Trump personally stepped in to campaign, the GENIUS Act is back on the agenda of the U.S. Congress, which may promote breakthroughs in Bitcoin and stablecoin legislation.

Trump convenes opposition lawmakers to ensure the encryption bill passes In a post on Truth Social, Trump revealed that he met with 11 members of Congress who had previously opposed the GENIUS Act and successfully persuaded them to support the next procedural vote for the bill. "I was in the Oval Office with 11 members of Congress, who had originally opposed advancing the GENIUS bill. After a brief discussion, they all agreed to support the rule in tomorrow's vote." House Speaker Mike Johnson attended the meeting via phone and expressed the hope to complete the voting as soon as possible.

Content of the GENIUS Act: Breakthrough for Federal Regulation of Stablecoins The GENIUS Act is the first attempt in the United States to provide a federal legal regulatory framework for dollar stablecoins (such as USDC and USDT). The Act allows private companies to legally issue digital currency and grants regulatory authority to the Treasury Department. The bill was passed in the Senate with bipartisan support of 68 votes to 30 in June, with some Democrats previously expressing concerns about Trump's potential "encryption conflict of interest."

Parliamentary procedures are set to restart, with the final vote expected to take place on July 15 House Majority Leader Steve Scalise updated the agenda, expecting a new round of procedural voting around 12:20 PM Eastern Time on July 15. Once passed, the GENIUS Act will enter the formal debate and voting stage, potentially moving towards the legislative finish line.

Bitcoin experiences severe fluctuations due to legislative winds After the first procedural vote on the GENIUS Act failed, the encryption market experienced a short-term setback. Bitcoin fell from its historical high of $123,260 to $115,735, and then rebounded to around $117,000 due to the market's positive interpretation of Trump's new round of intervention. This round of fluctuations indicates that the market is highly sensitive to U.S. encryption policies, especially against the backdrop of "Encryption Legislative Week."

Internal disagreements remain, CBDC stance becomes the focal point Despite Trump successfully garnering support from some lawmakers, there are still serious divisions within the House of Representatives. Representative Marjorie Taylor Greene criticized the GENIUS Act for not explicitly prohibiting Central Bank Digital Currencies (CBDCs), warning that the bill could open the door for a "government version of digital currency." Such concerns indicate that further coordination is still needed within the Republican Party between "liberty encryption" and "anti-digital dollar."

Conclusion: If the GENIUS Act passes, it will become a new milestone in the legislation of stablecoins and Bitcoin Once the House passes the GENIUS Act, it will mark a historic step in U.S. encryption policy. It not only provides a legal foundation for the stablecoin market but may also reshape the positioning of digital assets like Bitcoin within the financial system. For the market, this turning point could be yet another driving force behind the "encryption bull market."