Recently, the legislative activities surrounding the Crypto Assets sector in the U.S. Congress have attracted widespread follow. The review process of several key bills not only reflects changes in regulatory attitudes but also has a profound impact on the Crypto Assets market.

Among them, the "Guidance and Establishment of the United States Stablecoin National Innovation Act" (GENIUS Act) has attracted significant attention within the industry as America's first systematic regulatory attempt at stablecoins. The act addresses various aspects including licensing, reserves, redemption, and audits, aiming to provide clear legal guidance for the operation of stablecoins. Given the widespread application of stablecoins in payments and decentralized finance (DeFi), the importance of this act is self-evident.

From a market perspective, the introduction of the GENIUS Act could have a positive impact. It provides a clear compliance pathway for stablecoin issuers, likely reducing regulatory uncertainty and attracting more institutional participants into the market, thereby driving the rapid expansion of the stablecoin market size. Compared to the European Union's Crypto Assets market regulation framework (MiCA), the regulatory approach in the United States is relatively lenient, which may make global issuers more inclined to choose the U.S. as the issuance location for stablecoins.

However, the legislative process of the bill has not been smooth sailing. In a procedural vote in the House of Representatives, some Republican members joined forces with Democrats to block the bill from entering the debate stage, highlighting the uncertainty and political divisions in the legislative process. This setback also directly affected the market performance of related concept stocks.

In addition to the GENIUS Act, the "2025 Digital Asset Market Clarity Act" and the "Anti-CBDC Surveillance State Act" are also important components of the current U.S. Crypto Assets regulatory landscape. The progress and final direction of these bills will largely shape the future development direction of the Crypto Assets market in the United States and globally.

As the discussions and revisions of these bills continue, participants in the Crypto Assets industry need to closely follow legislative trends and adjust their strategies in a timely manner to respond to potential regulatory changes. At the same time, this also provides the industry with an opportunity to participate in policy-making and promote reasonable regulation, which helps to build a healthier and more sustainable Crypto Assets ecosystem.