{"id":38073,"date":"2016-02-03T08:44:57","date_gmt":"2016-02-02T23:44:57","guid":{"rendered":"http:\/\/www.singapore-startup.com\/?p=38073"},"modified":"2026-04-06T08:07:18","modified_gmt":"2026-04-05T23:07:18","slug":"%e3%80%90%e4%b8%bb%e5%a9%a6-%e8%8b%b1%e8%aa%9e-%e4%bb%95%e4%ba%8b%e3%80%91%e3%81%a7%e6%a4%9c%e7%b4%a2%e3%81%97%e3%81%9f%e4%ba%ba%e3%81%af%e3%81%93%e3%82%93%e3%81%aa%e6%96%b9%e6%b3%95%e3%81%a7%e5%95%8f","status":"publish","type":"post","link":"https:\/\/www.singapore-startup.com\/?p=38073","title":{"rendered":"Clarity\u6cd5\uff08Digital Asset Market Clarity Act of 2025\uff09\u3068\u306f\u4f55\u304b\uff1f\u53ef\u6c7a\u3055\u308c\u305f\u5834\u5408\u3001\u8ab0\u304c\u5f97\u3057\u3066\u8ab0\u304c\u640d\u3059\u308b\u306e\u304b\uff1f\uff082026\u5e744\u67086\u65e5\u6642\u70b9\uff09"},"content":{"rendered":"<div class=\"aafe36d7afa19a8010513acdd90193c0\" data-index=\"1\" style=\"float: none; margin:0px 0 0px 0; text-align:center;\">\n<center>Sponsored Link<\/center>\r\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- Article upper_singapore-startup.com -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8303070969424899\"\r\n     data-ad-slot=\"5656608650\"\r\n     data-ad-format=\"rectangle\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<h1>Clarity\u6cd5\uff08Digital Asset Market Clarity Act of 2025\uff09\u3068\u306f\u4f55\u304b\uff1f\u53ef\u6c7a\u3055\u308c\u305f\u5834\u5408\u3001\u8ab0\u304c\u5f97\u3057\u3066\u8ab0\u304c\u640d\u3059\u308b\u306e\u304b\uff1f\uff082026\u5e744\u67086\u65e5\u6642\u70b9\uff09<\/h1>\n<h2>\u307e\u305a\u7d50\u8ad6<\/h2>\n<p>\u3000Clarity\u6cd5\u306f\u3001\u8981\u3059\u308b\u306b<strong>\u300c\u7c73\u56fd\u3067\u6697\u53f7\u8cc7\u7523\u3092\u8ab0\u304c\u3069\u3046\u76e3\u7763\u3059\u308b\u306e\u304b\u3092\u3001\u8a34\u8a1f\u3067\u306f\u306a\u304f\u6cd5\u5f8b\u3067\u6c7a\u3081\u76f4\u3059\u5e02\u5834\u69cb\u9020\u6cd5\u300d<\/strong>\u3067\u3059\u3002\u76ee\u7684\u306f\u3001\u7d9a\u3044\u3066\u304d\u305f<strong>SEC\u306e\u57f7\u884c\u5148\u884c\u578b\u898f\u5236<\/strong>\u3068<strong>SEC\/CFTC\u306e\u7ba1\u8f44\u4e89\u3044<\/strong>\u306b\u7d42\u6b62\u7b26\u3092\u6253\u3064\u3053\u3068\u3067\u3059\u3002House\u7248\u306eCLARITY Act\u306f2025\u5e747\u670817\u65e5\u306b\u7c73\u4e0b\u9662\u3092294\u5bfe134\u3067\u901a\u904e\u3057\u307e\u3057\u305f\u304c\u30012026\u5e744\u67086\u65e5\u6642\u70b9\u3067\u306f\u307e\u3060\u6210\u7acb\u3057\u3066\u304a\u3089\u305a\u3001\u4e0a\u9662\u5074\u3067\u306f\u9280\u884c\u696d\u754c\u3068\u6697\u53f7\u8cc7\u7523\u696d\u754c\u304c<strong>\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u5831\u916c\u30fb\u5229\u56de\u308a<\/strong>\u306e\u6271\u3044\u3067\u5bfe\u7acb\u3057\u3001\u6700\u7d42\u6c7a\u7740\u306f\u3064\u3044\