The United States is truly about to take action against the crypto industry this time.

On December 12, Senate Banking Committee Chairman Tim Scott directly announced—a substantial breakthrough in cryptocurrency legislation. What does this mean? It means that Scott just finished a meeting with the big three Wall Street giants—JPMorgan, Citigroup, and Wells Fargo—and several CEOs have finalized a legislative framework for crypto that is being called a "milestone."

The goal of this legislation is very clear: to draw a red line around the entire digital asset industry, while giving the SEC and CFTC these two regulatory agencies real enforcement power. Even more interesting is that these industry leaders will continue discussions in two separate meetings this week with Democratic and Republican lawmakers, and it’s said that the atmosphere of these meetings has been quite harmonious.

However, things are not that simple. The banking association has come out again to criticize—pointing directly at the GENIUS Act passed this summer, claiming it has serious loopholes. Their straightforward opinion is that: the regulation of stablecoin interest rates is insufficient, exchanges can easily exploit gaps, and there's a risk that stablecoins could be turned into de facto financial products, which is completely contrary to the original legislative intent.

So now, the situation is quite delicate: the new law is being pushed forward rapidly, but the pitfalls of the old law remain unfilled. Can the US's chess game of crypto regulation really be played out successfully?

Do you think this round of legislation can truly solve the industry’s regulatory chaos? Or will it leave new gray areas?