（简称《天才法案》）是美国首部针对稳定币的联邦级全面监管法案，旨在构建清晰的监管框架以规范 市场发展。该法案于2025年6月17日经参议院表决通过（68票支持、30票反对），随后于7月17日由众议 院以308票赞成、122票反对的结果批准，最终由总统特朗普于7月18日正式签署生效。法案核心内容涵 盖以下几个层面： 1. **发行方监管要求** - 发行机构须持有与流通稳定币等值的法定货币（美元）或 高流动性资产（如短期国债、受保存款、政府货币市场基金等）作为储备，且每月需披露储备资产明 细。 - 明确禁止算法稳定币发行，强化资金托管及反洗钱合规要求，确保兑付稳定性。 2. **联邦与州 协同监管** - 联邦层面由美联储牵头监管，州层面则需对发行方资质进行审批并发放牌照。科技公司如 涉足稳定币业务，需通过其银行实体且不得控制用户资金。 3. **市场影响与目标** - **行业集中度提 升**：合规门槛提高后，市场份额将向持牌机构倾斜，如Circle等合规平台已获资本市场关注。 - **美 债需求增强**：稳定币每增发1美元需锁定等值美元资产，渣打银行预测其规模或由当前的2300亿美元 增至2028年的2万亿 ...

Core Viewpoint - The passage discusses the recent approval of three key cryptocurrency bills by the U.S. House of Representatives, which are expected to significantly impact capital formation and drive innovation in blockchain technology, thereby reshaping the global digital asset competitive landscape [1][2]. Group 1: Legislative Overview - The week of July 2025 was designated as "Cryptocurrency Week" by the U.S. legislative body, during which three core digital asset bills were submitted for review [2]. - The "GENIUS Act" was passed with overwhelming support, establishing a regulatory framework for stablecoins, which will accelerate their application in payment and settlement scenarios [2]. - The "CLARITY Act" and the "Anti-CBDC Surveillance National Act" faced legislative hurdles but were ultimately approved and sent to the Senate for further consideration [2]. Group 2: Regulatory Framework - The three bills together form a comprehensive regulatory framework for the cryptocurrency industry in the U.S., aiming to enhance the dollar's influence in the global digital currency process [2]. - The regulatory matrix delineates clear responsibilities: the "GENIUS Act" focuses on stablecoin regulation, while the "CLARITY Act" introduces a technical protocol audit framework for blockchain networks [2]. - The "Anti-CBDC Surveillance National Act" prohibits the issuance of central bank digital currencies (CBDCs), ensuring the innovation and competitive vitality of stablecoins [2]. Group 3: CLARITY Act Details - The "CLARITY Act" establishes a framework for regulatory jurisdiction over digital assets, distinguishing between "digital asset securities" (regulated by the SEC) and "digital commodities" (regulated by the CFTC) [5]. - It introduces a "decentralization maturity assessment system" that adjusts regulatory intensity based on the governance structure's decentralization level [5]. - This act aims to fill the regulatory gap in blockchain technology in the U.S. and establish a compliance foundation for stablecoin infrastructure [5]. Group 4: Anti-CBDC Surveillance National Act - The "Anti-CBDC Surveillance National Act" anchors the U.S. strategic direction in cryptocurrency regulation, emphasizing the protection of private sector innovation and market autonomy [7]. - It explicitly prohibits the Federal Reserve from directly issuing or managing retail CBDCs, requiring congressional authorization for any government token projects [7]. - The act aims to mitigate the risks associated with programmable currencies, thereby establishing a legal boundary for citizens' financial privacy [7].

Group 1 - Ghana plans to issue licenses to cryptocurrency platforms to regulate the asset class used by millions in the country [1] - The central bank governor, Johnson Asiama, stated that a regulatory framework is being finalized and will be submitted to parliament in September [1] - The proposed legislation aims to leverage cryptocurrency for promoting cross-border trade, attracting strategic investments, and collecting financial data [1]

