The impact of the principle bill on the crypto market is mainly reflected in the following aspects: #加密市场结构原则法案#

Clarification of legal status and regulatory framework
The principle emphasizes a clear definition of the legal status of digital assets, distinguishing between security tokens and commodity tokens, and providing new exemption clauses through institutions like the SEC, which helps companies clarify compliance paths and attract more institutional investors into the market. For example, stablecoin issuers (such as USDC, USDT) may face higher compliance thresholds, but the increased regulatory clarity will reduce market uncertainty.

Division of responsibilities among regulatory agencies and balancing innovation
The principle proposes to avoid a single omnipotent regulator and requires federal financial regulatory agencies to support responsible innovation while protecting consumer rights. This may promote the division of labor and collaboration among agencies such as the SEC and CFTC in the regulation of crypto assets, both preventing risks and preserving space for innovation, for example, by facilitating the development of emerging services such as on-chain payments through innovation-friendly registration requirements.

Strengthening Anti-Money Laundering and Consumer Protection
The principle requires the formulation of targeted anti-money laundering measures and the protection of differentiated rights and interests between centralized and decentralized platforms. For example, the on-chain encryption purchase service developed in collaboration between Mastercard and Chainlink achieves data exchange through interoperability protocols, meeting regulatory requirements while enhancing user experience, and may become a compliance benchmark for the industry.

Policy games and market volatility risks
Although the principles aim to promote innovation, the encryption industry may still become a focal point of bipartisan contention. For example, the support of Republican senators for crypto innovation (such as 39 individuals receiving high scores from crypto lobbying organizations) creates tension with the Democratic Party's emphasis on regulation, which may lead to fluctuating policies. In addition, the Senate's confirmation authority over regulatory appointments (such as the SEC chair) may affect the long-term development of the industry.

global market linkage effect
As the largest crypto market in the world, the improvement of its regulatory framework in the United States may encourage other countries to follow suit in legislation. For example, if the stability coin bills such as the "Genius Act" are passed, it could provide a reference template for global stablecoin issuance, further consolidating the United States' dominant position in the digital asset field.

Overall, this principle marks the transition of U.S. encryption regulation from a "gray area" to "institutionalization," which may intensify market volatility in the short term but will help build a more transparent and secure crypto ecosystem in the long run. Investors need to pay attention to the legislative processes in the Senate and House of Representatives, as well as the specific implementation details from regulatory agencies.