A major piece of news has emerged from the U.S. Senate: it has passed legislation aimed at establishing a regulatory framework for cryptocurrencies known as "stablecoins", namely the *Guiding and Establishing National Innovation for U.S. Stablecoins Act* (referred to as the *GENIUS Act*). This news is bound to bring new variables to the Bitcoin market.
Hong Kong's *Stablecoin Ordinance* will officially come into effect on August 1, and the Hong Kong Monetary Authority (HKMA) is currently accelerating matters related to processing stablecoin license applications. This measure is of landmark significance for the entire cryptocurrency market: as a key bridge connecting cryptocurrencies and traditional finance, the compliant development of stablecoins will greatly enhance the confidence of market participants. When stablecoins can develop in a healthy and orderly manner, they are expected to attract more funds into the crypto space, thereby indirectly providing strong support for Bitcoin's price.
Just yesterday, the U.S. Senate passed the *GENIUS Act* with a vote of 68 to 30, garnering bipartisan support. This marks the first time the U.S. Senate has approved major cryptocurrency legislation. Although the bill still needs to be passed by the House of Representatives and signed by the President to take effect, this progress has brought new expectations to the cryptocurrency market:
- **Positive aspects**: The bill provides a clear legal framework for stablecoins, specifying regulatory authorities, reserve requirements, licensing requirements, etc. It is expected to attract traditional financial institutions to enter the cryptocurrency sector, accelerate the inflow of institutional capital, open up channels between the traditional financial sector and the cryptocurrency market, and promote market maturity, which may form a long-term positive for Bitcoin's price.
- **Potential risks**: If other regions globally introduce stricter cryptocurrency regulatory policies, the sentiment of market participants will inevitably be impacted, and Bitcoin's price will be negatively affected accordingly.
Today's BTC trading strategy, I hope it will be helpful to you
BTCUSDT BUY@103000~104000
SL:101000
TP:105000~106000
Hong Kong's *Stablecoin Ordinance* will officially come into effect on August 1, and the Hong Kong Monetary Authority (HKMA) is currently accelerating matters related to processing stablecoin license applications. This measure is of landmark significance for the entire cryptocurrency market: as a key bridge connecting cryptocurrencies and traditional finance, the compliant development of stablecoins will greatly enhance the confidence of market participants. When stablecoins can develop in a healthy and orderly manner, they are expected to attract more funds into the crypto space, thereby indirectly providing strong support for Bitcoin's price.
Just yesterday, the U.S. Senate passed the *GENIUS Act* with a vote of 68 to 30, garnering bipartisan support. This marks the first time the U.S. Senate has approved major cryptocurrency legislation. Although the bill still needs to be passed by the House of Representatives and signed by the President to take effect, this progress has brought new expectations to the cryptocurrency market:
- **Positive aspects**: The bill provides a clear legal framework for stablecoins, specifying regulatory authorities, reserve requirements, licensing requirements, etc. It is expected to attract traditional financial institutions to enter the cryptocurrency sector, accelerate the inflow of institutional capital, open up channels between the traditional financial sector and the cryptocurrency market, and promote market maturity, which may form a long-term positive for Bitcoin's price.
- **Potential risks**: If other regions globally introduce stricter cryptocurrency regulatory policies, the sentiment of market participants will inevitably be impacted, and Bitcoin's price will be negatively affected accordingly.
Today's BTC trading strategy, I hope it will be helpful to you
BTCUSDT BUY@103000~104000
SL:101000
TP:105000~106000
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.