On July 14, the U.S. Congress is going to do something big:
They will spend a whole week legislating for 'cryptocurrency'!
This is the first time in history——Crypto Week | Virtual Currency Week
And the biggest protagonist of this week:
GENIUS Act stablecoin regulation bill
It may be 'approved' within the next few days.
What exactly happened? Is it good or bad for the cryptocurrency space?
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What is 'Crypto Week'?
The U.S. Congress officially announces:
From July 14 to 18, there will be a 5-day review of 3 crypto legislations:
GENIUS Act: Stablecoin regulation bill
CLARITY Act: Clarifying the regulatory division between SEC and CFTC
CBDC Anti-Surveillance Act: Prohibiting central banks from issuing retail digital dollars
This means that the U.S. will officially set rules for the entire cryptocurrency space!
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How tough is the GENIUS Act?
This proposal, known as 'the strongest stablecoin bill in history', mainly includes:
Only regulated financial institutions can issue stablecoins
Must declare before issuance, transparent reserves, and accept audits
Non-compliant stablecoins (like USDT) will be restricted
Circle (USDC issuer) may become the biggest winner
In summary:
Stablecoins will turn into 'digital dollar shadows'—moving towards compliance and regulation.
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Will it affect the market?
Of course, especially in the next few days.
If the bill passes smoothly:
The stablecoin sector (USDC/Circle/Coinbase) may see an increase
If progress is hindered:
The market may feel disappointed, leading to short-term fluctuations
In the long term, this is an opportunity of policy dividends and industry reshuffling
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What do you think?
Do you support compliant stablecoins like Circle?