CEO Coinbase Lihat Hasil 'Saling Menguntungkan' untuk RUU Struktur Pasar Crypto yang Tertunda

bitcoinistPubblicato 2026-02-19Pubblicato ultima volta 2026-02-19

Introduzione

CEO Coinbase Brian Armstrong tetap optimis bahwa RUU struktur pasar crypto AS, CLARITY Act, akan menghasilkan situasi "saling menguntungkan" meskipun tertunda di Senat. RUU yang telah disetujui DPR pada Juli 2025 ini masih terhambat di komite perbankan Senat. Poin perselisihan utama adalah soal imbalan stablecoin, dengan Senator Bernie Moreno menentangnya, sementara Armstrong bersikeras bahwa imbalan penting untuk daya saing pasar domestik. Armstrong menekankan bahwa adopsi inovasi crypto oleh perbankan AS adalah kunci untuk tetap kompetitif secara global. Gedung Putih dikabarkan akan mengadakan pertemuan lagi untuk membahas isu stablecoin.

RUU struktur pasar crypto yang telah lama dinantikan, yang dikenal sebagai Undang-Undang CLARITY, masih tertahan di Senat AS, tetapi CEO Coinbase Brian Armstrong mengatakan dia masih mengharapkan resolusi yang positif.

CEO Coinbase Tetap Optimis

Berbicara pada hari Rabu di CNBC selama World Liberty Forum di Mar-a-Lago, Armstrong menyatakan keyakinan bahwa para pembuat undang-undang pada akhirnya akan memberikan apa yang dia gambarkan sebagai hasil "saling menguntungkan" bagi industri crypto, sektor perbankan, dan konsumen Amerika.

"Sekarang ada jalan ke depan," katanya, membingkai undang-undang tersebut sebagai peluang untuk membawa kepastian regulasi sambil memperkuat posisi negara dalam perlombaan aset digital global.

Undang-undang ini disetujui oleh Dewan Perwakilan Rakyat pada Juli 2025 dengan suara bipartisan yang kuat 294–134. Kemudian dirujuk ke Komite Perbankan, Perumahan, dan Urusan Perkotaan Senat pada September 2025, di mana undang-undang tersebut belum menerima suara di sidang paripurna.

Rencana markup komite pada pertengahan Januari 2026, termasuk sesi yang dijadwalkan pada 15 Januari dan 27 Januari, dibatalkan atau ditunda tanpa batas waktu di tengah penolakan industri dan perselisihan internal.

Pada akhir Januari dan awal Februari, Komite Pertanian Senat mengajukan langkah terkait yang mencakup unsur-unsur Undang-Undang Perantara Komoditas Digital (S. 3755) dengan suara sempit berdasarkan garis partai. Namun, langkah itu belum menyelesaikan kebuntuan yang lebih luas atas reformasi struktur pasar.

Senator Moreno Menentang Hadiah Stablecoin

Salah satu hambatan utama terus menjadi hasil stablecoin — apakah penerbit harus diizinkan untuk menawarkan hadiah atau bunga kepada pemegang. Senator Bernie Moreno berpendapat bahwa hadiah semacam itu tidak boleh dimasukkan dalam kerangka kerja.

Selama wawancara CNBC, Moreno menyarankan bahwa, kecuali seseorang memiliki bank, seseorang mungkin tidak perlu khawatir. Ia berpendapat bahwa konsumen akan mendapat manfaat dari persaingan yang lebih besar untuk simpanan mereka.

Namun, Senator dari Ohio itu lebih lanjut menyatakan keyakinan bahwa undang-undang crypto pada akhirnya akan melewati kebuntuan saat ini, dengan mengatakan, "Kami akan membawa RUU ini sampai finish," dan menambahkan bahwa dia berharap itu terjadi pada bulan April.

CEO Coinbase memiliki pandangan yang berbeda tentang stablecoin, dengan alasan bahwa hadiah sangat penting untuk membangun pasar domestik yang kompetitif. "Untuk membangun industri stablecoin di Amerika, kita harus memiliki hadiah stablecoin," katanya.

