Core Viewpoint - The cryptocurrency market experienced a collective pullback on July 19, following a rise on July 18, with Bitcoin's price dropping from over $120,000 to around $116,788, and settling at approximately $118,000, reflecting a nearly 2% decline within 24 hours [1]. Market Performance - Bitcoin price: $118,000, down 2% in 24 hours [1] - Ethereum (ETH): $3,572, down 0.99% [4] - XRP: $3.454, down 4.01% [4] - Solana (SOL): $177.1, down 1.46% [4] - Dogecoin (DOGE): $0.2422, up 10.4% [4] - SUI: $3.758, down 6.14% [4] - Cardano (ADA): $0.822, down 3.65% [4] - Binance Coin (BNB): $730, down 0.26% [4] Liquidation Data - Over 180,000 traders were liquidated in the past 24 hours, with total liquidation amount exceeding $800 million [5]. - Breakdown of liquidations: - 1-hour liquidation: $4.757 million [6] - 4-hour liquidation: $32.432 million [6] - 12-hour liquidation: $300 million [6] - 24-hour liquidation: $810 million [6] Regulatory Developments - On July 18, U.S. President Trump signed the "Stablecoin Innovation Act," establishing a regulatory framework for digital stablecoins in the U.S. [7]. - The Act mandates that the Federal Reserve and the Office of the Comptroller of the Currency oversee the issuance of stablecoins by large banks and non-bank entities [7]. - The Act requires that payment stablecoins be backed by at least 1:1 reserve assets, which can include U.S. dollars, demand deposits, U.S. Treasury securities, and other liquid assets [7]. - The Act also calls for a study on non-payment stablecoins by the U.S. Treasury, with a report due to Congress within one year [7]. Market Reaction - Following the passage of the "Stablecoin Innovation Act" by the U.S. House of Representatives on July 17, the cryptocurrency market saw a surge, with Bitcoin surpassing $120,000 and Ethereum nearing $3,600 [8].

Group 1 - Block, formerly known as Square, will be added to the S&P 500 index, highlighting the growing influence of digital payments and cryptocurrencies in mainstream finance [1] - The adjustment will take effect before the market opens on July 23, with Block replacing Hess, which is exiting the index due to Chevron's $53 billion acquisition of Hess [1] - Following the announcement, Block's stock price surged by 14% in after-hours trading, indicating a positive market reaction [1] Group 2 - Block's integration of Bitcoin payment functionality into Square terminals aligns with founder Jack Dorsey's long-standing advocacy for cryptocurrencies [2] - Despite facing challenges with profit volatility, Block continues to advance its strategy of transforming Cash App into a comprehensive banking product [2] - Being included in a core U.S. index enhances the company's market image and holds strategic significance amid the growth of passive investment funds [2] - The adjustment reflects how fintech companies are reshaping the competitive landscape of traditional financial markets through technological innovation and business expansion [2]

新华财经纽约7月18日电（记者刘亚南）美国总统特朗普18日下午签署稳定币法案，这一美国联邦层面 首个稳定币立法将为支付型稳定币的发行、支持资产储备和监管执法等提供监管框架。 根据该法，美国联邦储备委员会和美国财政部下属货币监理署将分别负责大型银行和非银行机构发行稳 定币的监管，州级监管机构则主要负责稳定币发行规模小于100美元的发行人监管。所发行支付型稳定 币需要至少有1:1的储备资产支持，相关资产可以是美元、活期存款、美国国债、依回购合约所得资 金、逆回购合约、投资公司所发行证券和其他联邦政府所发行流动性资产等。在满足技术和监管等的要 求后，外国支付型稳定币可以在美国买卖和使用。 该法还要求美国财政部长牵头对非支付型稳定币进行研究，并在该法实施后一年内向国会提交报告。 美国参议院和众议院分别在今年6月17日和7月17日通过该法案。 特朗普当日在签署该法案前表示，这一名为《指导与建立美国稳定币国家创新法案》的立法为建立和释 放美元支持稳定币的巨大前景提供了清晰和简单的监管框架。 特朗普称，在把美国建成全球加密货币之都方面将更进一步，稳定币将增加对美国国债的需求，降低美 国利率并确保美元的全球储备货币地位。 美 ...

Core Points - The signing of the "Genius Act" by President Trump establishes the first regulatory framework for digital stablecoins in the U.S. [1][2] - The act aims to increase demand for U.S. Treasury bonds, lower U.S. interest rates, and maintain the dollar's status as the global reserve currency [1] Legislative Progress - On June 17, the U.S. Senate passed the "Genius Act" with a vote of 68 to 30, marking the first major approval of cryptocurrency legislation [1] - On July 17, the House of Representatives passed three bills related to stablecoins and digital currencies, including the "Genius Act" [1] - Trump described the act as one of the greatest changes in financial technology since the advent of the internet [1] Definition and Market Overview - Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to the U.S. dollar at a 1:1 ratio [4] - The current market size of stablecoins is approximately $247 billion, with the largest stablecoins being Tether (USDT) and USD Coin (USDC), which together account for about 90% of the total market [6][7] - The stablecoin market is projected to grow to $3.7 trillion by 2030 [7] Objectives of U.S. Government - The U.S. government aims to leverage stablecoins to enhance the dollar's influence in the digital currency space and maintain its dominance in the global monetary system [9] - There is a belief that issuing stablecoins could alleviate future pressures on U.S. debt [9] Challenges and Controversies - The "Genius Act" has faced criticism from both parties, with some Democrats arguing it lacks sufficient consumer and national security protections [12] - Some Republicans oppose the act for not adhering to a previous executive order that prohibits the establishment of a central bank digital currency [12]

