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Core Viewpoint - The passage of the GENIUS Act in the U.S. House of Representatives has created significant turbulence in the global cryptocurrency market, marking a pivotal moment for the industry with strict regulations on stablecoins [1][3]. Group 1: Regulatory Changes - The GENIUS Act mandates that all stablecoin issuers must hold reserves in a 1:1 ratio with U.S. dollars or short-term U.S. Treasury securities, requiring monthly public disclosures of their assets [1]. - Non-bank entities wishing to issue stablecoins must obtain a special license, while major banks are granted expedited access to the new market [1][3]. - A critical provision in the act states that stablecoins can only be used for payment settlements and cannot be classified as securities or commodities, aiming to bypass traditional banking systems [3]. Group 2: Market Reactions - Following the act's passage, Ethereum surged by 7% to over $3,600, while Bitcoin surpassed $120,000, with other cryptocurrencies like XRP and Dogecoin also experiencing significant gains of over 10% [3]. - However, the market also saw a dramatic fallout, with 160,000 investors liquidated within 24 hours, resulting in $585 million lost, and the largest single liquidation amounting to $23 million [3]. Group 3: Future Projections - U.S. Treasury Secretary predicts that the stablecoin market could grow to $2 trillion by 2028, significantly exceeding the current $250 billion market size, which would compel stablecoin issuers to purchase large amounts of U.S. Treasury securities [3]. - Major tech companies like Apple and PayPal are accelerating their entry into the payment sector, potentially sidelining algorithmic stablecoins that lack transparency [3]. Group 4: Political and Institutional Dynamics - Trump's personal meme coin has reportedly generated $350 million, and his family-associated stablecoin USD1 has seen a 40% increase in circulation following the act's passage [4]. - The Federal Reserve has expressed strong opposition to Trump's plans to allow $9 trillion in 401k funds to flow into the cryptocurrency market, with key Fed officials warning that such policies could lead to inflation [4]. - The SEC and CFTC are engaged in a jurisdictional dispute over the classification of cryptocurrencies as either securities or commodities, which could lead to a redefinition of major cryptocurrencies [6]. Group 5: Institutional Responses - Major banks like JPMorgan and Citigroup are quickly establishing digital asset departments, although skepticism remains regarding the market demand for stablecoins from some banking executives [6]. - Despite doubts, the stock price of Circle (issuer of USDC) has surged by 25% in two weeks, and inquiries from Goldman Sachs clients have tripled, indicating strong interest in digital assets [6].