The U.S. House of Representatives passed a Crypto Assets bill.

In the early morning of Friday, Beijing time, the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (referred to as the GENIUS Act) passed in the House of Representatives with a vote of 308 in favor and 122 against, with 102 Democratic representatives in favor and 12 Republican representatives against. The bill has previously been approved by the Senate and now only requires Trump's signature to officially take effect, which is seen as a significant victory for the Crypto Assets circle.
The market reaction is stable.
• The stock price of stablecoin issuer Circle remained largely unchanged after the vote.
• Bitcoin surged from $118,500 to $119,300 in a short time, with small fluctuations.
Core requirements of the bill
Stablecoins are Crypto Assets that are pegged 1:1 to assets like the US dollar, and the bill requires:
• Stablecoins must be backed by liquid assets, such as US dollars or short-term treasury bills.
• The issuer must publicly disclose the composition of reserve assets every month.
Industry Impact and Stakeholder Dynamics
• JPMorgan, Bank of America, VISA and other financial and payment giants see this legislation as the "starting gun" for entering the stablecoin sector.
• Several bank leaders believe that the "digital dollar" could threaten the banking industry's control over payments and are preparing to respond (such as issuing their own coins).
• Eswar Prasad, a senior researcher at the Brookings Institution, pointed out that the legislation provides legitimacy for the stablecoin industry, and the rules are relatively lenient.
• The House simultaneously passed the CLARITY Act to establish a regulatory framework for Crypto Assets, which will be sent to the Senate for review.

• The White House cryptocurrency affairs director urges the Senate to pass the bill before September to establish comprehensive rules for the Crypto Assets industry.
• Due to the CLARITY Act attempting to weaken SEC regulatory power and enhance CFTC authority, it has faced opposition from the majority of Democrats, and the Senate is drafting its own crypto regulation bill, making its prospects unclear.