<p>作者：區塊鏈騎士；來源：X，@Knight_in_Block</p>
<p>昨晚，美國參議院銀行委員會以 15 票贊成、9 票反對通過了 CLARITY 法案。</p>
<p>在消息傳出後，比特幣迅速突破 82,000 美元，市場用真實資金對這一里程碑投出了信任票。</p>
<p>這份 309 頁的法案不僅是迄今為止美國最全面的加密監管框架，還標誌着聯邦政府決心結束監管混亂，擁抱數字資產時代。</p>
<p>法案的通過結束了美國證券交易委員會（SEC）與商品期貨交易委員會（CFTC）之間長達十年的管轄權爭議。</p>
<p>新規清晰劃定了邊界，賦予 CFTC 對加密貨幣現貨市場的廣泛監管權，而 SEC 則保留對數字資產證券和投資合同首次發行的監管權。</p>
<p>白宮數字資產總統顧問委員會的執行董事表示，該法案是美國在全球金融市場保持領導地位的必要政策，其消費者保護和反非法金融條款是基礎。短期內對市場的提振和長期影響同樣顯著；除了比特幣的激增，Coinbase 的股價當天也上漲了超過 9%。核心原因在於立法者在穩定幣獎勵上達成了微妙的妥協：<strong>它明確禁止平台對閒置穩定幣支付被動利息，類似於存款，這讓以美國銀行家協會為首的傳統銀行家對存款流失感到安心。</strong> 然而，<strong>與此同時，該法案允許與直接交易相關的基於活動的獎勵，例如燃氣費支付和水電費支付，為 Coinbase 和 Circle 等穩定幣企業保留了合法的商業空間。</strong> Coinbase 首席執行官稱讚該法案，表示它將使美國金融系統更快、更便宜、更便捷。儘管勢頭強勁，但該法案在成為法律之前面臨一系列重大挑戰。首先，存在嚴重的時間和程序挑戰。支持者希望特朗普總統能在 7 月 4 日簽署該法案，但時間安排極為緊張。立法者將在 5 月 21 日進入陣亡將士紀念日休會，隨後是 8 月的國會休會。該法案必須首先與參議院農業委員會在 1 月提出的版本進行協調，然後才能提交給全體參議院，在那裏需要至少 60 票才能推進。之後，還需要與眾議院在 2025 年 7 月通過的相應法案（HR 3633）進行協調，然後再由眾議院投票，最後送交總統。其次，政治分歧依然存在。進步派參議員對該法案進行了激烈批評，稱其將 “加劇特朗普及其家族的加密業務所帶來的巨大利益衝突。” 儘管相關條款的修正案在委員會投票中被否決，但類似的聲音仍可能在眾議院全體投票中造成障礙。此外，關於開發者保護是否被削弱以及穩定幣條款是否仍存在偽裝利息套利的漏洞的細節，將繼續成為辯論的焦點。Galaxy Digital 對此持謹慎樂觀的評估，認為該法案在 2026 年前成為法律的機會為 55%。CLARITY 法案在委員會的成功通過是加密行業的重要突破，標誌着從無監管增長到合規成熟的轉變。在接下來的幾個月裏，市場將密切關注眾議院和參議院版本協調的進展以及眾議院的全體投票。</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>

銀河數碼

GLXY

GBTC

<p>美國參議院銀行委員會通過了 CLARITY 法案，這標誌着加密貨幣監管的重要一步，比特幣價格飆升至超過 82,000 美元。該法案明確了美國證券交易委員會（SEC）和商品期貨交易委員會（CFTC）之間的監管權力，旨在穩定市場並增強消費者保護。儘管面臨程序和政治挑戰，Galaxy Digital 估計該法案在 2026 年前成為法律的可能性為 55%。該法案被視為美國在全球金融市場保持領導地位的關鍵</p>

<p>Author: Blockchain Knight; Source: X, @Knight_in_Block</p>
<div class="lb-trans"><p>作者：區塊鏈騎士；來源：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，美國參議院銀行委員會以 15 票贊成、9 票反對通過了 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>在消息傳出後，比特幣迅速突破 82,000 美元，市場用真實資金對這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>這份 309 頁的法案不僅是迄今為止美國最全面的加密監管框架，還標誌着聯邦政府決心結束監管混亂，擁抱數字資產時代。</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>法案的通過結束了美國證券交易委員會（SEC）與商品期貨交易委員會（CFTC）之間長達十年的管轄權爭議。</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>新規清晰劃定了邊界，賦予 CFTC 對加密貨幣現貨市場的廣泛監管權，而 SEC 則保留對數字資產證券和投資合同首次發行的監管權。</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>白宮數字資產總統顧問委員會的執行董事表示，該法案是美國在全球金融市場保持領導地位的必要政策，其消費者保護和反非法金融條款是基礎。短期內對市場的提振和長期影響同樣顯著；除了比特幣的激增，Coinbase 的股價當天也上漲了超過 9%。核心原因在於立法者在穩定幣獎勵上達成了微妙的妥協：<strong>它明確禁止平台對閒置穩定幣支付被動利息，類似於存款，這讓以美國銀行家協會為首的傳統銀行家對存款流失感到安心。</strong> 然而，<strong>與此同時，該法案允許與直接交易相關的基於活動的獎勵，例如燃氣費支付和水電費支付，為 Coinbase 和 Circle 等穩定幣企業保留了合法的商業空間。</strong> Coinbase 首席執行官稱讚該法案，表示它將使美國金融系統更快、更便宜、更便捷。儘管勢頭強勁，但該法案在成為法律之前面臨一系列重大挑戰。首先，存在嚴重的時間和程序挑戰。支持者希望特朗普總統能在 7 月 4 日簽署該法案，但時間安排極為緊張。立法者將在 5 月 21 日進入陣亡將士紀念日休會，隨後是 8 月的國會休會。該法案必須首先與參議院農業委員會在 1 月提出的版本進行協調，然後才能提交給全體參議院，在那裏需要至少 60 票才能推進。之後，還需要與眾議院在 2025 年 7 月通過的相應法案（HR 3633）進行協調，然後再由眾議院投票，最後送交總統。其次，政治分歧依然存在。進步派參議員對該法案進行了激烈批評，稱其將 “加劇特朗普及其家族的加密業務所帶來的巨大利益衝突。” 儘管相關條款的修正案在委員會投票中被否決，但類似的聲音仍可能在眾議院全體投票中造成障礙。此外，關於開發者保護是否被削弱以及穩定幣條款是否仍存在偽裝利息套利的漏洞的細節，將繼續成為辯論的焦點。Galaxy Digital 對此持謹慎樂觀的評估，認為該法案在 2026 年前成為法律的機會為 55%。CLARITY 法案在委員會的成功通過是加密行業的重要突破，標誌着從無監管增長到合規成熟的轉變。在接下來的幾個月裏，市場將密切關注眾議院和參議院版本協調的進展以及眾議院的全體投票。</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?

- 美國參議院銀行委員會通過 CLARITY 法案，支持票 15 票，反對票 9 票。
- 比特幣隨後迅速突破 $82,000，市場對該法案表達信心。
- 法案明確 CFTC 對加密貨幣現貨市場的監管權，SEC 保障數字資產證券的管理。

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 倍做多加密貨幣行業 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

區塊鏈 ETF - Amplify

VanEck Bitcoin ETF

Invesco Galaxy Ethereum ETF

Franklin Bitcoin ETF

iShares Bitcoin Trust ETF

VanEck Ethereum ETF

Circle

《清晰法案》標誌着一個重要的里程碑；接下來我們應該重點關注什麼？