The U.S. Congress indeed faces a tricky issue in advancing legislation for a digital asset innovation framework. On one hand, bills like the Genius Act aim to regulate the stablecoin market, while on the other hand, the Clarity Act attempts to impose further restrictions on digital assets. It sounds promising, but in reality, the effectiveness of these legislative efforts depends on a key premise—the federal regulatory agencies must be granted sufficient authority and equipped with adequate resources.

The problem is that current regulators such as the SEC and CFTC are facing a fragmented distribution of authority. Power is divided among multiple agencies, leading to low policy enforcement efficiency and even regulatory gaps. Worse still, these agencies' personnel and budgets are being cut, directly impacting their enforcement capabilities. In other words, no matter how perfect the legislation is, without supporting enforcement resources, it ultimately remains just on paper.

What does this mean for the digital asset industry? The uncertainty of the legal framework and the lack of regulatory resources could lead to more unpredictable risks for innovative projects. Stablecoin issuers need to act cautiously within vague regulatory boundaries, and the overall development speed of the ecosystem may consequently slow down.