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u4eca\u306f\u300c\u6cd5\u6848\u306e\u65b9\u5411\u6027\u306f\u898b\u3048\u305f\u304c\u3001\u6700\u7d42\u88fd\u54c1\u306f\u307e\u3060\u78ba\u5b9a\u3057\u3066\u3044\u306a\u3044\u300d\u6bb5\u968e\u3067\u3059\u3002<\/p>\n<p>\u3000\u7d50\u8ad6\u3092\u5148\u306b\u8a00\u3046\u3068\u3001<strong>\u53ef\u6c7a\u3055\u308c\u305f\u3068\u304d\u306e\u6700\u5927\u306e\u52dd\u8005<\/strong>\u306f\u3001\u7c73\u56fd\u5185\u3067\u6226\u3044\u305f\u3044\u53d6\u5f15\u6240\u3001\u30c8\u30fc\u30af\u30f3\u767a\u884c\u4f53\u3001\u30ab\u30b9\u30c8\u30c7\u30a3\u4f01\u696d\u3001DeFi\u5468\u8fba\u306e\u958b\u767a\u8005\u3001\u305d\u3057\u3066\u4eca\u307e\u3067\u300c\u30eb\u30fc\u30eb\u304c\u66d6\u6627\u3060\u304b\u3089\u5165\u308c\u306a\u3044\u300d\u3068\u8003\u3048\u3066\u3044\u305f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3067\u3059\u3002\u9006\u306b\u3001<strong>\u6557\u8005\u5019\u88dc<\/strong>\u306f\u3001\u6a29\u9650\u3092\u5e83\u304f\u4e3b\u5f35\u3057\u3066\u304d\u305fSEC\u306e\u4e00\u90e8\u6a5f\u80fd\u3068\u3001\u9810\u91d1\u6d41\u51fa\u3092\u8b66\u6212\u3059\u308b\u9280\u884c\u696d\u754c\u306e\u4e00\u90e8\u3067\u3059\u3002\u305f\u3060\u3057\u9280\u884c\u306f\u5b8c\u5168\u6557\u8005\u3067\u306f\u306a\u304f\u3001\u4e0a\u9662\u8abf\u6574\u6848\u306e\u3088\u3046\u306b<strong>\u4fdd\u6709\u3060\u3051\u3067\u5229\u56de\u308a\u304c\u4ed8\u304f\u201c\u30d1\u30c3\u30b7\u30d6yield\u201d\u304c\u7981\u6b62<\/strong>\u3055\u308c\u308c\u3070\u3001\u77ed\u671f\u3067\u306f\u9810\u91d1\u6d41\u51fa\u3092\u9632\u3052\u308b\u305f\u3081\u3001\u300c\u77ed\u671f\u3067\u306f\u5b88\u3089\u308c\u3001\u9577\u671f\u3067\u306f\u7af6\u4e89\u3092\u5f37\u3044\u3089\u308c\u308b\u300d\u306b\u8fd1\u3044\u3067\u3059\u3002\u00a0<\/p>\n<p>\u3000\u3055\u3089\u306b\u3001\u3053\u308c\u306f\u5358\u306a\u308b\u696d\u754c\u6cd5\u3067\u306f\u306a\u304f\u3001<strong>\u30c9\u30eb\u8987\u6a29\u30fb\u5bfe\u4e2d\u7af6\u4e89\u30fb\u5236\u88c1\u56de\u907f\u5bfe\u7b56<\/strong>\u307e\u3067\u7d61\u3080\u5730\u653f\u5b66\u6cd5\u3060\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u7c73\u56fd\u306f\u3059\u3067\u306bGENIUS Act\u3067\u652f\u6255\u7528\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u9023\u90a6\u67a0\u7d44\u307f\u3092\u6cd5\u5236\u5316\u3057\u3001EU\u306fMiCA\u3001\u9999\u6e2f\u306fStablecoins Ordinance\u3092\u52d5\u304b\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3057\u7c73\u56fd\u304cCLARITY\u307e\u3067\u5b8c\u6210\u3055\u305b\u308c\u3070\u3001\u30c9\u30eb\u5efa\u3066\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3068\u30c8\u30fc\u30af\u30f3\u5316\u91d1\u878d\u306e\u6a19\u6e96\u3092\u63e1\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u9045\u308c\u308c\u3070\u3001\u5236\u5ea6\u304c\u660e\u78ba\