The Genius Act was not passed
On July 15, a key procedural vote in the U.S. House of Representatives failed, and the Genius Act (GENIUS Act) has been temporarily shelved.
This bill, which was originally thought to help the U.S. 'lead the world' in the stablecoin sector, was surprisingly derailed by its own party in the House—12 Republican lawmakers defected, citing the lack of a clause to 'prohibit the issuance of central bank digital currency'!
What do American investors think?
A trending post on Reddit exploded:
Some are worried: 'This is the government wanting to take full control of cryptocurrencies, dragging what should be a free world into the regulatory cage of traditional finance.'
Some sarcastically remarked: 'If the GENIUS Act is passed and stablecoins crash, your bank account might have to bail it out.'
There are also optimists: 'The regulatory framework is actually favorable for payment tokens, and in the long run, it will attract institutional funds.'
What should Xiaohongshu viewers pay attention to?
1. U.S. stock-related targets (such as CRCL/Coinbase/MSTR) have recently shown significant volatility due to the bill, and short-term sentiment changes need to be monitored.
2. Cryptocurrency sector sentiment is recovering: despite the bill being shelved, Bitcoin has broken above $120,000 as market funds speculate on expectations.
3. Voting may still be restarted; Trump has called out to 'make America lead Europe by light-years', this is not the end, but a pause before the storm.
In summary:
'While the Genius Act is on hold, the regulatory battle over stablecoins has only just begun.'
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