美国关键法案闯关成功，数字转型进入"持证上岗"时代

I. A Historic Breakthrough: The US CLARITY Act Passes a Key Hurdle

On May 14, the US Senate Banking Committee passed the CLARITY Act in a pivotal vote, officially advancing it to a full Senate vote. This progress has been hard-won—since January, the bill was stalled for over four months due to disagreements over stablecoin yield provisions, and was once considered at risk of failing. The latest version has resolved the core dispute: while stablecoins still cannot offer interest-like rewards comparable to bank deposits, they are now permitted to distribute incentives based on real activities or transactions, leaving room for compliant innovation within the industry. This signals that the puzzle of the US Web3 regulatory framework is being assembled at an accelerating pace.

II. Why This Is a "Once-in-a-Lifetime" Regulatory Turning Point

Over the past decade, the US crypto industry has struggled to grow under a fragmented regulatory patchwork. The blurred jurisdictional lines between the SEC and the CFTC, coupled with shifting enforcement stances, have left compliant companies bewildered while creating opportunities for speculators. The significance of the CLARITY Act is comparable to the impact of the Securities Act of 1933 on the modern financial system—it will, for the first time, establish clear boundaries between securities and commodities for digital assets, clarify regulatory responsibilities, and provide a definitive path for the secure launch of blockchain networks and the compliant operation of trading platforms. As the US finally takes this step, a "three-pillar" global Web3 regulatory landscape has emerged: the EU's MiCA has been implemented first, the UK framework is steadily progressing, and the US CLARITY Act is poised to follow.

On the Chinese mainland, a strict regulatory environment persists. Under the pressure of tightening domestic policies and the opportunities brought by overseas regulatory breakthroughs, CEOs, CFOs, compliance officers, and digital strategists of enterprises are standing at a critical crossroads. RWA (Real World Assets), serving as a vital bridge connecting the real economy with the digital ecosystem, has become a necessary ticket to enter the digital era.

III. When Policy Opportunity Meets the Education Gap, Who Will Fill the Void?

Behind the rapid expansion of the industry, the tension between "innovation" and "compliance" is becoming increasingly acute. A large number of teams migrating from Web2 lack experience in tokenization issuance, cross-border compliance, and on-chain operations. Between the policy opportunity and the demand for digitalization lies a vast educational gap. Building a systematic and verifiable RWA education infrastructure is a necessary prerequisite for the industry's maturation.

Against this backdrop, Starbase, in collaboration with Fudan University School of Law, will launch the "Advanced Study Program on Global Practices of Digital Assets" in mid-to-late June.

Centered on the theme "From Stablecoins to RWA: Exploring the International Frontiers of Asset Digitization," the program targets financial institutions, real economy enterprises, tech companies, and policy researchers. Leveraging the top-tier academic resources of Fudan University's Schools of Law, International Finance, and Computing and Intelligent Innovation, and integrating frontline experts from regulatory bodies, judiciary, public chains, and trading platforms, the program creates a closed-loop learning system covering "theoretical frameworks – case analysis – risk identification."

IV. An Interdisciplinary "Academic + Legal + Industry" Approach: What Does This Course Actually Teach?

The complexity of the RWA market lies in its cross-disciplinary nature; a single perspective is often insufficient to penetrate its underlying logic. From its curriculum structure, this program is not a traditional "concept popularization" exercise. Instead, it seeks to establish a genuine integration of academic depth, legal rigor, and industrial application—building competencies across three dimensions:

• Deep Theory: A systematic analysis of the regulatory systems and stablecoin rules in major jurisdictions including the US, EU, UK, and Asia-Pacific, helping students understand compliance pathway design across different legal regimes.

• Compliance Logic: Introduction of judicial case reviews and criminal risk management practices from leading law firms, transforming abstract "regulatory red lines" into tangible risk boundaries.

• Industry Cycle: Led by mentors with hands-on project experience, guiding students through the complete lifecycle of tokenization—from asset screening and compliance architecture design to the execution of cross-border financing—covering international RWA market analysis and asset allocation strategies.

The faculty lineup is also noteworthy. Beyond the academic strength of Fudan University's multiple schools (Law, International Finance, Computing and Intelligent Innovation), the program integrates the expertise of industry practitioners, along with participation from universities and industry players such as Hong Kong Polytechnic University, Hong Kong VDX, and the Avalanche blockchain, forming a support structure based on the "Academic + Legal + Industry" trinity. Upon completing all courses and passing the assessment, participants will receive a project completion certificate issued by Fudan University—in a nascent track like RWA, which heavily relies on trust endorsement, the weight of this certificate may be more significant than imagined.

V. This Is Not Just a Course, But a Ticket to the Era of Asset Digitization

The clarification of regulatory frameworks is happening globally in parallel, and the window of opportunity for the RWA track will not remain open forever. For financial institutions, this is a strategic node for deploying next-generation asset service capabilities. For real economy enterprises, it is a key lever to revitalize existing assets and open cross-border financing channels. For tech companies and policy researchers, it is the optimal entry point to understand and participate in rule-making.

Judging by its curriculum design, this collaboration between Fudan University School of Law and Starbase is clearly not a mere "concept popularization" lecture. It aims to build a practical battleground where academic depth, legal rigor, and industrial application truly engage. Mid-to-late June in Shanghai. In this early-stage bonus period heavily dependent on cognitive advantage, those who complete their systematic capability-building first are often the ones who secure the tickets first.