#美国加密市场法案延迟
The delay of the U.S. cryptocurrency market bill reflects its reality in a complex political process, but it is not the end of the legislative process.
1. Core Facts and Reasons for the Delay
· Latest Timeline: The key 'Market Structure Bill' has been postponed from its original schedule to late February or March 2026.
· Direct Resistance: The main reason for the delay is the Senate Judiciary Committee leader's opposition to the 'developer exemption' clause in the bill, fearing it could undermine investor protection.
· Political Reality: Congress needs to prioritize more urgent political agendas such as government budgeting, which compresses the space for deliberating complex cryptocurrency legislation.
2. Regulatory Dynamics During the Delay
Despite the slowdown in congressional legislation, regulatory agencies have not ceased their actions:
· Strengthened Agency Coordination: The SEC and CFTC are enhancing cooperation through new initiatives (such as the CFTC's 'Future-Proof' program) to address the legislative vacuum.
· SEC Attitude Shift: SEC's cryptocurrency enforcement actions have significantly decreased by 60% in 2025, and it plans to introduce an 'innovation exemption' policy aimed at providing temporary regulatory flexibility for compliant projects.
3. Key Milestones Outlook for 2026
2026 remains a critical year for U.S. cryptocurrency policy; in addition to the Market Structure Bill, attention should also be paid to:
· January: The SEC's 'innovation exemption' policy may be announced.
· July 18: Deadline for the release of implementation details related to the passed 'GENIUS Stablecoin Act'.
· November 3: U.S. midterm elections, the results of which may alter Congress's support landscape for cryptocurrency legislation.
In summary, the bill's delay temporarily leaves the industry without the clarity it anticipated, but it also provides regulatory agencies with space to explore rules through practice.
If you want to learn more about the aforementioned 'innovation exemption' or the 'GENIUS Stablecoin Act', I can further interpret for you.
