金色财经_

Source: Morgan Lewis; Translated by Jinse Finance xiaozou
On July 17, 2025, the U.S. House of Representatives passed the "GENIUS Act," a landmark piece of legislation that has been submitted to President Trump for signature. The bill will establish a comprehensive regulatory framework covering both federal and state levels, overseeing and enforcing regulations on payment stablecoin issuers.
There is a disagreement between supporters of the bill and lawmakers advocating for the inclusion of the provisions of the House's "STABLE Act" into the "GENIUS Act."
This article details the key timelines since the enactment of the bill, interprets the core content of the passed "GENIUS Act", and focuses on analyzing its main differences from the STABLE Act. At the same time, it outlines the relevant tasks and deadlines for institutions intending to issue payment-type stablecoins or provide custody services.
1. Important Time Nodes
GENIUS

The author shared their years of experience writing in the encryption field, encouraging more creators to participate, and introducing some Decentralization publishing platforms, such as Mirror, Paragraph, Fountain, etc. They emphasized that psychological barriers are the main obstacles to creation and called on everyone to bravely publish their works and make use of available tools.

As Wall Street capital enters the Ethereum market, over 50 institutions have accumulated more than 1.6 million ETH in a short period, creating a competition for ETH reserves. Unlike Bitcoin's passive reserves, Ethereum provides active cash flow and returns through staking and DeFi strategies, promoting institutional participation. However, challenges such as holdings size, governance power, and the absence of key figures still exist. In the future, a deeper binding between enterprises and Ethereum may reshape the relationship between capital and technology.

Source: Speech by The Federal Reserve Board of Governors Christopher J. Waller; Translated by AIMan@Golden Finance
Tonight, my goal is to explain why I believe the Federal Open Market Committee (FOMC) should lower the policy interest rate by 25 basis points at the next meeting (the July meeting). I often tell my junior research colleagues that a speech is not a murder mystery – as long as the key points are made clear in advance, the audience will understand "who did it." So, let me also follow my own advice and outline the reasons I believe we should lower the policy interest rate ahead of the meeting in two weeks.
First of all, tariffs are a one-time increase in price levels and will not cause inflation beyond a temporary spike. The standard practice of the central bank is to "ignore" such price level effects as long as inflation expectations are stabilized, and this is indeed the case.
Secondly, a large amount of data indicates that monetary policy should be close to

In recent years, stablecoins have played an important role in global finance, with Hong Kong and the United States successively introducing relevant regulations. Companies such as JD Finance and Yuanbi Technology are actively exploring stablecoin payments, while Financial Institutions in mainland China need to respond to challenges, actively transform, seize this wave, and promote Compliance innovation and cross-border cooperation.

This week, Fed officials have differing views on the timing of interest rate cuts, with dovish officials arguing for timely cuts to address the weak job market, while hawkish officials remain wary of rising inflation and advocate for maintaining the current interest rate. The market's expectation for a rate cut in September slightly exceeds 50%, indicating investors' attention to future economic data.

In 2020, Strategy became the largest publicly listed Bitcoin holder by converting debt and equity into Bitcoin. Despite a decline in operating gross profit, the company attracted imitation from over a hundred companies and secured funding through the special purpose acquisition company (SPAC) model, utilizing Bitcoin's appreciation potential for financing. SPAC provides founders with greater flexibility and control, helping them easily attract market follow and funding.