新规清晰划定了边界，赋予 CFTC 对加密货币现货市场的广泛监管权，而 SEC 则保留对数字资产证券和投资合同首次发行的监管权。</p>
</div><p>The executive director of the White House Presidential Advisory Council on Digital Assets stated that the bill is a necessary policy for the United States to maintain its leadership in global financial markets, and its consumer protection and anti-illegal financial provisions are fundamental to this. The short-term boost to the market and its long-term impact are equally significant; in addition to the surge in Bitcoin, Coinbase's stock price jumped more than 9% that day. The core reason is that legislators reached a delicate compromise on stablecoin rewards: **It explicitly prohibits platforms from paying passive interest on idle stablecoins, similar to deposits, which reassured traditional bankers, led by the American Bankers Association, about deposit flight.** However, **at the same time, the bill allows activity-based rewards linked to direct transactions such as gas fee payments and utility bill payments, preserving a legitimate business space for stablecoin businesses like Coinbase and Circle.** Coinbase CEO praised the bill, saying it would make the U.S. financial system faster, cheaper, and more convenient. Despite the strong momentum, the bill faces a series of significant challenges before becoming law. First, there are the serious time and procedural challenges. Supporters hope President Trump can sign the bill by July 4, but the schedule is extremely tight. Lawmakers are about to enter the Memorial Day recess on May 21, followed by the August congressional recess. The bill must first be reconciled with the version introduced by the Senate Agriculture Committee in January before being submitted to the full Senate, where it needs at least 60 votes to advance. After that, it needs to be reconciled with the corresponding bill (HR 3633) passed by the House of Representatives in July 2025, and then voted on again by the House before finally being sent to the president. Secondly, there are lingering political divisions. Progressive senators have fiercely criticized the bill, saying it would &#34;exacerbate the huge conflict of interest arising from Trump and his family's crypto business.&#34; Although an amendment to a related provision was rejected in a committee vote, similar voices could still create obstacles in the full House vote. Furthermore, details regarding whether developer protections have been weakened and whether stablecoin provisions still contain loopholes for disguised interest arbitrage will continue to be the focus of the debate. Galaxy Digital has given a cautiously optimistic assessment, believing the bill has a 55% chance of becoming law by 2026. The successful passage of the CLARITY bill through the committee is a crucial breakthrough for the crypto industry, moving from unregulated growth to compliant maturity. In the coming months, the market will closely monitor the progress of the reconciliation of versions in the House and Senate and the full House vote.</p>
<div class="lb-trans"><p>白宫数字资产总统顾问委员会的执行董事表示，该法案是美国在全球金融市场保持领导地位的必要政策，其消费者保护和反非法金融条款是基础。短期内对市场的提振和长期影响同样显著；除了比特币的激增，Coinbase 的股价当天也上涨了超过 9%。核心原因在于立法者在稳定币奖励上达成了微妙的妥协：<strong>它明确禁止平台对闲置稳定币支付被动利息，类似于存款，这让以美国银行家协会为首的传统银行家对存款流失感到安心。</strong> 然而，<strong>与此同时，该法案允许与直接交易相关的基于活动的奖励，例如燃气费支付和水电费支付，为 Coinbase 和 Circle 等稳定币企业保留了合法的商业空间。</strong> Coinbase 首席执行官称赞该法案，表示它将使美国金融系统更快、更便宜、更便捷。尽管势头强劲，但该法案在成为法律之前面临一系列重大挑战。首先，存在严重的时间和程序挑战。支持者希望特朗普总统能在 7 月 4 日签署该法案，但时间安排极为紧张。立法者将在 5 月 21 日进入阵亡将士纪念日休会，随后是 8 月的国会休会。该法案必须首先与参议院农业委员会在 1 月提出的版本进行协调，然后才能提交给全体参议院，在那里需要至少 60 票才能推进。之后，还需要与众议院在 2025 年 7 月通过的相应法案（HR 3633）进行协调，然后再由众议院投票，最后送交总统。其次，政治分歧依然存在。进步派参议员对该法案进行了激烈批评，称其将 “加剧特朗普及其家族的加密业务所带来的巨大利益冲突。” 尽管相关条款的修正案在委员会投票中被否决，但类似的声音仍可能在众议院全体投票中造成障碍。此外，关于开发者保护是否被削弱以及稳定币条款是否仍存在伪装利息套利的漏洞的细节，将继续成为辩论的焦点。Galaxy Digital 对此持谨慎乐观的评估，认为该法案在 2026 年前成为法律的机会为 55%。CLARITY 法案在委员会的成功通过是加密行业的重要突破，标志着从无监管增长到合规成熟的转变。在接下来的几个月里，市场将密切关注众议院和参议院版本协调的进展以及众议院的全体投票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7466220_watermarknone.png" alt="" original-src="https://img.jinse.com.cn/7466220_watermarknone.png"/></p>

The Clarity Act marks a milestone; what should we focus on next?

- 美国参议院银行委员会通过 CLARITY 法案，支持票 15 票，反对票 9 票。
- 比特币随后迅速突破 $82,000，市场对该法案表达信心。
- 法案明确 CFTC 对加密货币现货市场的监管权，SEC 保障数字资产证券的管理。

CoinLive

Galaxy Digital

Grayscale Bitcoin Trust BTC - ETF

Coinbase

IShares Ethereum Trust ETF

Bitwise Bitcoin ETF

CoinShares Bitcoin ETF

Franklin Ethereum ETF

ProShares Bitcoin Strategy ETF

2 倍做多 MARA ETF - GraniteShares

Fidelity Wise Origin Bitcoin Fund - ETF

Valkyrie Bitcoin and Ether Strategy ETF

WisdomTree Bitcoin Fund

2 倍做多 Coinbase ETF - Leverage Shares

Fidelity Ethereum Fund

Invesco Galaxy Bitcoin ETF

2 倍做多加密货币行业 ETF - Direxion

Leverage Shares 2X Long GLXY Daily ETF

2 倍做多 COIN ETF - GraniteShares

21Shares Ethereum ETF

T-REX 2X Long GLXY Daily Target ETF

Bitwise Ethereum ETF

Proshares Ether Strategy ETF

ARK 21Shares Bitcoin ETF

区块链 ETF - Amplify

VanEck Bitcoin ETF

Invesco Galaxy Ethereum ETF

Franklin Bitcoin ETF

iShares Bitcoin Trust ETF

VanEck Ethereum ETF

Circle

《清晰法案》标志着一个重要的里程碑；接下来我们应该重点关注什么？