On July 17, local time #加密立法新纪元 , the U.S. House of Representatives passed the "Guidance and Establishment of a National Stablecoin Innovation Act" (referred to as the "Genius Act") with a vote of 308 in favor and 122 against, marking a significant change in cryptocurrency regulation.

The "Genius Act" aims to establish a regulatory framework for stablecoins that are "pegged" to the U.S. dollar, requiring stablecoins to be backed by liquid assets such as the U.S. dollar or U.S. short-term Treasury bonds, while also requiring issuers to disclose detailed reserve information for stablecoins on a monthly basis. The passage of this act fills the regulatory gap for stablecoins, granting them federal legal recognition for the first time, providing institutional endorsement for their global circulation, and opening the door for traditional financial institutions and large tech payment companies to enter the market in a compliant manner.

On the same day as the "Genius Act," the "Digital Asset Market Clarity Act" and the "Anti-Central Bank Digital Currency Surveillance National Act" were also passed. The "Digital Asset Market Clarity Act" aims to clarify the regulatory scope of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, providing explicit rules for the cryptocurrency market; the "Anti-Central Bank Digital Currency Surveillance National Act" prohibits the Federal Reserve from issuing central bank digital currency in the future. The passage of these three acts signifies that the U.S. has taken an important step in cryptocurrency regulation, as digital assets gradually enter the mainstream financial system, which will also profoundly impact the development direction of the global cryptocurrency market.