#美国核心物价涨幅不及市场预估 Recently, there have been frequent actions in global cryptocurrency regulation, with several significant developments worth noting —

South Korea has taken the lead, as the National Assembly has passed legislation to institutionalize token securities, meaning compliant issuers can now directly issue token securities using blockchain technology. At the same time, they have advanced two related legislative amendments, indicating South Korea's quite proactive attitude in the digital asset field.

On the US side, there are new voices regarding the framework of crypto policy. The Senate Banking Committee initially planned to amend the CLARITY Act, but due to some changes among key supporters, the hearing has been canceled. However, the market remains strongly supportive of crypto, with industry leaders publicly stating that the US should play a leading role in global crypto policy and actively promote the passage of relevant market structure bills.

From a financial stability perspective, the Deputy Governor of the Bank of England proposed an interesting idea: the UK may need to establish a protection mechanism for stablecoin deposits similar to traditional bank deposits. This reflects mainstream financial system recognition of stablecoins as financial instruments.

On the other hand, the Federal Reserve's stance remains hawkish. Officials have unanimously defended policy independence and signaled a pause in interest rate cuts. Some Fed officials openly stated that cryptocurrencies are "basically useless," but this clearly does not represent the consensus of the entire market.

The London Stock Exchange Group has also been active, launching a blockchain-based digital settlement service, another example of traditional financial infrastructure migrating onto the chain.

Domestically, the central bank indicated that there is still room for monetary policy adjustments such as reserve requirement and interest rate cuts this year, which is crucial for managing liquidity expectations.

Overall, the global regulatory framework for blockchain and crypto assets is gradually taking shape, from South Korea's token securities law to the UK's stablecoin protection proposal, and the US's advancement of crypto policy framework. The entire ecosystem is transitioning from the "exploration" stage to the "standardization" stage.