加密市场焦点！美国重磅听证会推迟至周四，CLARITY法案迎来打破“立法僵局”关键一步！

Core Viewpoint - The U.S. Senate Agriculture Committee has postponed the hearing on the cryptocurrency market structure bill due to a winter storm, with the new date set for Thursday. The bill aims to clarify the regulatory framework for cryptocurrency markets, specifically delineating the roles of the SEC and CFTC in overseeing digital assets [1][8]. Group 1: Legislative Process - The Senate Agriculture Committee intended to debate and vote on amendments to the cryptocurrency market structure bill, which seeks to define how the CFTC regulates the cryptocurrency market [1]. - The Senate Banking Committee also needs to review its version of the bill, which has been delayed without a new date set, making the legislative process challenging [8][9]. - The approval process involves both committees modifying their respective bills, merging them, and then submitting a unified version for a vote in the Senate [9]. Group 2: CLARITY Act Overview - The CLARITY Act, passed by the House in July 2025, aims to establish a structured framework to address regulatory uncertainties in the digital asset market, defining digital assets, intermediary roles, and disclosure obligations [2]. - The Act focuses on regulating market activities rather than assets, setting registration and conduct standards for exchanges, brokers, and dealers to enhance market integrity and transparency [2][4]. Group 3: Regulatory Authority - The CFTC is granted exclusive regulatory authority over "digital commodities" and their spot markets, particularly for assets with functional and decentralized blockchains, such as Bitcoin [3][5]. - The SEC retains oversight of digital assets classified as securities, which possess investment contract characteristics or have not reached decentralization standards, maintaining authority over primary market issuance and investor protection [3][6]. Group 4: Impact on Investment - The cryptocurrency industry has long sought market structure legislation to protect against unfavorable regulatory actions, particularly during the Biden administration, where several exchanges faced lawsuits from the SEC [10]. - The CLARITY Act aims to resolve regulatory ambiguities by clearly defining digital assets and assigning regulatory responsibilities, potentially reducing the "regulatory risk premium" and encouraging institutional investment in compliant platforms and quality tokens [10][11]. - Clear regulatory frameworks could facilitate the management, tracking, and trading of digital assets, attracting more investors and potentially increasing the value of various tokens [10].