Core Insights - The recent cryptocurrency market has faced significant liquidation events, with over $507 million liquidated in just 24 hours, primarily affecting long positions [1][2][4] - Ethereum has been the most impacted asset, with a liquidation amount of $112.02 million, followed by Bitcoin and XRP at $48.76 million [2] - Despite the liquidation wave, Bitcoin's price has shown resilience, trading at $117,826 with only a slight decline of 0.37% in the last 24 hours [2][4] Market Dynamics - The liquidation surge is attributed to various factors, including regulatory concerns, macroeconomic changes, and shifts in investor sentiment [4] - The presence of high leverage in the market has made it more sensitive to price fluctuations, leading to a chain reaction of liquidations [4] - XBIT decentralized exchange has emerged as a potential safe haven during market turbulence, offering innovative liquidity solutions and a zero liquidation risk design [2][4] Asset Performance - Ethereum's price has dropped below $3,800, currently trading at $3,600, with a 24-hour decline of 1.67% but a weekly increase of 12.79% [3] - XRP has also seen a decline, currently trading at $3.29, with a 24-hour drop of 5.11% but a weekly increase of 10.5% [3] - Solana is facing downward pressure, trading at $191.20, with a 24-hour decline of 3.83% [3] Investor Sentiment - Investors are likely to seek safer, more transparent, and decentralized trading platforms to reallocate their assets following the liquidation events [3][4] - The overall market still shows signs of resilience, with some assets like Bitcoin, Ethereum, XRP, and Solana experiencing weekly gains despite the recent downturn [4]

Regulatory Framework - The three major cryptocurrency bills in the U.S. Congress—CLARITY Act, GENIUS Act, and Anti-CBDC Act—form a coherent regulatory framework for Web3 development[1] - CLARITY Act aims to clearly categorize digital assets as securities, commodities, or stablecoins, delineating the roles of the SEC and CFTC[2] - GENIUS Act establishes a federal regulatory framework for stablecoins, ensuring compliance and safety in their issuance and reserves[2] Market Impact - The combined effect of these bills creates a complex regulatory environment that fosters innovation while reducing traditional securities regulation constraints[3] - The Anti-CBDC Act prohibits the Federal Reserve from issuing CBDCs directly to individuals, protecting the decentralized cryptocurrency market from state competition[3] - The regulatory clarity provided by the CLARITY Act is expected to reduce legal uncertainties, thereby promoting market growth and investor participation[3] Innovation and Challenges - The CLARITY Act is designed to lower compliance burdens for decentralized projects, potentially enhancing the development of crypto derivatives[2] - The GENIUS Act aims to enhance trust in stablecoins, facilitating their use in DeFi and payment applications[2] - Concerns exist regarding the potential for dual regulation and the impact of over-banking on non-custodial stablecoin innovation[2]

Group 1 - The cryptocurrency industry has intensified lobbying efforts to ensure the passage of significant stablecoin legislation in the U.S. Congress, marking a major policy victory for the sector [1] - Lobbying expenditures by cryptocurrency companies and advocates reached $6.9 million in Q2, a 21% increase from the previous quarter, coinciding with the acceleration of industry-supported legislation [1][6] - The recently signed "Stablecoin Act" by President Trump is expected to expand the application of digital assets in global finance and maintain the dollar's status as the world's dominant currency [2][3] Group 2 - Standard Chartered Bank predicts that Bitcoin prices may exceed $135,000 in Q3 2024 and reach $200,000 by the end of 2025, with a potential surge to $500,000 by 2029 [2] - The "GENIUS Act" establishes regulatory rules for stablecoins pegged to the dollar, which advocates believe will enhance the integration of digital assets into everyday financial transactions [2] - The cryptocurrency industry is pushing for broader legislation to create a market structure for trading digital assets like Bitcoin and Ethereum, with additional measures awaiting Senate approval [2] Group 3 - Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to reserve assets like the dollar, and they are becoming mainstream in global financial markets [3] - The high interest rates and the current rate hike cycle are generating significant profits for stablecoin issuers, providing them with bank-level returns [3] - Coinbase Global Inc. is one of the largest spenders on lobbying, focusing on issues related to digital assets, including stablecoin legislation [6] Group 4 - The cryptocurrency industry's lobbying expenditures remain relatively small compared to other sectors, with major players like Pfizer spending $3.5 million on a wide range of issues [7] - The Fairshake Super PAC has raised $230 million to support candidates friendly to the cryptocurrency industry, with significant contributions from Coinbase [7][8] - New lobbying registrations have surged in 2025, indicating a growing commitment to influencing policy in favor of the cryptocurrency sector [8]

