On July 18th, local time,
President Donald Trump officially signed the “Guidance and Establishment of National Innovation Act on Stablecoins” (referred to as the “Genius Act”) in the White House, marking the commencement of the implementation phase for U.S. stablecoin regulatory legislation.
The U.S. House of Representatives passed this bill with a vote of 308 in favor and 122 against on the 17th, aiming to establish a regulatory framework for “anchored” stablecoins. However, the bill has faced criticism and opposition from some quarters. Some Democrats argue that the bill fails to provide adequate safeguards for consumers, national security, or financial stability, and accuse the Trump family of connections to cryptocurrencies. (Liu Xu)
The passage of a stablecoin-related bill in the U.S. House of Representatives boosts U.S. Treasury bonds but risks remain.