u306aEU\u30fb\u9999\u6e2f\u30fb\u30c9\u30d0\u30a4\u3078\u4eba\u6750\u3068\u8cc7\u672c\u304c\u6d41\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>1. \u305d\u3082\u305d\u3082Clarity\u6cd5\u3068\u306f\u4f55\u304b\uff1f<\/h2>\n<p>\u3000\u521d\u5fc3\u8005\u5411\u3051\u306b\u8a00\u3046\u3068\u4eca\u306e\u7c73\u56fd\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u306e\u6700\u5927\u554f\u984c\u306f\u3001<strong>\u540c\u3058\u30c8\u30fc\u30af\u30f3\u3067\u3082\u300c\u8a3c\u5238\u306a\u306e\u304b\u3001\u5546\u54c1\u306a\u306e\u304b\u3001\u652f\u6255\u624b\u6bb5\u306a\u306e\u304b\u300d\u304c\u6cd5\u7684\u306b\u66d6\u6627\u3060\u3063\u305f<\/strong>\u3053\u3068\u3067\u3059\u3002CFTC\u81ea\u8eab\u3082\u3001\u73fe\u884c\u6cd5\u3067\u306f\u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u73fe\u7269\u5e02\u5834\u306b\u5bfe\u3057\u3066\u4e3b\u306b<strong>\u8a50\u6b3a\u30fb\u76f8\u5834\u64cd\u7e26\u306e\u6458\u767a\u6a29\u9650<\/strong>\u3057\u304b\u6301\u305f\u305a\u3001\u65e5\u5e38\u7684\u306a\u767b\u9332\u76e3\u7763\u6a29\u9650\u306f\u9650\u3089\u308c\u308b\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u73fe\u72b6\u306f\u3001\u73fe\u7269\u5e02\u5834\u306e\u5305\u62ec\u30eb\u30fc\u30eb\u304c\u8584\u3044\u4e00\u65b9\u3001SEC\u306f\u8a34\u8a1f\u3084\u57f7\u884c\u3067\u7dda\u5f15\u304d\u3092\u9032\u3081\u3066\u304d\u305f\u305f\u3081\u3001\u4e8b\u696d\u8005\u304b\u3089\u898b\u308b\u3068\u300c\u4f55\u3092\u3057\u305f\u3089\u9055\u6cd5\u304b\u5f8c\u304b\u3089\u77e5\u3089\u3055\u308c\u308b\u300d\u72b6\u614b\u306b\u306a\u308a\u3084\u3059\u304b\u3063\u305f\u306e\u3067\u3059\u3002\u00a0<\/p>\n<p>\u3000CLARITY Act\u306f\u3001\u3053\u306e\u66d6\u6627\u3055\u3092\u89e3\u304f\u305f\u3081\u306b\u3001\u307e\u305a<strong>digital asset\uff08\u5e83\u3044\u6982\u5ff5\uff09\u3092\u5b9a\u7fa9\u3057\u3001\u305d\u306e\u4e2d\u304b\u3089digital commodity<\/strong>\u3001<strong>investment contract asset<\/strong>\u3001<strong>permitted payment stablecoin<\/strong>\u3092\u5207\u308a\u5206\u3051\u307e\u3059\u3002House\u5831\u544a\u66f8\u3067\u306f\u3001digital asset\u3092\u300c\u6697\u53f7\u5b66\u7684\u306b\u4fdd\u8b77\u3055\u308c\u305f\u5206\u6563\u53f0\u5e33\u7b49\u306b\u8a18\u9332\u3055\u308c\u308b\u4fa1\u5024\u306e\u30c7\u30b8\u30bf\u30eb\u8868\u73fe\u300d\u3068\u5b9a\u7fa9\u3057\u3001digital commodity\u306f\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306e\u6a5f\u80fd\u3084\u5229\u7528\u306b\u672c\u8cea\u7684\u306b\u7d50\u3073\u3064\u3044\u305f\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001investment contract