CITIC Securities: The US Stablecoin Act has been implemented, and loose supervision is good for market expansion

On July 17, Eastern Time, the US Congress passed the "GENIUS Act", marking the official landing of the first federal-level stablecoin regulatory framework in the United States. From the process of advancing the bill, the crypto legislation was quickly listed as the top agenda of the House of Representatives after the "Big and American Act" was passed. Trump also personally stepped down to promote consensus within the Republican Party, highlighting the priority of the crypto field in the US policy framework.
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 the state. Looking forward to the future, with the implementation of the regulatory details of the GENIUS Act, the US financial and tech giants are expected to accelerate their entry into the market, promote the accelerated diffusion of stablecoins from issuance to application scenarios, and may bring about the continuous expansion of the stablecoin market.