Core Viewpoint - Bullish, a company involved in cryptocurrency exchange and media, has filed for an IPO with the SEC, marking a significant event in the cryptocurrency industry following the listing of the first stablecoin company, Circle Internet [1][11]. Company Overview - Bullish was established in 2021, incubated by blockchain company Block.one and notable Silicon Valley investor Peter Thiel. The company operates primarily through two segments: Bullish Exchange, a regulated digital asset exchange, and Coindesk, a data and media business acquired in 2023 [3][4]. - Bullish Exchange focuses on institutional trading of digital assets, generating revenue through trading fees and spreads. It is regulated in Germany, Hong Kong, and Gibraltar, with additional licenses sought in other jurisdictions, including the U.S. [3]. - Coindesk's operations include CoinDesk Data, CoinDesk Indices, and CoinDesk Insights, providing market data, indices, and media coverage on digital assets. The company earns revenue through subscriptions, licensing fees, and advertising [4]. Financial Performance - Bullish's projected digital asset revenues for 2022, 2023, and 2024 are $72.89 billion, $116.49 billion, and $250.2 billion, respectively, with net profits expected to shift from a loss of $4.25 billion in 2022 to a profit of $1.3 billion in 2023 and $795.6 million in 2024 [7]. - As of Q1 2025, the company reported $802.3 million in revenue and a loss of $349 million. Its total trading volume since inception exceeds $1.25 trillion, with significant trading volumes in Bitcoin and Ethereum projected for 2024 [7]. Market Position and Competition - Bullish Exchange ranks among the top five platforms for Bitcoin and Ethereum trading, with a daily trading volume exceeding $2.5 billion in Q1 2025. Major competitors include Binance, Coinbase, and Kraken [7]. - Coindesk serves 171,000 users with real-time data and research, while its media site attracted 55 million unique visitors in 2024 [8]. Shareholder Structure - The company's executives collectively hold 73% of the shares, with the largest institutional shareholder, Pu Luo Chung VC, owning 12.8% [8].