asset\u306f\u300c\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u76f4\u63a5\u4fdd\u6709\u30fb\u79fb\u8ee2\u3067\u304d\u308b\u304c\u3001\u6295\u8cc7\u5951\u7d04\u306b\u57fa\u3065\u3044\u3066\u8ca9\u58f2\u3055\u308c\u308b\u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u300d\u3068\u6574\u7406\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3000\u3053\u3053\u3067\u5927\u4e8b\u306a\u306e\u306f\u3001<strong>\u300c\u30c8\u30fc\u30af\u30f3\u305d\u306e\u3082\u306e\u300d\u3068\u300c\u305d\u306e\u58f2\u308a\u65b9\u300d\u3092\u5206\u3051\u3066\u8003\u3048\u308b\u767a\u60f3<\/strong>\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u3042\u308b\u30c8\u30fc\u30af\u30f3\u304c\u8cc7\u91d1\u8abf\u9054\u6bb5\u968e\u3067\u306f\u6295\u8cc7\u5951\u7d04\u3068\u3057\u3066\u58f2\u3089\u308c\u3066SEC\u306e\u4e16\u754c\u306b\u5165\u3063\u3066\u3082\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u304c\u5341\u5206\u306b\u5206\u6563\u5316\u3057\u3001\u4e00\u5b9a\u6761\u4ef6\u3092\u6e80\u305f\u3059\u3068\u3001\u305d\u306e\u5f8c\u306f<strong>mature blockchain system<\/strong>\u3068\u3057\u3066CFTC\u4e2d\u5fc3\u3078\u79fb\u308a\u3046\u308b\u8a2d\u8a08\u3067\u3059\u3002House\u7248\u306e\u8981\u7d04\u3067\u3082\u3001\u3053\u306e\u6cd5\u6848\u306e\u4e2d\u5fc3\u7279\u5fb4\u306e1\u3064\u306f\u3001\u30c8\u30fc\u30af\u30f3\u304c\u5341\u5206\u306a\u5206\u6563\u6027\u306b\u9054\u3057\u305f\u5834\u5408\u306b\u5546\u54c1\u5074\u3078\u79fb\u308c\u308b<strong>\u79fb\u884c\u30e1\u30ab\u30cb\u30ba\u30e0<\/strong>\u3092\u6301\u3064\u3053\u3068\u3060\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u00a0<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>2. \u91cd\u8981\u306a\u201c\u6ce8\u610f\u70b9\u201d<\/h2>\n<p>\u3000\u7b2c\u4e00\u306b\u3001<strong>Anti-CBDC Surveillance State Act\u306fCLARITY\u6cd5\u305d\u306e\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> 2025\u5e747\u670817\u65e5\u306b\u7c73\u4e0b\u9662\u306f\u3001CLARITY Act\u3001GENIUS Act\u3001Anti-CBDC Surveillance State Act\u3092<strong>\u5225\u3005\u306e\u6cd5\u6848\u3068\u3057\u3066<\/strong>\u901a\u3057\u3066\u3044\u307e\u3059\u3002\u300cFed\u306b\u3088\u308b\u500b\u4eba\u5411\u3051CBDC\u3092\u7981\u3058\u308b\u6761\u9805\u300d\u304cHouse\u901a\u904e\u6e08\u307fCLARITY\u672c\u4f53\u306b\u4e38\u3054\u3068\u5165\u3063\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u7406\u89e3\u306f\u4e0d\u6b63\u78ba\u3067\u3059\u3002<\/p>\n<p>\u3000\u7b2c\u4e8c\u306b\u3001<strong>\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u4e3b\u305f\u308b\u767a\u884c\u898f\u5236\u306f\u3001\u3059\u3067\u306bGENIUS Act\u3067\u67a0\u7d44\u307f\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/strong> White House\u3068Fed\u306b\u3088\u308c\u3070\u3001GENIUS