Eksekutif itu juga mencatat bahwa beberapa lembaga keuangan sudah menerima teknologi tersebut, menambahkan bahwa "bank-bank paling pintar" sedang condong ke crypto dan membentuk kemitraan dengan Coinbase.

"Ini baik bagi industri perbankan untuk merangkul inovasi," kata Armstrong, menekankan bahwa Amerika Serikat secara historis berhasil dengan beradaptasi daripada melindungi pemain yang sudah ada.

"Amerika tidak pernah menjadi negara yang stagnan dan melindungi pemain yang sudah ada. Kami ingin merangkul masa depan dan memastikan Amerika tetap kompetitif. Kami ada di panggung global di sini."

Bitcoinist melaporkan pada hari Selasa bahwa Gedung Putih sedang mempertimbangkan untuk mengadakan pertemuan lain paling cepat pada hari Kamis untuk membahas masalah hasil stablecoin, menandakan bahwa upaya tingkat tinggi untuk memecahkan kebuntuan terus berlanjut.

Grafik harian menunjukkan total kapitalisasi pasar crypto saat ini di $2,3 triliun. Sumber: TOTAL di TradingView.com

Gambar unggulan dari OpenArt, grafik dari TradingView.com

Domande pertinenti

QApa yang diyakini CEO Coinbase, Brian Armstrong, tentang hasil RUU struktur pasar crypto yang tertunda?

ABrian Armstrong yakin bahwa RUU tersebut akan menghasilkan hasil 'win-win' bagi industri crypto, sektor perbankan, dan konsumen Amerika, membawa kepastian regulasi dan memperkuat posisi Amerika dalam persaingan aset digital global.

QKapan RUU CLARITY Act disetujui oleh DPR AS dan dengan suara seperti apa?

ARUU CLARITY Act disetujui oleh DPR AS pada Juli 2025 dengan suara bipartisan yang kuat, yaitu 294–134.

QApa salah satu poin perselisihan utama yang menghambat RUU struktur pasar crypto di Senat?

ASalah satu poin perselisihan utama adalah tentang stablecoin yield, yaitu apakah penerbit stablecoin harus diizinkan untuk menawarkan imbalan atau bunga kepada pemegangnya, yang ditentang oleh Senator Bernie Moreno.

QApa pandangan Senator Bernie Moreno tentang imbalan stablecoin?

ASenator Bernie Moreno berpendapat bahwa imbalan stablecoin seharusnya tidak dimasukkan ke dalam kerangka peraturan, dengan alasan bahwa konsumen akan mendapat manfaat dari persaingan yang lebih besar untuk simpanan mereka.

QApa yang dilaporkan Bitcoinist mengenai upaya Gedung Putih untuk mengatasi masalah stablecoin yield?

ABitcoinist melaporkan bahwa Gedung Putih sedang mempertimbangkan untuk mengadakan pertemuan lain pada hari Kamis untuk membahas masalah stablecoin yield, menandakan bahwa upaya tingkat tinggi untuk memecahkan kebuntuan terus berlanjut.

Letture associate

PANews Column Registration and Article Submission Guide

"PANews Column Registration and Submission Guide" provides instructions for users to register as columnists and publish articles on the PANews platform. Key application requirements are emphasized: content should focus on in-depth analysis within Crypto, Web3, blockchain, data, and viewpoints. Content primarily for brand/product introductions will not be approved, and heavily AI-generated content will be rejected. Promotional (PR/soft) content is directed to the business channel. **Registration Process:** * **Web:** Go to the official website footer, click "Apply for Column," and register with a phone number or email (login via verification code, no password). Fill in the column name, description, upload an avatar, and submit links to previously published work. * **Mobile:** Navigate to "My" -> "Contribute & Create" and complete the form. **Article Submission Tutorial:** 1. Log in to the PANews website. 2. Access the "Creator Center" from your personal homepage. 3. Use the editor to create and publish articles. **Video Upload:** The platform supports embedding videos from third-party sites (e.g., Bilibili). Copy the embed code from the source video, use the editor's "Insert/Edit media" button, paste the code under the "Embed" tab, and adjust the display size (recommended: width 100%, height 560px). **PANews Skills (AI Agent Tool):** PANews offers an official AI Agent skill set called PANews Skills, enabling AI tools to query platform content, track trends, and publish column articles directly. It includes three main skills: 1. `panews`: For tracking daily must-read lists, popular articles, and funding news. 2. `panews-creator`: For managing columns, publishing articles, and uploading images. 3. `panews-web-viewer`: For parsing PANews webpages into Markdown. These skills are compatible with various AI Agent tools (OpenClaw, Cursor, Claude Code, ChatGPT, Gemini, etc.). To use the `panews-creator` skill, users must obtain a specific authentication value from the PANews website after logging into their columnist account.

