Internet reports that on July 17, U.S. Eastern Time, the U.S. Congress passed the GENIUS Act, marking the official implementation of the first federal-level stablecoin regulatory framework in the United States. Judging from the bill's advancement process, encryption legislation was quickly placed on the top agenda of the House of Representatives after the passage of the "Big and Beautiful Act". Trump also personally stepped down to promote consensus within the Republican Party, highlighting the priority of the encryption field in the U.S. policy framework. status. Judging from the content of the bill, the House of Representatives has not made substantive changes to the version passed by the Senate, and still retains a relatively loose regulatory framework dominated by the federal and supplemented by state levels. Looking forward to the follow-up, with the implementation of the regulatory rules of the GENIUS Act, U.S. financial and technology giants are expected to accelerate their entry, promote the accelerated spread of stablecoins from issuance to application scenarios, and may lead to continued expansion of the size of the stablecoin market.