Act\u306f2025\u5e747\u6708\u306b\u6210\u7acb\u3057\u3001100%\u6e96\u5099\u3001\u6708\u6b21\u958b\u793a\u3001\u767a\u884c\u4f53\u306e\u76e3\u7763\u67a0\u7d44\u307f\u3092\u7f6e\u304d\u3001\u767a\u884c\u4f53\u304c\u76f4\u63a5\u5229\u5b50\u3092\u6255\u3046\u3053\u3068\u3092\u7981\u3058\u3066\u3044\u307e\u3059\u3002CLARITY\u306f\u305d\u308c\u3092\u524d\u63d0\u306b\u3001\u8a3c\u5238\u30fb\u5546\u54c1\u30fb\u4ef2\u4ecb\u696d\u8005\u306e\u5e02\u5834\u69cb\u9020\u3068\u3001SEC\/CFTC\u4e0a\u3067\u306e\u53d6\u6271\u3044\u3092\u88dc\u5b8c\u3059\u308b\u4f4d\u7f6e\u3065\u3051\u3067\u3059\u3002\u3064\u307e\u308a\u300c\u652f\u6255\u7528\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u9280\u884c\u898f\u5236\u5f53\u5c40\uff0b\u5171\u540c\u76e3\u7763\u300d\u3068\u3044\u3046\u7d75\u306f\u5b8c\u5168\u306b\u8aa4\u308a\u3067\u306f\u306a\u3044\u3082\u306e\u306e\u3001\u5b9f\u969b\u306b\u306f<strong>GENIUS\u304c\u4e3b\u6cd5\u3001CLARITY\u304c\u5e02\u5834\u69cb\u9020\u88dc\u5b8c<\/strong>\u3068\u7406\u89e3\u3057\u305f\u65b9\u304c\u6b63\u78ba\u3067\u3059\u3002<\/p>\n<p>\u3000\u7b2c\u4e09\u306b\u30012026\u5e743\u6708\u672b\u306e\u59a5\u5354\u6848\u3068\u3057\u3066\u5831\u3058\u3089\u308c\u3066\u3044\u308b\u306e\u306f\u3001<strong>\u5358\u306b\u4fdd\u6709\u3059\u308b\u3060\u3051\u3067\u5229\u56de\u308a\u304c\u4ed8\u304f\u5831\u916c\u3092\u5236\u9650\u3057\u3064\u3064\u3001\u6d3b\u52d5\u9023\u52d5\u578b\u5831\u916c\u3092\u4e00\u5b9a\u7a0b\u5ea6\u6b8b\u3059\u65b9\u5411<\/strong>\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u307e\u3060<strong>\u4e0a\u9662\u8abf\u6574\u306e\u653f\u6cbb\u59a5\u5354\u6848\u30ec\u30d9\u30eb<\/strong>\u3067\u3042\u308a\u3001\u6210\u7acb\u6cd5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002Reuters\u306f\u3001\u9280\u884c\u3068\u6697\u53f7\u8cc7\u7523\u4f01\u696d\u306e\u5bfe\u7acb\u3067\u6cd5\u6848\u304c\u505c\u6ede\u3057\u3001White House\u4ef2\u4ecb\u3067\u3082\u306a\u304a\u6469\u64e6\u304c\u6b8b\u308b\u3068\u5831\u3058\u3066\u3044\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u30012026\u5e744\u67086\u65e5\u6642\u70b9\u3067\u78ba\u5b9a\u3057\u3066\u3044\u308b\u306e\u306f\u300cHouse\u901a\u904e\u6cd5\u300d\u3067\u306f\u306a\u304f\u3001\u300cSenate\u8abf\u6574\u3067\u305d\u3053\u304c\u6700\u5927\u306e\u8a70\u307e\u308a\u30dd\u30a4\u30f3\u30c8\u306b\u306a\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>3. \u53ef\u6c7a\u3055\u308c\u305f\u3089\u3001\u8ab0\u304c\u5f97\u3059\u308b\u306e\u304b\uff1f<\/h2>\n<h3>3-1. \u3044\u3061\u3070\u3093\u5f97\u3057\u3084\u3059\u3044\u306e\u306f\u7c73\u56fd\u306e\u6697\u53f7\u8cc7\u7523\u30a4\u30f3\u30d5\u30e9\u4f01\u696d<\/h3>\n<p>\u3000\u5206\u304b\u308a\u3084\u3059\u3044\u52dd\u8005\u306f\u3001\u7c73\u56fd\u5185\u3067\u4e8b\u696d\u3092\u3084\u308a\u305f\u3044<strong>\u53d6\u5f15\u6240\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u3001\u30c7\u30a3\u30fc\u30e9\u30fc\u3001\u30ab\u30b9\u30c8\u30c7\u30a3\u3001\u767a\u884c\u4f53<\/strong>\u3067\u3059\u3002House\u7248\u306e\u8981\u7d04\u3067\u306f\u3001CFTC\u767b\u9332\u306e<strong>digital