Gate Research: Trump Announces House Support for GENIUS Act

Crypto Market Overview

• BTC (-1.35% | Current Price: 117,722 USDT): Since reaching a local high on July 14, BTC has entered a pullback phase. Its rebound momentum remains weak, moving averages have yet to form effective support, and the MACD indicator has not shown a clear bullish signal. In the short term, the trend appears neutral to slightly bearish. In contrast, ETH is showing notable strength, with its price breaking above previous highs. Short-term moving averages are forming a bullish alignment, trading volume is increasing, and the MACD has formed a golden cross, indicating strengthening momentum and a short-term bullish outlook. On July 15, BTC ETFs recorded a net inflow of $403 million, with BlackRock’s IBIT receiving $416 million in inflows, while Grayscale’s GBTC saw an outflow of $41.2 million.
• ETH (+4.95% | Current Price: 3,139 USDT): ETH has been performing strongly, with its price rising steadily and breaking past prior resistance levels. Short-term moving averages are in a bullish setup, reflecting a clear upward trend. Trading volume is increasing, with active buying and a bullish market sentiment. The MACD indicator has formed a golden cross, with growing bullish momentum. Overall, ETH’s technical outlook is positive, and it may continue its upward move. If it can hold above 3,150, there is potential to challenge higher price zones. On July 15, ETH ETFs recorded a net inflow of $192 million, including $171 million into BlackRock’s ETHA and $12.2 million into Fidelity’s FETH.
• Altcoins: Some major altcoins experienced slight pullbacks. The Fear & Greed Index dropped slightly to 70, indicating the market remains in “greed” territory, though momentum has slowed. Risk appetite has not significantly expanded, and the altcoin sector may continue to see sectoral rotation in the short term.
• Macro: On July 15, the S&P 500 fell 0.4% to 6,243.76, the Dow Jones declined 0.98% to 44,023.29, and the Nasdaq rose 0.18% to 20,677.80. As of July 16 at 02:30 AM (UTC), spot gold is trading at $3,334 per ounce, up 0.29% over the past 24 hours.

Trending Tokens

EIGEN Eigenlayer（+11.99%, Circulating Market Cap: $454M)

According to Gate, the EIGEN token is currently trading at $1.4424, up 11.99% in the past 24 hours. EigenLayer is a restaking protocol built on Ethereum that allows users to restake ETH or LSTs (such as stETH) to provide security for modular infrastructure components like data availability (DA), sequencers, and oracles. The protocol aims to create a shared security network that reduces trust costs for new protocols and accelerates the development of the modular blockchain ecosystem.

The recent surge in EIGEN is likely driven by positive news that modular chain Fuel has officially migrated its data availability layer to EigenDA. This move significantly improves throughput and cost efficiency, validating EigenLayer’s practical utility. Meanwhile, cross-chain ZK project Boundless announced the launch of its mainnet beta along with an industry collaboration initiative called “The Signal,” which is backed by EigenCloud. These developments further solidify EigenLayer’s ecosystem presence. Growing market interest and increased capital attention have contributed to EIGEN’s short-term rally. Continued monitoring of protocol adoption and ecosystem expansion will be key to assessing the sustainability of this trend.

TAO Bittensor（+7.96%, Circulating Market Cap: $4.153B)

According to Gate, the TAO token is trading at $437.3, up approximately 7.96% over the past 24 hours. Bittensor is a decentralized AI network built on blockchain, aiming to incentivize global developers to collaboratively train and serve machine learning models through an open and transparent mechanism. The native token TAO is used for rewards, staking, governance, and more.

TAO’s recent price increase is likely fueled by the launch of Bittensor’s Earn platform and the rollout of a wTAO airdrop. The Earn platform supports high-yield staking strategies with multi-asset participation (TAO, ETH, USDC, etc.) and distributes extra TAO rewards, attracting significant capital inflow. Meanwhile, the team announced the official launch of wTAO and initiated a $1.5 million airdrop, enhancing TAO’s utility and liquidity within the Ethereum ecosystem. These twin catalysts have boosted market sentiment and driven TAO’s short-term rally. Investors should watch actual staking data and post-airdrop market reaction to gauge trend sustainability.

ENA Ethena（+8.08%, Circulating Market Cap: $2.312B)

According to Gate, ENA is currently trading at $0.3585, up about 8.08% in the last 24 hours. Ethena is a decentralized stablecoin protocol whose core product is USDe, a synthetic asset pegged to the U.S. dollar. Its operating mechanism combines spot staking with short perpetual futures to implement a market-neutral strategy that mimics a “cash equivalent + derivatives hedge” model.

