The third week of July 2025 has been defined by the U.S. legislative body as "Cryptocurrency Week": the Federal House of Representatives successively passed the "GENIUS Act", "CLARITY Act", and the "Anti-CBDC Surveillance National Act", among which the "GENIUS Act" was officially signed into effect by President Trump on July 18, becoming the first federal-level comprehensive regulatory framework for stablecoins in the United States.
This legislative package marks the systematic establishment of a new digital financial order in the United States, aiming to strengthen the dollar’s influence in the global currency digitization process and provide a clear compliance path for blockchain technology innovation.
Core of the Bill: Dual Reinforcement of Dollar Hegemony and Stablecoin Compliance
The core of the GENIUS Act (full name: Guidance and Establishment of the National Stablecoin Innovation Act) lies in integrating stablecoins into the dollar-based system. According to the provisions of the bill:
- Mandatory Dollarization of Anchored Assets: All compliant payment stablecoins must be 100% backed by USD cash, U.S. Treasury bonds, or highly liquid asset reserves, prohibiting non-dollar pegged models;
- Centralization of Issuance Rights: Only three types of entities can legally issue stablecoins—federally chartered bank subsidiaries, federally or state-regulated non-bank institutions, and issuance exceeding $10 billion must upgrade to federal regulation;
- Exclusion of Foreign Stablecoin Competition: Three years after the bill takes effect, foreign stablecoins that are not registered in the U.S. or have not passed "equivalent regulation" certification are prohibited from selling to U.S. users.
This move directly stimulated new demand for US Treasuries. Taking Tether (USDT) as an example, for every 1% increase in the 98.5 billion dollars of US Treasuries it holds, the yield on 1-month US Treasuries can decrease by 3.8%, saving the US government approximately 15 billion dollars in interest expenses annually.
Regulatory Framework: Three-Tier Architecture Ending Policy Ambiguity
The regulatory framework of the Trump administration presents a complementary structure of "Management Layer - Application Layer - Protocol Layer," thoroughly reversing the previous jurisdictional disputes between the SEC and CFTC:
- The "GENIUS Act": Focuses on the legal attributes of stablecoins, clarifying that they are neither securities nor commodities, avoiding dual regulation;
- The "CLARITY Act": Distinguishes between digital asset securities (regulated by the SEC) and digital commodities (regulated by the CFTC), pioneering a "Decentralized Maturity Assessment," allowing protocols that meet conditions such as open-source and no single point of control to be exempt from securities law constraints;
- The "Anti-CBDC Act": Prohibits the Federal Reserve from issuing retail central bank digital currency, preventing the government from implementing financial surveillance through programmable currency.
This system reserves innovation space for the DeFi ecosystem: non-custodial protocols, node operators, and liquidity pool providers are not defined as "digital asset service providers," thus avoiding compliance burdens.
Geopolitical Intent: Dollar Stablecoins as an Alternative to SWIFT and Weak Sovereign Currencies
The bill implicitly carries a strategic goal of reshaping global financial infrastructure:
- Eroding SWIFT’s Dominance: Private dollar stablecoins can provide low-cost cross-border settlement, weakening the EU-dominated SWIFT system, especially promoting local currency alternatives in high-inflation regions such as Latin America and Africa;
- Withstanding the "De-dollarization" Wave: By converting global stablecoin demand into purchasing power for U.S. Treasuries, reinforcing the dollar’s liquidity hegemony.
Policy Continuity: Bitcoin Strategic Reserve Report Expected on July 30
Trump’s encryption policy shows a coherent offensive:
- Three executive orders have been signed since January, covering the establishment of working groups, the construction of Bitcoin reserves, and the repeal of "Operation Choke Point 2.0" (which previously restricted banking access for encryption companies);
- According to White House digital asset advisor Bo Hines, the "Presidential Working Group Report on Digital Asset Markets" will be released on July 30, and it is expected to propose a national Bitcoin reserve plan and use confiscated assets instead of fiscal funds for building the reserve.
Conclusion: Regulatory Watershed and New Industrial Order
As of July 28, 2025, the Trump administration has built a new order for digital assets based on "private innovation + dollar standard": transforming stablecoins into debt anchor tools through the "GENIUS Act", stifling competition from central bank digital currencies with the "Anti-CBDC Act", and unleashing on-chain agreements with the "CLARITY Act".
If the report on July 30 discloses details of the Bitcoin strategic reserves as expected, it will further confirm that "national holding of encryption currency" is moving from a marginal policy to the mainstream.