commodity exchange \/ broker \/ dealer<\/strong>\u5236\u5ea6\u304c\u65b0\u8a2d\u3055\u308c\u3001\u73fe\u7269\u5e02\u5834\u306b\u5305\u62ec\u767b\u9332\u67a0\u7d44\u307f\u304c\u7f6e\u304b\u308c\u307e\u3059\u3002\u3055\u3089\u306b\u9867\u5ba2\u8cc7\u7523\u306e\u5206\u5225\u7ba1\u7406\u3001\u9069\u683c\u30ab\u30b9\u30c8\u30c7\u30a3\u3001\u5229\u76ca\u76f8\u53cd\u7ba1\u7406\u306a\u3069\u304c\u6c42\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u300c\u30eb\u30fc\u30eb\u304c\u306a\u3044\u304b\u3089\u5371\u306a\u3044\u5e02\u5834\u300d\u304b\u3089\u300c\u30eb\u30fc\u30eb\u306f\u91cd\u3044\u304c\u53c2\u5165\u3067\u304d\u308b\u5e02\u5834\u300d\u3078\u5909\u308f\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u307e\u3068\u3082\u306a\u4e8b\u696d\u8005\u307b\u3069\u6709\u5229\u3067\u3059\u3002\u00a0<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>3-2. \u6b21\u306b\u5f97\u3059\u308b\u306e\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6<\/h3>\n<p>\u3000\u5e74\u91d1\u3001\u4fdd\u967a\u3001\u4e0a\u5834\u4f01\u696d\u3001\u4f1d\u7d71\u91d1\u878d\u306e\u5927\u53e3\u8cc7\u91d1\u306f<strong>\u5024\u4e0a\u304c\u308a\u4f59\u5730\u304c\u3042\u308b\u304b\u3089\u5165\u3089\u306a\u3044<\/strong>\u306e\u3067\u306f\u306a\u304f\u3001<strong>\u6cd5\u52d9\u30fb\u4f1a\u8a08\u30fb\u30b3\u30f3\u30d7\u30e9\u306e\u8aac\u660e\u8cac\u4efb\u304c\u7acb\u305f\u306a\u3044\u304b\u3089\u5165\u308c\u306a\u3044<\/strong>\u5834\u5408\u304c\u591a\u3044\u3067\u3059\u3002CLARITY\u306f\u3001\u305d\u306e\u8aac\u660e\u8cac\u4efb\u3092\u4f5c\u308b\u6cd5\u3067\u3059\u3002JPMorgan\u306f2\u6708\u6642\u70b9\u3067\u3001\u5e02\u5834\u69cb\u9020\u6cd5\u304c\u901a\u308c\u30702026\u5e74\u5f8c\u534a\u306b\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u3092\u62bc\u3057\u4e0a\u3052\u3046\u308b\u3068\u898b\u3066\u3044\u307e\u3057\u305f\u3057\u3001Reuters\u306e\u89e3\u8aac\u3082\u3001\u6cd5\u6848\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u53c2\u52a0\u3084\u30c8\u30fc\u30af\u30f3\u5316\u3092\u9032\u3081\u3046\u308b\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4fa1\u683c\u3060\u3051\u3067\u306a\u304f<strong>\u53c2\u52a0\u8005\u306e\u8cea<\/strong>\u304c\u5909\u308f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>3-3. DeFi\u5468\u8fba\u306e\u958b\u767a\u8005\u3068\u30bb\u30eb\u30d5\u30ab\u30b9\u30c8\u30c7\u30a3\u5229\u7528\u8005\u3082\u6069\u6075\u304c\u5927\u304d\u3044<\/h3>\n<p>\u3000\u3053\u306e\u6cd5\u6848\u306f\u300c\u5168\u90e8\u3092\u4e2d\u592e\u96c6\u6a29\u696d\u8005\u6271\u3044\u3059\u308b\u300d\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002Senate