Core Viewpoint - The article discusses the recent signing of the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" by President Trump, marking the establishment of a regulatory framework for digital stablecoins in the U.S. This move is part of a broader strategy to maintain the dominance of the U.S. dollar in the global monetary system and to enhance the influence of the U.S. in the digital currency space [1][6][9]. Legislative Progress - On June 17, the U.S. Senate passed the "Genius Act" with a vote of 68 to 30, marking the first major approval of cryptocurrency legislation in the Senate [2][3]. - On July 17, the U.S. House of Representatives passed three bills related to stablecoins and digital currencies [2][4][5]. Key Features of the "Genius Act" - The act aims to create a regulatory framework for stablecoins that are pegged to the U.S. dollar, requiring them to be backed by liquid assets such as U.S. Treasury bills and mandating monthly disclosures of reserves by issuers [3][8]. Purpose of Promoting Stablecoins - The U.S. government aims to maintain its dominance in the global monetary system by promoting stablecoins, which are seen as a way to leverage the existing strength of the U.S. dollar in the digital currency space [9][10]. - Stablecoins have become a significant part of cryptocurrency transactions, with over 90% of Bitcoin transactions settled through USDT/USDC, and they serve as a "digital safe-haven asset" in emerging markets [9][10]. Market Growth and Projections - The stablecoin market has grown rapidly, from a valuation of $20 billion in 2020 to approximately $247 billion currently, with projections suggesting it could reach $3.7 trillion by 2030 [8][9]. Challenges and Concerns - There are concerns regarding the ability of stablecoins to maintain the attractiveness of the U.S. dollar, especially if the dollar's credibility declines [11]. - The article highlights ongoing domestic controversies regarding the "Genius Act," with some lawmakers questioning its adequacy in protecting consumers and national security [13][14]. Criticism of Stablecoins - The Bank for International Settlements has criticized stablecoins for their poor performance as widely usable currencies, citing issues such as anonymity, rapid redemption risks, and potential threats to monetary sovereignty [15][16][18].

Group 1 - The U.S. stock indices showed mixed performance, with the Dow Jones down 0.32% and the S&P 500 down 0.01%, while the Nasdaq rose 0.05% [2] - The GENIUS Act, signed by President Trump, establishes a federal regulatory framework for stablecoins, marking a significant step in U.S. cryptocurrency regulation [2][3] - The act requires issuers to hold short-term government bonds or equivalent assets equal to the amount issued, which is expected to create demand for U.S. Treasury bonds [3] Group 2 - Cryptocurrency market capitalization surpassed $4 trillion for the first time, with Ethereum experiencing a 22% increase over five days, and Bitcoin reaching a historical high of $123,200 earlier in the week [5] - Major tech stocks mostly rose, with Tesla up over 3% and Amazon up more than 1%, while some stocks like Nvidia and Microsoft saw declines [5] - Cryptocurrency-related stocks showed mixed results, with Robinhood up 4.07% and Coinbase up 2.2%, while Circle fell over 4.71% after an initial rise [3][5] Group 3 - Gold, silver, and oil prices experienced declines, with gold down 0.12% to $3,354.75 per ounce, silver down 0.51% to $38.1975 per ounce, and WTI crude oil down 1.68% [8][10] - The Federal Reserve's Goolsbee indicated that tariffs are disrupting inflation expectations and delaying potential interest rate cuts, which could impact economic growth [11][12]

【导读】 Circle突发大跳水； 美联储古尔斯比称，关税进一步扰乱通胀前景并推迟了美国可能的降息举措 中国基金报记者 张舟 美东时间 7 月 18 日周五，美国三大股指涨跌不一，三大股指本周走势涨跌互现。特朗普签署《 GENIUS 法案》，为稳定币设立联邦监 管框架，承诺绝不允许在美国创建央行数字货币。 黄金、银、原油本周下跌。现货黄金报 3354.75 美元 / 盎司，本周跌 0.12% ；现货白银报 38.1975 美元 / 盎司，本周跌 0.51% ； 国际油价小幅收跌， WTI 本周跌 1.68% 。 有报道称，特朗普将很快宣布重大贸易协议。美联储古尔斯比称，关税进一步扰乱通胀前景并推迟了美国可能的降息举措。 三大股指本周涨跌互现 特朗普签署 GENIUS 法案 截至收盘，道指跌 0.32% ，报 44342.19 点；标普 500 指数跌 0.01% ，报 6296.79 点；纳指涨 0.05% ，报 20895.65 点。本 周，道指跌 0.07% ，标普 500 指数涨 0.59% ，纳指涨 1.51% 。 当地时间 7 月 18 日，美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新 ...

