“加密货币周”意外横生，《天才法案》命途几何

Core Viewpoint - The legislative process for stablecoin regulation in the U.S. faces significant setbacks in the House of Representatives, particularly from conservative Republican members, despite initial success in the Senate [1][2]. Legislative Progress - The "Genius Act" aimed at regulating stablecoins has passed the Senate and is now under consideration in the House, alongside two other cryptocurrency bills [2]. - A procedural vote in the House resulted in 196 votes in favor and 223 against, with 13 Republican members opposing the motion, leading to a decline in related stock prices [2][3]. Reasons for Opposition - The opposition from conservative Republican members stems from a desire to bundle the "Genius Act" with the "Anti-CBDC Act" to ensure the latter's legal effectiveness, reflecting ideological goals to prevent the Federal Reserve from issuing digital currency [3][4]. - Concerns about personal privacy and the implications of a central bank digital currency (CBDC) have driven the push for the "Anti-CBDC Act" to be included in the legislative process [3]. Market Impact - The failure of the initial vote has caused stock prices of companies like Robinhood and Coinbase to drop, indicating market sensitivity to legislative developments in the cryptocurrency sector [2]. Regulatory Framework - The "Genius Act" is designed to regulate a stablecoin market valued at approximately $238 billion, establishing a clearer framework for issuing digital currencies by banks and corporations [6]. - If passed, the legislation would create the first federal-level regulatory framework for cryptocurrencies in the U.S., marking a significant milestone for the industry [6][7]. Global Context - The U.S. is not alone in pursuing stablecoin regulation; other regions, including the EU, UAE, Singapore, Japan, and Hong Kong, are also advancing their regulatory frameworks [7][8]. - The potential passage of U.S. stablecoin legislation could influence global regulatory approaches, prompting other regions to adopt similar or counteracting frameworks [8].