Banking\u59d4\u54e1\u4f1a\u306e\u8aac\u660e\u3067\u306f\u3001<strong>\u9867\u5ba2\u8cc7\u7523\u3092\u652f\u914d\u3057\u306a\u3044\u30bd\u30d5\u30c8\u958b\u767a\u8005\u3092\u91d1\u878d\u4ef2\u4ecb\u696d\u8005\u3068\u3057\u3066\u6271\u308f\u306a\u3044<\/strong>\u3001\u30bb\u30eb\u30d5\u30ab\u30b9\u30c8\u30c7\u30a3\u3092\u7981\u6b62\u3057\u306a\u3044\u3001\u3068\u3044\u3046\u8003\u3048\u65b9\u304c\u660e\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002House\u7248\u8981\u7d04\u3067\u3082\u3001\u4e00\u5b9a\u306eDeFi\u6d3b\u52d5\u3084\u30a6\u30a9\u30ec\u30c3\u30c8\u958b\u767a\u3001UI\u63d0\u4f9b\u3001\u30d0\u30ea\u30c7\u30fc\u30b7\u30e7\u30f3\u7b49\u306f\u3001\u53cd\u8a50\u6b3a\u30fb\u53cd\u76f8\u5834\u64cd\u7e26\u6a29\u9650\u3092\u6b8b\u3057\u3064\u3064\u3001\u76f4\u63a5\u306e\u767b\u9332\u898f\u5236\u304b\u3089\u5916\u3059\u65b9\u5411\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u7c73\u56fd\u3067\u30aa\u30fc\u30d7\u30f3\u30bd\u30fc\u30b9\u958b\u767a\u3092\u7d9a\u3051\u305f\u3044\u4eba\u306b\u3068\u3063\u3066\u8ffd\u3044\u98a8\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>3-4. \u7c73\u56fd\u3068\u30c9\u30eb\u8987\u6a29\u306b\u3082\u8ffd\u3044\u98a8<\/h3>\n<p>\u3000GENIUS Act\u3092\u8aac\u660e\u3059\u308bWhite House\u306f\u3001\u540c\u6cd5\u304c<strong>\u7c73\u30c9\u30eb\u306e\u6e96\u5099\u901a\u8ca8\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u5f37\u5316\u3059\u308b<\/strong>\u3068\u660e\u8a00\u3057\u3066\u3044\u307e\u3059\u3002Fed\u306e\u7814\u7a76\u3082\u3001\u652f\u6255\u7528\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u6c7a\u6e08\u306e\u6469\u64e6\u3092\u4e0b\u3052\u3046\u308b\u4e00\u65b9\u3001\u56fd\u5185\u5916\u306e\u6d41\u52d5\u8cc7\u7523\u5e02\u5834\u3084\u4e2d\u592e\u9280\u884c\u306e\u904b\u55b6\u306b\u3082\u5f71\u97ff\u3057\u3046\u308b\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u7c73\u56fd\u304cCLARITY\u3067\u53d6\u5f15\u30fb\u4ef2\u4ecb\u30fb\u767a\u884c\u30fb\u4fdd\u7ba1\u306e\u6cd5\u5236\u5ea6\u307e\u3067\u56fa\u3081\u308b\u3068\u3001\u30c9\u30eb\u5efa\u3066\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u304c**\u300c\u6c11\u9593\u7248\u30c7\u30b8\u30bf\u30eb\u30c9\u30eb\u570f\u300d**\u3068\u3057\u3066\u5e83\u304c\u308b\u4f59\u5730\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u4e2d\u56fd\u306eCBDC\u6226\u7565\u3084\u3001\u9999\u6e2f\u30fb\u30c9\u30d0\u30a4\u306e\u30cf\u30d6\u5316\u306b\u5bfe\u3059\u308b\u5bfe\u6297\u6750\u6599\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u00a0<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>4. \u53ef\u6c7a\u3055\u308c\u305f\u3089\u3001\u8ab0\u304c\u640d\u3059\u308b\u306e\u304b\uff1f<\/h2>\n<h3>4-1. SEC\u306e\u201c\u5e83\u304f\u53d6\u308a\u306b\u3044\u304f\u201d\u4f59\u5730\u306f\u7e2e\u3080<\/h3>\n<p>\u3000CLARITY\u306e\u672c\u8cea\u306f\u3001SEC\u304c\u52dd\u3064\u304bCFTC\u304c\u52dd\u3064\u304b\u3067\u306f\u306a\u304f\u3001<strong>\u3069\u3053\u307e\u3067\u304cSEC\u3067\u3001\u3069\u3053\u304b\u3089\u304cCFTC\u304b\u3092\u5148\u306b\u66f8\u304f<\/strong>\u3053\u3068\u3067\u3059\u3002House\u7248\u8981\u7d04\u3067\u3082\u3001digital