On July 18 local time, the White House was lit up by a historic moment as Trump signed the (GENIUS Act), marking the official introduction of the first federal-level stablecoin regulatory framework in the United States. Facing the dignitaries and crypto leaders present, Trump boldly declared: "This is the most profound transformation in financial technology since the birth of the internet." With the signing of this act, a storm reshaping the global financial order is quietly brewing.
At the moment Trump signed, Ripple CEO Brad Garlinghouse was so excited that he applauded: "It should have been done long ago!" This tough guy, who has been fighting the SEC for four years and has burned over a hundred million in legal fees, publicly stood with Trump for the first time. The reason is clear to those who understand: Garlinghouse is betting on Trump, hoping he can save the day. Currently, the SEC insists that XRP is a security, and once Trump's regulatory framework gives cryptocurrencies a 'proper name', the exorbitant fines facing Ripple may vanish instantly.
Trump's approach can be described as ruthless, with the bill targeting the chaos directly. The first strike is aimed at algorithmic stablecoins, mandating that all stablecoins must be backed by real assets to fundamentally prevent a repeat of the LUNA-style collapse; the second strike is merciless, requiring monthly public disclosure of reserves, leaving no space for misappropriating user funds, with audit enforcement at the ready; the third strike directly clears out small players, banning coin issuance without federal licenses, and state license limits are capped at $1 billion, leaving small companies with no option but to lament in the corner.
On the surface, the bill seems to protect retail investors, but it actually harbors a "careful thought" of dollar hegemony. Treasury Secretary Besant accidentally let slip: every time a compliant stablecoin is used globally, it is equivalent to supplying ammunition to U.S. Treasury bonds.
Before the ink on the bill dried, financial giants couldn't contain themselves. Among the most impactful is Trump's secret order for the Labor Department to study the path for 401k retirement funds to buy cryptocurrencies. It should be noted that the current total market capitalization of Bitcoin is only $2.1 trillion; once the $8.9 trillion retirement funds surge in, the entire market will surely explode!
In this market reconstruction, the map of winners is beginning to take shape. New regulations are reshaping the competitive landscape of the industry, with the compliant stablecoin leader USDC's issuer Circle seeing its stock price soar 22% in a single day, while transparent reserves and early licenses become its strong moat; exchanges and custody hub Coinbase rose 4.3% in a single day, and Goldman Sachs and BNY Mellon have also successively opened institutional custody services; core crypto asset BlackRock's Bitcoin ETF raised $1.76 billion in a single week; if 401k is allowed to flow in, the BTC valuation system will be completely rewritten.
The digital financial strategy of the Trump administration is gradually becoming clear, with a dual-track approach of national Bitcoin strategic reserves and stablecoin regulatory frameworks, attempting to build a new frontier for dollar hegemony. However, the structural risks under the new order cannot be ignored. Tech giants are entering the fray, with retail giants like Walmart and Amazon preparing to issue their own currencies, while the survival space for small and medium players is becoming increasingly cramped; regulatory arbitrage risks are emerging, with overseas issuers possibly exploiting regulatory differences to penetrate the U.S. market; and stablecoins holding large amounts of short-term U.S. Treasury bonds may cause market turbulence if faced with concentrated redemptions.
From the perspective of Chang'an's predictive strategy, in the short term, compliant stablecoins like USDC and trading platforms like Coinbase will benefit first; in the medium term, the entry of ETF + 401k funds is an inevitable trend, and leading assets like BTC and ETH are destined to be the beneficiaries; in the long term, stablecoins will become a new weapon for the U.S. to maintain the dollar's hegemony, and the status of the dollar may迎来第二春, while BTC, as a decentralized asset, will also become more scarce and important.
Galenhaus's bet on Trump is by no means out of charity, but a matter of life and death. When the $8.9 trillion retirement fund vehicle starts, some will be ruthlessly crushed and turn to dust, while others will seize the opportunity and rise to the top. The difference lies in what you hold in your hand: is it a bubble or a ticket to financial freedom? Remember the words of Fuxiang's prediction: can't eat the fish head, don't be greedy for the fish tail, the middle section is the main battlefield for retail investors. Now, let's seize the next opportunity together!#加密立法新纪元