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PANews Column Registration and Article Submission Guide

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After Tokenization of Assets, How to Exit?

Title: How to Exit After Asset Tokenization? Author: Symbiotic Compiled by: Hu Tao, ChainCatcher Summary: Tokenization addresses how assets go on-chain but largely leaves the redemption question unresolved. While tokenized assets can settle instantly, the underlying redemption for assets like treasuries, private credit, or real estate can take from T+1 to 180 days. This gap hinders DeFi adoption of Real World Assets (RWAs). Three emerging models aim to provide instant exit liquidity, differing primarily in their capital structure and efficiency: 1. **Balance Sheet Model (e.g., Grove Basin):** A single entity (like Sky) provides immediate liquidity from its balance sheet, acting as a bridge during the settlement period. It offers simplicity and deep initial liquidity but is constrained by a single entity's capacity and risk appetite. 2. **Asset-Specific Vault Model (e.g., Upshift Clear):** Independent liquidity providers fund dedicated vaults for each supported asset, earning fees. It decentralizes capital sources but isolates liquidity and capital per asset, leading to potential fragmentation. 3. **Shared Liquidity Layer Model (e.g., Symbiotic Liquid Lane):** A shared capital pool supports multiple RWA types simultaneously. Funds remain productive between redemptions (e.g., earning yield in lending markets). Exits are settled via a competitive RFQ market. This model aims for higher capital efficiency, scalability across assets, and serves longer-duration assets like private credit. Key differentiators are: 1) Source of capital and risk bearer, 2) Redemption pricing mechanism, 3) Capital efficiency, 4) Scalability to new asset types, and 5) Composability. The shared liquidity layer model represents a move from piecemeal solutions toward scalable infrastructure, enabling T+0 exits by pooling capital, maintaining yield, and using competitive pricing, thus enhancing RWA utility in DeFi.

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After Tokenization of Assets, How to Exit?

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After Tokenizing Assets, How to Exit?

After tokenization, a key unresolved issue is providing holders with a reliable exit mechanism, as underlying asset settlement (taking days to months) lags far behind on-chain token settlement. Three primary models for instant liquidity have emerged, differing in their capital structure and efficiency: 1. **Balance Sheet Model (e.g., Grove Basin):** A single, well-capitalized entity (like Sky) provides immediate liquidity from its own reserves. This offers simplicity and deep initial liquidity but is constrained by that single balance sheet's capacity and risk appetite, limiting scalability. 2. **Dedicated Vault Model (e.g., Upshift Clear):** Independent liquidity providers (LPs) fund separate vaults for each supported asset. This decentralizes capital sources but isolates liquidity and capital, which becomes inefficient as the number of tokenized assets grows. 3. **Shared Liquidity Layer Model (Symbiotic Liquid Lane):** Independent capital providers fund shared vaults that can support multiple tokenized assets simultaneously. Capital remains productive between redemptions (e.g., earning yield in DeFi markets). Exits are settled via a competitive RFQ market where market makers bid. The article argues that the shared layer model offers superior capital efficiency and scalability. It transforms exit liquidity from an asset-specific patch into shared market infrastructure, allowing liquidity capacity to grow with overall market participation rather than being fragmented per asset. This is particularly valuable for longer-duration assets like private credit, where reliable T+0 exits can significantly enhance their utility in DeFi.

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