ENA’s recent rise is likely driven by news that Ethena has partnered with Neutrl, which selected USDe as a core collateral asset. Neutrl is introducing institutional-grade market-neutral strategies on-chain, utilizing USDe for market making and hedging—an indication of growing acceptance of USDe in professional trading scenarios. This partnership is expected to drive demand for USDe and improve capital efficiency, while further strengthening Ethena’s position in the decentralized stablecoin space. With expanding use cases and improving sentiment, ENA’s short-term price momentum has gained traction. Market participants should continue monitoring the partnership’s implementation and protocol revenue data to evaluate long-term sustainability.

Alpha Insights

Trump Builds Consensus, GENIUS Act Set for House Vote the Next Morning

Trump announced on Truth Social that he had met with 11 of the 12 key lawmakers needed to advance the GENIUS Act in the Oval Office. Following a brief discussion, all attendees agreed to support the bill’s procedural framework and scheduled it for a vote the following morning. House Speaker Mike Johnson also joined the meeting via phone, expressing his hope for swift legislative progress.

This coordination demonstrates the Trump team’s strong organizational capabilities in policy advocacy and reflects the growing consensus within the Republican Party around the GENIUS Act. The bill aims to establish a comprehensive regulatory framework for the U.S. stablecoin market, including mechanisms for monthly disclosures and bankruptcy protections, with the goal of enhancing transparency and consumer protection.

If passed, the act would mark a major milestone in U.S. stablecoin legislation. It would provide compliant issuers like USDC with a clearer regulatory path while potentially putting pressure on unregulated stablecoin projects. In the short term, markets will be watching to see whether the bill boosts institutional confidence in stablecoins and drives capital toward regulated crypto assets—potentially reshaping market structure and sentiment.

Ripple Accelerates RLUSD Expansion in Europe as XRP ETF Gains NYSE Approval

Ripple is ramping up its global strategy, advancing both its RLUSD stablecoin and native token XRP. Recently, the company filed for an Electronic Money Institution (EMI) license in Luxembourg to facilitate RLUSD’s compliant entry into the EU, aligning with the upcoming Markets in Crypto-Assets (MiCA) regulatory framework. Ripple had already established a European subsidiary back in April and appointed BNY Mellon as its reserve custodian, strengthening transparency and regulatory readiness.

In parallel, Ripple is pursuing a federal regulatory pathway in the U.S. It applied for a national banking charter from the OCC in early July and submitted a request for a Federal Reserve master account via its subsidiary. These steps aim to position Ripple within a globally competitive clearing infrastructure and create a top-tier stablecoin system.

Meanwhile, XRP has made strides on the investment product front. On July 14, the NYSE Arca approved ProShares to launch a leveraged XRP ETF (ticker: UXRP), marking XRP’s entry into mainstream financial markets. This development significantly boosts XRP’s liquidity and institutional accessibility, reinforcing Ripple’s global expansion roadmap.

Solana’s RWA Market Share Reaches 3.9%, Grows Nearly 1.4x YTD

Solana continues to gain ground in the Real-World Assets (RWA) sector (excluding stablecoins), with total RWA assets exceeding $418 million—representing a 140.6% increase since the beginning of 2025. This growth significantly outpaces the broader RWA market, which expanded only 62.4% in the same period, positioning Solana as one of the most dynamic players in the space this year.

Solana now hosts a growing array of RWA projects, including tokenized U.S. equities, Treasuries, and institutional funds. Its high throughput, near-zero transaction fees, and active developer ecosystem make it increasingly attractive for RWA deployments. On-chain activity and capital inflows continue to rise accordingly.

According to RWA.xyz, Solana’s current RWA market share stands at 3.9%, ranking fourth among all blockchains, behind Ethereum (58.4%), ZKsync Era (17.2%), and Aptos (4%). Although still trailing the top three, Solana’s rapid growth and expanding ecosystem highlight its potential to challenge leading platforms in the near future.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• X, https://x.com/Cointelegraph/status/1944985419277271384
• X, https://truthsocial.com/@realDonaldTrump/posts/114860136006223294
• Bitcoin.com, https://news.bitcoin.com/ripple-aims-to-expand-rlusd-stablecoin-to-europe/
• X, https://x.com/Cointelegraph/status/1945063792968106171

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.