On July 17th local time, the U.S. House of Representatives passed the Guidance and Establishment of a United States Stablecoin National Innovation Act (hereinafter referred to as the "Genius Act"), the Digital Asset Market Clarity Act (hereinafter referred to as the "CLARITY Act"), and the Anti-CBDC Surveillance State Act (hereinafter referred to as the "Anti-CBDC Act").
On the 19th, US President Trump officially signed the Genius Act, which means the establishment of the first US federal-level stablecoin regulatory framework . The bill also became the first cryptocurrency-related bill in the United States. According to Fortune, the amendment to the controversial Trump family crypto project conflict of interest was not passed, and the final version of the bill did not include relevant clauses.
The CLARITY Act and the Anti-CBDC Act will continue to be submitted to the Senate for deliberation.
Jade Shi, a senior researcher at HashKey Group , told the media that the impact of the "Genius Act" has far exceeded the United States, and has important demonstration significance for the development of global stablecoins and even the entire crypto assets and Web3 industry. The most direct impact is that once the United States establishes a clear regulatory framework for stablecoins, it will set up a compliance reference coordinate for the world. Whether it is cross-border payments, on-chain transactions, or emerging asset models such as RWA (Real-World Asset Tokenization), stablecoins are basic tools. The change in the United States' attitude may prompt other major jurisdictions to accelerate the formulation of regulatory rules, and will also prompt the industry to gradually shift from the "get on the bus first, buy the ticket later" model to a path of synchronous design and sustainable operation with supervision. She said : "The deeper impact is that this type of legislation sends a positive signal: sovereign currency and on-chain finance are not in opposition, but can be bridged through compliance mechanisms. This is of practical significance for promoting Web3 to serve the real economy on a larger scale and enter the mainstream market."
Miles Jennings, crypto policy director and general counsel of a16z , a well-known venture capital firm in the crypto field, said in an article: Although the crypto industry has been developing for more than a decade, the United States has not yet established a comprehensive regulatory framework. However, cryptocurrency is no longer just a trend in the technology circle, it has become infrastructure: blockchain systems are now the basis of many fields such as payment systems (including through stablecoins), cloud infrastructure, digital markets, etc. But these protocols and applications are built in the absence of clear rules. What is the result? Legitimate entrepreneurs face the capriciousness of regulation, while speculators take advantage of legal ambiguity to make profits. The CLARITY Act will reverse this situation. By providing projects with a transparent compliance path and ensuring that regulators have more effective tools to regulate actual risks, the CLARITY Act (together with a new stablecoin bill called the GENIUS Act) will bring the already large crypto industry from the shadows into a regulated economic system. The new legislation will create a framework for responsible innovation, just like the foundational laws that helped public markets prosper and protect consumers in the 20th century.
Miles Jennings said, " This legal clarity will open the door to the next generation of decentralized infrastructure, financial instruments, and user-owned applications, all of which will be built in the United States. Ensuring that blockchain systems are developed in the United States will also ensure that the global digital and financial infrastructure is free from dependence on blockchain systems created and controlled by China, for example, while ensuring that U.S. regulatory standards apply to core financial infrastructure used by people outside the crypto community today. "
The crypto market has welcomed a loose regulatory policy since Trump ran for his second term as president. Since he took office as president in 2025, he has begun to reform the crypto market policy towards a loose and friendly one. In the past few months, we have seen the policy changes in the crypto field evolve towards regulation and mainstream compliance.
The policy changes have brought optimistic market bullish sentiment to the crypto market, which is reflected in the further rise of the leading cryptocurrency Bitcoin. The alt season may come again to promote the transition from bear market to bull market. Among them, the deep integration of encryption and the real world is seen as a new round of narrative, which is expected to become the "anchor" of the next wave of trillion-level capital. They are DePIN and RWA, AI and encryption, both of which reflect the integration of real-world assets with encryption technology to build a market with deep integration of on-chain and off-chain.
RWA (real world asset tokenization) moves traditional assets such as bonds, credit, and real estate onto the chain, which is a grand narrative that can leverage the global financial system. According to the tokenization report jointly released by Ripple and Boston Consulting Group (BCG), the market size of tokenized real world assets (RWAs) is expected to grow from US$600 million in 2025 to nearly US$19 trillion in 2033. Bonds will become the dominant asset class in this transformation.
The core concept of DePIN (Decentralized Physical Infrastructure Network) is to use tokens to incentivize users to deploy hardware devices to provide real-world goods and services or digital resources . It crowdsources the construction of real-world infrastructure (such as wireless networks, computing power, energy storage, etc.) through a token incentive model. By the beginning of 2025, it has formed a market worth tens of billions of dollars and has been listed as one of the core tracks of the year by many research institutions. As of February 6 , 2025 , there are 1,561 DePIN projects worldwide with a total market value of US$30 billion, but compared with the global infrastructure market of US$1 trillion, it still accounts for less than 0.1%, showing huge room for growth in the future .
The integration of AI and Crypto is also one of the two most eye-catching trends in the current technology field. Their combination is regarded as a core issue by top investment research institutions such as a16z, Messari and Delphi Digital. The logic is that future AI agents will need to use encrypted networks for permissionless payments and verifiable calculations, thereby giving birth to a new on-chain smart economy. With the outbreak of AI computing demand, the AI+DePIN track has also become one of the most important growth points in 2025. For example, PowerVerse, a decentralized cloud computing project in the DePIN field, uses AI technology to intelligently adjust the supply, demand and transaction of computing power.
From the birth and embrace of Bitcoin in 2008, to the ICO craze spawned by Ethereum in 2017, to the emergence of DeFi Summer and NFT in 2021 ( Bitcoin's market share fell from 70% to 38% ), to the rise of RWA/DePIN and stablecoins in 2024-2025, the new narrative has opened a new door for the crypto market . The loose and friendly crypto market policies have contributed to macro liquidity, bringing about the recent surge in the market value of cryptocurrencies such as Bitcoin and Ethereum.
Bitcoin market share refers to the proportion of Bitcoin in the total market value of all cryptocurrencies. When Bitcoin market share decreases, it means that funds are flowing from Bitcoin to other cryptocurrencies (such as Ethereum or other altcoins). This is a signal that the market is starting to "rotate". Usually, when the price of Bitcoin is stable or rising slowly, investors will look for other high-yield opportunities, thus bringing about the altcoin season.
Although the market value of Bitcoin reached an all-time high in July, encryption policies are gradually being incorporated into mainstream compliance, and the integration of DePIN/RWA and AI with Crypto has brought new technologies and new applications... The above information all indicates potential signs of the arrival of a bull market, but the confirmation of a bull market usually requires a period of observation to determine its sustainability and breadth . We cannot yet say that the bull market is about to arrive.
How the next phase of the crypto market will develop and whether a bull market will arrive with factors such as policy compliance and higher Bitcoin market value remains to be seen.
