Progress of Crypto Assets Regulation in the United States: Senate Passes the GENIUS Act

The U.S. Senate recently passed the landmark "GENIUS Act", marking the first time the Senate has approved significant legislation on Crypto Assets, advancing the federal government's regulatory efforts on stablecoins. The bill received broad bipartisan support and passed with an overwhelming majority.

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

This progress marks an important step for the United States in the regulation of digital assets. With the rapid development of the Crypto Assets industry, regulators are intensifying the formulation of relevant rules to balance innovation and risk management. Industry insiders generally believe that a clear regulatory framework will be beneficial for the long-term healthy development of the industry.

Crypto Assets Market Trends

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

• The price of BTC is $104,691, with a 24-hour decrease of 2.2%.
• The price of ETH is $2,516.29, with a 24-hour decrease of 2.0%.
• The price of BNB is $648.83, with a 24-hour decline of 0.5%.
• The price of SOL is $148.20, with a 24-hour decrease of 2.4%.
• The price of DOGE is $0.1701, with a 24-hour decrease of 2.4%.
• The price of XRP is $2.16, with a 24-hour decline of 4.4%.
• The TRX price is $0.2718, with a 24-hour decline of 1.4%.

The Federal Reserve will discuss easing bank leverage ratio requirements

The Federal Reserve announced that it will hold a Board of Governors meeting on June 25 to discuss modifications to the "supplementary leverage ratio" requirements for large banks. This will be the first meeting under the new top regulatory official, Bowman, and is expected to kick off a broad plan to reconsider banking rules.

Relaxing leverage ratio requirements may be the first of several easing rule plans by the Federal Reserve. The banking industry has long called for changes to the supplementary leverage ratio, arguing that current regulations may hinder its ability to enter the intermediary Treasury market during times of stress.

The Federal Reserve has yet to provide specific proposals under consideration, but it may consider exempting traditionally safe assets or modifying the formula used to calculate leverage ratios. This change aims to reform the regulatory approach, balancing financial stability with bank flexibility.

Crypto Assets Industry Dynamics

• A large trading platform will launch a pilot for a token called JPMD, representing the bank's dollar deposits, which will be piloted on a blockchain related to Coinbase.

• A certain stablecoin project announced that the deposit limit will no longer be increased, with a total cap of 1 billion USD. Users can still withdraw at any time before the lock-up period, but the withdrawal or transfer of proof tokens will reduce the allocated share.

• A trading platform has officially announced its entry into the German and Polish markets, allowing users to trade over 270 types of Crypto Assets, including more than 60 trading pairs with the euro.

• Deutsche Bank plans to launch a minimum viable product for asset tokenization and services on its blockchain as a service platform in November 2025 (MVP).

• VanEck will launch a private digital asset fund called the VanEck PurposeBuilt Fund, focusing on the Avalanche ecosystem and investing in Web3 projects in areas such as gaming and financial services.

These dynamics show that traditional financial institutions and emerging crypto companies are actively positioning themselves in the blockchain and digital asset space, driving the industry forward.