According to reports from Reuters, Forbes magazine and other media outlets, on July 17 local time, the U.S. House of Representatives passed three cryptocurrency-related bills. Among them, the "Guidance and Establishing a National Innovation Act for American Stablecoins" (GENIUS Act, referred to as the "Genius Act") has been submitted to President Trump for signing and is expected to become a formal law on the 18th.

The "Genius Act" aims to establish a regulatory framework for stablecoins. The bill will set guidelines for banks and other entities issuing stablecoins and provide safeguards for stablecoin holders. U.S. Treasury Secretary Biden previously claimed that this bill would "strengthen the position of the U.S. dollar in the global financial system."

Stablecoins are designed to maintain a constant value. For example, dollar-backed stablecoins usually maintain a 1:1 peg with the U.S. dollar. The "Genius Act" requires these tokens to be backed by liquid assets, such as dollars or short-term Treasury bills, and the issuers must disclose the composition of their reserve assets monthly.

On July 17 local time, the "Genius Act" was passed by the House of Representatives. Visual China

Previously, both parties had undergone delicate negotiations over the bill for several months, and the Senate passed the bill in mid-June. The vote on the 17th showed that the bill was passed in the House of Representatives with 308 votes in favor and 122 against. Among them, 102 Democratic members voted in favor, while 12 Republicans voted against.

Other than the "Genius Act," the "Anti-CBDC Monitoring State Act" and the "2025 Digital Asset Market Clarity Act" (CLARITY Act, referred to as the "Clarity Act") were also passed by the House of Representatives on the same day. The former aims to prohibit the Federal Reserve from issuing central bank digital currencies (CBDCs); the latter is a market structure reform bill that involves the definition and regulatory authority division of different digital assets.

All three bills received support from Trump. In earlier voting this week, due to opposition from conservative Republicans and Democrats in the House, all three bills were once blocked.

Trump has repeatedly stated his support for cryptocurrencies during his presidential campaign, and after taking office, he has actively promoted cryptocurrency-friendly policies. In January this year, before Trump officially took office as President of the United States, he and his wife Melania Trump launched personal meme coins one after another. According to an estimate by the Financial Times, since the launch of the token, Trump has earned at least $350 million from cryptocurrency projects.

Reuters reported that this vote is a "turning point" for the digital asset industry. The industry has long advocated for related legislation at the federal level and invested funds in the last election to support candidates friendly to cryptocurrencies.

After the news of the passage of the bill, the stock prices of companies related to cryptocurrencies mostly rose. On that day, Bitcoin fell 0.54% to $119,298.87; Ethereum rose 1.42% to $3,429.47.

This article is an exclusive piece from Observer, and it is not allowed to be reprinted without permission.

Original: https://www.toutiao.com/article/7528211838123639346/

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