$BTC

The following is the latest summary of U.S. cryptocurrency legislation as of June 21, 2025:

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🏛️ Core Progress: GENIUS Act (Stablecoin Regulation)

• Senate Approval

On June 17, the U.S. Senate passed the "GENIUS Act" (Guiding and Establishing National Innovation for U.S. Stablecoins) by a vote of 68–30, becoming the first federal-level stablecoin regulatory bill, setting strict asset backing and transparency disclosure requirements.

• Bipartisan Support and Controversy

This bill received strong bipartisan support, including 18 Democratic senators; however, some Democrats raised concerns due to the Trump family's investments in the stablecoin space and whether to exempt the former president from the restrictions.

• Trump Advocates for a "Clean Bill"

President Trump urged the House via TruthSocial to pass the pure version (without additional amendments) of the GENIUS Act as soon as possible, emphasizing a swift resolution.

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📊 Market Impact and Institutional Response

• Financial Institutions Benefit

Stablecoin issuer Circle's stock surged nearly 30%, reflecting market support for the bill's enactment.

• Positive for U.S. Treasury Bonds

As the bill requires stablecoin issuers to maintain liquid assets (including short-term Treasury bonds), it is expected to drive stablecoin issuers to further purchase U.S. debt, helping to reduce the government's borrowing costs.

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⚖️ Pending Drafts and Future Directions

• Market Structure Drafts (CLARITY, etc.)

Legislation including the CLARITY Act and FIT 21 (Financial Innovation for the 21st Century Act) is still under discussion in the House, focusing on DeFi, exchange regulation, and asset classification, with no consensus reached yet.

• Future of Stablecoin Legislation

The GENIUS Act will be handled by the House, which may adopt existing drafts or maintain the original proposal. It is anticipated to be completed as early as summer, followed by submission for Trump's signature.

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✅ Summary

The current focus of U.S. cryptocurrency legislation is concentrated in the stablecoin sector, and the passage of the GENIUS Act marks a significant breakthrough in federal-level regulation. In the short term, this enhances the compliance and investment confidence in the stablecoin industry, benefiting demand for U.S. debt, but further legislation progress is still needed for broader cryptocurrency assets and exchange regulation.