世链财经

In the turbulent cryptocurrency market of 2025, the legislative struggle in the U.S. Congress surrounding stablecoin regulation is evolving into a dramatic political tug-of-war. When the (Guiding and Establishing the National Innovation Act for U.S. Stablecoins) (GENIUS Act) failed in the Senate by a narrow margin of 48 votes in favor and 49 against, this legislative action, originally focused on financial regulation, had morphed into a battlefield of bipartisan power struggles and the Trump family's cryptocurrency interest chain. With less than two years until the 2026 midterm elections, the 'difficult birth' of this bill not only reveals the complex interplay between the U.S. political ecology and the digital asset industry but also leaves the future direction of U.S. stablecoin regulation shrouded in speculation.

In May 2025, global attention focused on Lake Geneva. The joint statement reached by China and the U.S. here not only pressed the 'pause button' on years of bilateral trade friction but also unexpectedly revealed a dark line closely intertwined with the cryptocurrency market—when traditional international trade rules collide with decentralized Bitcoin, a market game about 'hedging uncertainty' is unfolding.
I. Geneva Agreement: The '90-Day Buffer Zone' in China-U.S. Economic and Trade Relations
In this document numbered 'Joint Statement of the China-U.S. Geneva Economic and Trade Talks', both sides exhibited a rare pragmatic attitude. The U.S. promised to amend three executive orders that would take effect in April 2025, suspending the implementation of a 24% tariff on Chinese goods (including Hong Kong and Macau) for 90 days, while retaining a 10% basic tariff and canceling additional tariffs from the other two executive orders. China simultaneously adjusted the announcement from the Tax Commission, suspending the 24% counter-tariff, canceling two targeted tariff measures, and terminating non-tariff barriers implemented since April 2.

A Historic Step

On May 6, 2025, New Hampshire Governor Kelly Ayotte signed the HB 302 bill, announcing that the state would establish a 'Strategic Bitcoin Reserve', becoming the first state in the U.S. to include Bitcoin in its fiscal reserves. This decision not only marks a breakthrough in the legalization of Bitcoin in public asset allocation but is also seen as a milestone event in the integration of digital assets with the traditional financial system. Coincidentally, over 80 years ago in 1944, representatives from 44 countries signed an agreement in Bretton Woods, New Hampshire, that established the dollar's status as a global reserve currency. Today, this historic state once again stands at the forefront of financial reform, leveraging Bitcoin as 'digital gold' to potentially trigger a nationwide wave of policy emulation.

A Delayed Regulatory Revolution

In 2024, the cryptocurrency market has gradually transitioned from its initial 'wild era' to the mainstream financial system, but the ambiguity of regulation has always loomed over the industry like the sword of Damocles. Now, U.S. lawmakers have finally taken a crucial step— the House Financial Services Committee and the Agricultural Committee jointly published a discussion draft of the (Digital Asset Regulatory Framework Bill), aimed at establishing clear regulatory rules for cryptocurrencies, stablecoins, NFTs, and other digital assets.
This draft is led by four heavyweight lawmakers, including House Financial Services Committee Chair French Hill, Agricultural Committee Chair G.T. Thompson, and the chairs of the Digital Assets Subcommittee, Bryan Steil and Dusty Johnson. It not only expands upon the previous (FIT21 Bill) but also attempts to resolve the power struggle between SEC and CFTC while strengthening information disclosure and providing a compliance path for the industry.

In the rapidly changing cryptocurrency market, every move made by the U.S. Securities and Exchange Commission (SEC) is closely watched. Recently, the SEC's cryptocurrency reform is at the center of attention, facing unprecedented new political pressure due to its connections with Trump. This complex situation not only affects the nerves of the cryptocurrency industry but also has far-reaching implications for the global regulatory landscape of digital assets.

Trump Family's Cryptocurrency Business Triggers Scrutiny Storm
According to Forbes, a series of actions by the Trump family in the cryptocurrency business is like a boulder thrown into a calm lake, creating ripples. Eric Trump, Trump's son, plans to attend the Token2049 conference alongside Sun Yuchen and World Liberty Financial co-founder Zack Witkoff. This news has attracted widespread attention. The Token2049 conference holds significant influence in the cryptocurrency industry, drawing numerous industry professionals, investors, and project parties. Eric Trump's participation undoubtedly sparks imaginations about the Trump family's plans in the cryptocurrency field.

The global cryptocurrency market is experiencing a capital storm jointly initiated by traditional financial giants and leaders in the crypto industry. Recently, multiple sources revealed that SoftBank Group founder Masayoshi Son plans to collaborate with the world's largest stablecoin issuer Tether and U.S. financial services giant Cantor Fitzgerald to establish a joint crypto venture worth up to $3 billion. This move is seen not only as an upgrade to the Bitcoin hoarding strategy but also as a potential turning point for institutional capital to enter the cryptocurrency market on a large scale.

The Prelude to a Financial Revolution
In March 2024, former US President Trump signed an executive order that could rewrite the global financial landscape—establishing a national strategic reserve for Bitcoin and other crypto assets. This decision not only marks the first official inclusion of Bitcoin into the national asset reserve system by the US government but may also become a pivotal turning point for cryptocurrencies transitioning from the margins to mainstream finance.

Now, with less than two weeks left in the 60-day evaluation period set by the executive order, the market is holding its breath for the final report from the US Treasury. Once the details are announced, Bitcoin and the entire crypto market may witness a new round of explosive growth.

In the dark forest of cryptocurrency, where there is no day or night, every transaction flickers like fireflies, attracting countless eyes chasing after wealth. But few realize that these seemingly active trading data may just be a meticulously staged puppet show — and the puppeteers are those market makers who should maintain market order.

By the end of summer 2024, Emirati market maker CLS Global staged a stunning market scam using 30 crypto wallets on the "NexFundAI" project. Like a casino cheat, they fabricated $600,000 in fake trading volume through 740 self-buy and self-sell wash trades. Ironically, this scam was actually a "market service" paid for by the "NexFundAI" project team themselves.