Group 1 - The U.S. House of Representatives passed three bills related to stablecoins and cryptocurrencies, including the "Genius Act," which aims to establish a regulatory framework for stablecoins pegged to the U.S. dollar [1] - The "Genius Act" requires stablecoins to be backed by liquid assets such as U.S. dollars or short-term government bonds and mandates monthly disclosures of reserves by issuers [1] - The "Digital Asset Market Clarity Act" seeks to clarify industry rules and delineate the jurisdiction between the SEC and CFTC, with a focus on classifying cryptocurrencies as either securities or commodities [1] Group 2 - The "Anti-Central Bank Digital Currency Surveillance National Act" was also passed, prohibiting the Federal Reserve from issuing a central bank digital currency, citing concerns over privacy and government control [2] - The Trump administration has initiated several measures to support cryptocurrencies, including appointing pro-crypto leadership at the SEC and establishing a federal "strategic Bitcoin reserve" [2] - Following the potential enactment of the "Genius Act," U.S. banks may be able to issue digital assets independently, with major Wall Street executives expressing interest in expanding into digital asset businesses [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Gold and silver continue to fluctuate. The better - than - expected US economic data has cooled the expectation of the Fed's early interest rate cut, causing the US dollar to stabilize and putting pressure on gold and silver. The impact of the US tariff policy is currently smaller than feared, but the subsequent impact may gradually increase. The implementation of large - scale bills in the US further boosts the expectation of fiscal deficit. The long - term drivers of gold still provide support, but the upward movement is hesitant at high prices. Silver is relatively strong due to the boost from industrial products. Gold and silver may continue to show a relatively strong performance, and the risk of Trump's threats being realized needs to be vigilant [5]. 3. Summary by Related Catalogs Futures Market - **Futures Prices and Changes**: For gold futures, the closing prices of沪金2508 and沪金2512 are 774.36 and 778.76 respectively, with increases of 0.40 and 0.38, and the increase rates are both 0.05%. For silver futures, the closing prices of沪银2508 and沪银2512 are 9178.00 and 9224.00 respectively, with increases of 38.00, and the increase rates are 0.42% and 0.41% respectively. The trading volumes of沪金2508 and沪金2512 are 47780 and 43343 respectively, and the trading volumes of沪银2508 and沪银2512 are 102682 and 76697 respectively [2]. - **Spot Market and Related Ratios**: The price of London gold has decreased by 1.28, with a decrease rate of - 0.17%. The price of London silver has decreased by 1.24, with a decrease rate of - 0.16%. The ratio of gold to silver (spot) is 84.50, and the ratio of Shanghai silver to London silver is 7.18 [2]. - **Inventory Changes**: The inventory of Shanghai Futures Exchange gold remains unchanged at 28,872 kilograms. The inventory of Shanghai Futures Exchange silver has increased by 4,296.00 kilograms to 1,217,085 kilograms. The inventory of COMEX gold has increased by 346,352.72 ounces to 37,143,884 ounces, and the inventory of COMEX silver has decreased by 493426 ounces to 496,688,541 ounces [2]. Macro News - **US Legislative Actions**: The US House of Representatives has passed the "Genius Act" to reform the regulation of cryptocurrencies, which will be submitted to President Trump for signature. It has also passed the "Clarity Act" to establish a regulatory framework for digital assets, which will be submitted to the Senate for review [3]. - **Japan - US Trade**: In June, Japan's auto exports to the US decreased by 26.7% year - on - year, and its total exports to the US decreased by 11.4% year - on - year to 1.71 trillion yen, with a widening decline [3]. - **US Employment and Retail Sales**: The number of initial jobless claims in the US last week decreased by 7000 to 221,000, reaching the lowest level since mid - April. US retail sales in June increased by 0.6% month - on - month, higher than the expected 0.1%, mainly driven by auto sales [3][4]. Comment and Strategy - **Market Situation**: The US retail sales growth rate far exceeded expectations. The expectation of the Fed's early interest rate cut has cooled, and the US dollar has stabilized, putting pressure on gold and silver. The long - term drivers of gold still exist, but the upward movement is hesitant at high prices. Silver is relatively strong due to industrial support [5]. - **Risk Factors**: The risk of Trump's tariff threats being realized needs to be vigilant, and the subsequent impact of the US tariff policy may gradually increase [5].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The prices of treasury bond futures generally rose in the previous trading day, with the T2509 contract rising 0.05% and an increase in open interest [2]. - The IRR of the CTD bonds corresponding to the main contracts of each treasury bond futures was at a low level, and there were no arbitrage opportunities [2]. - Short - term market interest rates showed mixed changes. The SHIBOR 7 - day rate remained unchanged, the DR007 rate rose 0.18bp, and the GC007 rate fell 1bp [2]. - Yields of key - term treasury bonds showed mixed changes. The 10Y treasury bond yield fell 0.13bp to 1.66%, and the long - short (10 - 2) treasury bond yield spread was 24.75bp [2]. - The external environment has become more complex, and the "reciprocal tariff" policy has increased global economic uncertainty. The central bank will maintain a supportive monetary policy, which provides some support for treasury bond futures prices. However, the "anti - involution" policy has driven up the prices of some commodities, and the price fluctuations of treasury bond futures may increase in the short term [3]. Group 3: Summary by Related Catalogs Futures Market - **Price and Volume**: The prices of most treasury bond futures contracts rose, with T2509 rising 0.05%. The open interest of T2509 increased, while that of some other contracts showed mixed changes. Trading volumes also varied among different contracts [2]. - **Spreads**: The inter - delivery spreads of some contracts changed. For example, the inter - delivery spread of T2509 increased from - 0.0800 to - 0.055 [2]. - **IRR**: The IRR of the CTD bonds corresponding to the main contracts of each treasury bond futures was at a low level, with no arbitrage opportunities [2]. Spot Market - **Domestic Treasury Bond Yields**: Yields of domestic key - term treasury bonds showed mixed changes. The 6M, 1Y, and 30Y yields rose, while the 2Y, 5Y, 7Y, 10Y, and 20Y yields fell [2]. - **Yield Spreads**: The long - short (10 - 2) treasury bond yield spread was 24.75bp, and other yield spreads also changed [2]. Overseas Market - **Overseas Treasury Bond Yields**: The US 10Y treasury bond yield rose 1bp, the German 10Y treasury bond yield fell 1bp, and the Japanese 10Y treasury bond yield fell 1.4bp [2]. Macro and Industry Information - **Macro News**: The central bank conducted 4505 billion yuan of 7 - day reverse repurchase operations, with a net investment of 3605 billion yuan. Foreign institutions collectively raised their forecasts for China's 2025 GDP growth rate. The US Congress passed two cryptocurrency - related bills, and the US retail sales in June rebounded strongly [3]. - **Industry Information**: On July 17, most money market interest rates declined. The yields of US treasury bonds showed mixed changes, mainly affected by Trump's statements and market interpretations of economic data [3]. Comments and Strategies - Treasury bond futures prices rose slightly, and the yield of the 10 - year treasury bond active bond fell to 1.658%. The central bank's open - market operations maintained a stable market liquidity. The external environment was complex, and the central bank would maintain a supportive monetary policy, which supported treasury bond futures prices. However, short - term price fluctuations might increase [3].