Surprisingly, all three bills have passed. After seeing the lobbying capabilities of Trump's team, it's clear they are very strong, and this time it passed by a large margin.

Let's take a detailed look at the progress related to the passage of the three bills,

The GENIUS Act, having already passed the Senate vote in June, only needs to be submitted to the President's office for Trump's signature to be completed.

The CLARITY Act and the Anti-CBDC Act still have a lot of agenda items to go through; the subsequent agenda includes:

1. Transfer/distribution of the proposal

2. Hearing, this item is optional

3. Line-by-line review, amendment, and voting

4. Formal full Senate debate and vote

5. Negotiation to resolve differences among members

6. Submission to the President,

Thus, aside from the stablecoin bill which has substantial progress, the other two bills are merely in the preliminary stage, and there is still a long way to go, with more content needing adjustments.

Let's see what changes have been made in the final passage of the stablecoin bill:

1. The scope of 100% asset reserves, which initially included commercial paper, now only includes cash, central bank reserves, and approximately 93-day government bond reverse repos. This move can tighten actual liquidity and credit risk.

2. Redemption date, from the previous T+3 to the current final version of T+1, strengthens liquidity, maintaining relative consistency with USDC.

3. Interest/returns, remains basically unchanged, interest payments are prohibited.

4. Increased regulatory pathways, adding state regulation + federal review options for issuers or institutions with issuance scales below $1 billion, making it more friendly for smaller-scale issuers.

The impact of the final version of the bill on the market:

1. Compliance costs increase, but the threshold is lowered,

2. The legal pathway is clearer, which is beneficial for industry development

3. Stablecoins increase the circulation of the dollar,

4. Further dollarization of reserve assets alleviates some concerns about U.S. Treasury absorption.

Overall, the final bill still has a positive effect on the industry, while alleviating concerns about Treasury buying. Additionally, lowering the threshold can promote industry development.

Moreover, a key point is that it completely blocks the issuance of CBDCs, gradually separating the future issuance of crypto dollars from the Federal Reserve.