Group 1 - The Ministry of Commerce emphasizes that cooperation between China and the US is essential, urging the US to abandon zero-sum thinking and lift unreasonable trade restrictions [1] - The State Administration for Market Regulation has urged major platforms like Ele.me, Meituan, and JD.com to standardize promotional activities and foster a healthy competitive ecosystem in the food service industry [1] - A meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation to regulate competition in the new energy vehicle industry, focusing on product safety and quality [1] Group 2 - The Ministry of Industry and Information Technology plans to implement a new round of growth stabilization work for key industries, including steel and non-ferrous metals, to optimize supply and eliminate outdated capacity [2] - The Ministry of Commerce reports that China's consumer market remains the second largest globally, with retail sales expected to exceed 50 trillion yuan this year, growing at an average annual rate of 5.5% over the past four years [2] - The National Development and Reform Commission has announced measures to encourage foreign investment in domestic reinvestment, including tax support policies [2] Group 3 - The China Securities Regulatory Commission is addressing accounting practices in the market by drafting guidelines to ensure consistent application of accounting standards [3] - The Shenzhen Stock Exchange has issued notifications regarding the continuation of corporate bond issuance and asset-backed securities, allowing issuers to apply for issuance based on existing registration documents [3] - The Shanghai Stock Exchange has taken regulatory measures against 158 cases of abnormal trading behavior, including market manipulation and false declarations [4] Group 4 - The Ministry of Commerce's meeting with Nvidia's CEO highlighted China's commitment to attracting foreign investment and fostering cooperation in artificial intelligence [7] - The European Union has approved a new round of sanctions against Russia, which includes banning the use of the Nord Stream pipeline and setting price caps on oil imports [8] Group 5 - A new company is being established by provincial distributors of Moutai liquor to develop local cultural Moutai products, which is expected to help meet annual performance targets and stabilize market prices [5]

Group 1: Cryptocurrency Market Highlights - Bitcoin reached a new all-time high of $123,226, currently priced at $118,547.1, with a 24-hour increase of 0.13% [1] - The total market capitalization of cryptocurrencies surpassed $4 trillion, with Bitcoin accounting for 59.9% and Ethereum for 10.8% [2] - XRP's price exceeded $3.6, with a market capitalization over $210 billion, making it the third-largest cryptocurrency [2] Group 2: Ethereum Developments - Ethereum's total contract open interest surpassed $50.3 billion, marking a historical high with a 24-hour growth of 8.09% [3] - In the last 24 hours, 145,988 individuals were liquidated, totaling $549 million, with the largest single liquidation occurring at $3.2058 million [3] - SharpLink became the entity holding the most Ethereum, purchasing approximately 74,656 ETH for about $213 million, with a total holding of around 280,706 ETH [4] Group 3: Regulatory and Legislative Updates - President Donald Trump plans to sign an executive order allowing 401(k) retirement accounts to invest in cryptocurrencies and alternative assets, potentially opening a $9 trillion retirement market [7] - The U.S. House of Representatives passed three cryptocurrency-related bills, including the GENIUS Act, which will become the first major legislation on cryptocurrency [9] Group 4: Institutional and Banking Initiatives - Standard Chartered launched spot trading services for Bitcoin and Ethereum for institutional clients, becoming the first global systemically important bank to offer such services [13] - Sberbank, Russia's largest state-owned bank, announced plans to provide custody services for local crypto assets [12] Group 5: Market Challenges and Future Outlook - Mastercard's Chief Product Officer stated that despite the advantages of stablecoins, challenges such as user experience and channel coverage hinder their mainstream adoption [15] - A proposal was made to phase out Bitcoin addresses vulnerable to quantum attacks, indicating ongoing concerns about security in the cryptocurrency space [14]

特朗普在讲话中表示，他已签署行政令，设立联邦"战略比特币储备"和"国家数字资产储备"。同时，特 朗普重申他"绝不会允许在美国设立中央银行数字货币"。 美国众议院17日以308票赞成、122票反对的结果，通过了这一法案。该法案旨在为"锚定"美元的稳定币 制定监管框架。然而，该法案曾遭到部分人士的质疑和反对。一些民主党人认为，该法案未能为消费 者、国家安全或金融稳定提供足够的保障，并指责特朗普家族与加密货币存在联系。 美众议院通过稳定币相关法案 提振美债但风险犹存 当地时间17日，美国众议院以308票赞成、122票反对的结果，通过了《指导与建立美国稳定币国家创新 法案》（简称《天才法案》），该法案旨在为"锚定"美元的稳定币制定监管框架。该法案此前已经在参 议院获得通过，将提交给美国总统特朗普，预计将由特朗普签署成为法律。 此外，众议院当天还以294票对134票的结果，通过了《数字资产市场清晰法案》，法案此后将提交参议 院审议。该法案旨在明确美国证券和交易委员会和商品期货交易委员会的监管范围，为加密货币市场提 供明确规则。据法新社报道，该法案争议较大，难以确保最终成法。 （原标题：凌晨重磅！特朗普，签了！） 特朗普 ...