US Senate Passes Important Crypto Assets Bill, Progress Made on Stablecoin Regulation

The U.S. Senate recently passed the landmark "GENIUS Act", marking the first time the Senate has approved significant legislation regarding Crypto Assets. The bill advances the federal government's efforts to regulate stablecoins and pressures the House of Representatives to plan the next phase of national regulation on digital assets.

The passage of the bill received broad support from members of both parties. Less than a week ago, lawmakers voted overwhelmingly in favor of the bill, and many expected it to pass. Republican Senator Bill Hagerty, as the main sponsor of the bill, expressed gratitude for the support of some colleagues before the formal vote.

Next, the House needs to decide how to advance the relevant legislation. In April of this year, the House Financial Services Committee proposed its own stablecoin bill, the "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act." However, the bill has not yet been submitted for a vote by the full House.

Insiders believe that the Senate's action will put some pressure on the House of Representatives, prompting it to accelerate the legislative process. However, there may be differences in the specific content of the bills from both chambers that require further coordination.

Analysts point out that the passage of the GENIUS Act marks an important step for the United States in crypto assets regulation. This not only helps provide a clearer regulatory framework for the stablecoin market but also creates a more favorable environment for the development of the entire crypto industry.

Crypto Assets Market Trend Major coins generally decline

According to the latest data from the platform, the prices of mainstream Crypto Assets have dropped to varying degrees:

The price of Bitcoin ( BTC ) is $104,691, with a 24-hour decline of 2.2%;

The price of Ethereum ( ETH ) is $2,516.29, with a 24-hour decline of 2.0%;

The token price on a certain trading platform is 648.83 USD, with a 24-hour decline of 0.5%;

The price of Solana(SOL) is $148.20, with a 24-hour drop of 2.4%;

The price of Dogecoin ( DOGE ) is $0.1701, with a 24-hour decline of 2.4%;

The price of Ripple coin ( XRP ) is $2.16, with a 24-hour decline of 4.4%.

The price of Tron coin ( TRX ) is $0.2718, with a 24-hour decline of 1.4%.

The Federal Reserve will discuss relaxing bank leverage requirements or initiating widespread rule revisions

The Federal Reserve announced that it will hold a board meeting on June 25 to discuss revisions to the so-called "supplementary leverage ratio." This ratio requires banks to hold capital against assets regardless of risk. This meeting will be the first since the appointment of the new top regulatory official, Bowman.

Relaxing the leverage ratio requirements may be the first of several easing rule plans by the Federal Reserve. Bowman aims to reform the way the Federal Reserve regulates and supervises some of the largest and most complex banks in the United States. While the Federal Reserve has not provided specific details on proposals being considered, the banking industry has been requesting modifications to the supplementary leverage ratio for years.

Possible modifications include exempting traditionally safe assets or modifying the formula used to calculate leverage ratios. The banking industry believes that the current supplementary leverage ratio may actually hinder its ability to enter the intermediate government bond market during periods of stress.

Analysts point out that this discussion may open up a broad plan for the Federal Reserve to reconsider banking rules. If the final decision is to relax leverage requirements, it will have a significant impact on the banking industry, potentially increasing the operational flexibility of banks, but it also requires balancing considerations of financial stability.

Multiple institutions actively layout the Crypto Assets market

Recently, many financial institutions and listed companies have intensified their layout in the Crypto Assets market:

A large bank will launch a pilot for a token called JPMD, which represents the dollar deposits of this global largest bank. The bank will pilot the issuance of the deposit token JPMD on a blockchain associated with a certain trading platform. This indicates that traditional financial institutions are further deepening their layout in the field of digital assets.

A certain crypto assets trading platform is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks. If approved, this initiative would be an important attempt to combine traditional finance with encryption technology.

Deutsche Bank plans to launch a minimum viable product for its blockchain-as-a-service platform for asset tokenization and services in November 2025, (MVP). The platform aims to reduce the upfront hardware and infrastructure costs for companies exploring tokenization, enabling asset managers, wealth advisors, and other financial firms to create, distribute tokenized assets and support service tokenization.

Asset management company VanEck announced plans to launch a private digital asset fund called the VanEck PurposeBuilt Fund this month. The fund will focus on the Avalanche blockchain ecosystem, investing in tokenized Web3 projects in industries such as gaming, financial services, payments, and artificial intelligence.

DDC Enterprise Limited, a company listed on the New York Stock Exchange, announced that it has signed three securities purchase agreements, expecting to raise up to $528 million. The funds raised will be used to expand the company's Bitcoin reserves.

These trends indicate that traditional financial institutions and publicly listed companies are actively exploring the application of Crypto Assets and blockchain technology, injecting new momentum into industry development.