commodity\u3068permitted payment stablecoin\u306f\u8a3c\u5238\u306e\u5b9a\u7fa9\u304b\u3089\u5916\u3057\u3001CFTC\u306b\u306f\u767b\u9332\u73fe\u7269\u5e02\u5834\u3078\u306e\u5c02\u5c5e\u7ba1\u8f44\u3092\u4e0e\u3048\u308b\u8a2d\u8a08\u3067\u3059\u3002\u3053\u308c\u306f\u3001SEC\u306e\u88c1\u91cf\u7684\u306a\u62e1\u5f35\u4f59\u5730\u3092\u72ed\u3081\u307e\u3059\u3002SEC\u304c\u5b8c\u5168\u306b\u8ca0\u3051\u308b\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u6295\u8cc7\u5951\u7d04\u3084SEC\u767b\u9332\u696d\u8005\u4e0a\u306e\u53d6\u5f15\u306b\u306f\u4f9d\u7136\u3068\u3057\u3066\u6a29\u9650\u304c\u6b8b\u308a\u307e\u3059\u304c\u3001\u5f93\u6765\u306e\u3088\u3046\u306a\u300c\u307e\u305a\u63d0\u8a34\u3057\u3066\u304b\u3089\u7dda\u3092\u5f15\u304f\u300d\u4f59\u5730\u306f\u660e\u3089\u304b\u306b\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>4-2. 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Chartered\u306f\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u304c2028\u5e74\u672b\u307e\u3067\u306b<strong>\u6700\u59275000\u5104\u30c9\u30eb<\/strong>\u306e\u9810\u91d1\u3092\u7c73\u9280\u304b\u3089\u5f15\u304d\u5265\u304c\u3057\u3046\u308b\u3068\u8a66\u7b97\u3057\u307e\u3057\u305f\u3002ECB\u306e\u8ad6\u6587\u3082\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u62e1\u5927\u306f\u9810\u91d1\u6e1b\u5c11\u30fb\u8cb8\u51fa\u4f59\u529b\u4f4e\u4e0b\u30fb\u91d1\u878d\u653f\u7b56\u6ce2\u53ca\u306e\u5f31\u4f53\u5316\u306b\u3064\u306a\u304c\u308a\u5f97\u308b\u3068\u8b66\u544a\u3057\u3066\u3044\u307e\u3059\u3002\u3060\u304b\u3089\u9280\u884c\u306f\u3001\u9810\u91d1\u306e\u4ee3\u66ff\u7269\u306b\u306a\u308b\u201c\u5229\u56de\u308a\u4ed8\u304d\u30c9\u30eb\u30c8\u30fc\u30af\u30f3\u201d\u3092\u6050\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3082\u3057\u4e0a\u9662\u59a5\u5354\u6848\u3069\u304a\u308a\u30d1\u30c3\u30b7\u30d6yield\u304c\u7981\u6b62\u3055\u308c\u308c\u3070\u3001\u9280\u884c\u306f\u77ed\u671f\u3067\u306f\u52a9\u304b\u308a\u307e\u3059\u3002\u3067\u3059\u304c\u9577\u671f\u3067\u306f\u300124\u6642\u9593\u5373\u6642\u9001\u91d1\u30fb\u56fd\u969b\u9001\u91d1\u30fb\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u6c7a\u6e08\u3068\u3044\u3046\u7af6\u4e89\u304b\u3089\u9003\u3052\u3089\u308c\u307e\u305b\u3093\u3002\u3064\u307e\u308a\u9280\u884c\u306f<strong>\u77ed\u671f\u5b88\u52e2\u3001\u9577\u671f\u518d\u7de8<\/strong>\u304c\u672c\u8cea\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>4-3. 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