???????:?????????????

????:Aiying ??????????????????,???????,??????

GENIUS????????,????????3060???,??????????:?????,??????????,?????3.2???????????,????????CLARITY????????294???????,????????????–??????????

???????GENIUS?CLARITY??????

GENIUS?”????”:??????????

GENIUS??(Guidance and Establishment of National Innovation for US Stablecoins)?????????,????????????????????(CoinDesk,2026-05-06)????????????:2025????????49%,????3060???;Circle?Ripple??????OCC???????????(provisional national banking charters)?

?????????”???????????”,??????90%???????????????????????????,?????????????–???????????,?????????????

CLARITY???????????????????

CLARITY??(Clarity for Digital Tokens Act)?294???????,??????”????????????”?????????????????,????–???SEC?CFTC??????,????????????????????,?????????????????(CoinDesk,2026-05-06)?

????????:CLARITY?????????(non-custodial technologies)?????????????Tornado Cash???????????,??????????????????????????,????????????????????????????

Tillis-Alsobrooks??:????????????

?????(stablecoin yield)??????”??????????????”????Tillis?Alsobrooks????????????,???????GENIUS??????????,????????????????(CoinDesk,2026-05-06)?

?????????,?????”????”,????????”????”?????????–???????CLARITY????????????????????,“???????”???”?????”????

??????????????

??????:51%??????90%?????

????,?????????????51%??????????90%???????????????????3.2????,?7000??????????–??????????(CoinDesk,2026-05-06)?

????????????:???????????,???????????????????????????;???????????????????GENIUS???????????,?CLARITY??????????????

???????????

??MiCA????,????PSA??,????VARA????????????????,???????????,????????????????????(CoinDesk,2026-05-06)?

???????????????????????????????????,???VASP???????MPI??????MiCA??–?????????????????????CLARITY,????????????:????(regulation by enforcement)?

SEC?CFTC?????????????

????????,SEC?CFTC?????????????????????Coinbase?Kraken?Binance.US????????????,??????????????????,?????

CLARITY???????,?????????SEC?CFTC?????????????????????–??????????????????????????????,???????

??????????????

• ????????,???????:294?????????????,????????–”?????????????????”??????????????????????,???????,???????????????????
• GENIUS???,???”?????”????:3060???????????????,??????????????CLARITY?????????????3.2????????????
• Tillis-Alsobrooks???????,???????:??????????,????????????????????????,CLARITY??????????–??????,”???”????,”???”???
• ???????????CLARITY??????:????????????????????????,?????????????????,??????????????????
• ??????????????,???:?????????–???????????,??????????????????”??”,?”????”?

?????

GENIUS??????????????,CLARITY???????????????–?????????????????????????,???”??”????????????,?????????????GENIUS?????,???????,????”???”???”????”?????2026?????????????????

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????:??? Aiying ??????,?? Tony???????

????:Summer Mersinger & Ji Hun Kim, "The time is now: the Senate must act on crypto market structure legislation," CoinDesk, May 6, 2026.