The encryption industry welcomes a major victory! The House of Representatives passed three cryptocurrency bills.

The U.S. encryption industry scored a major victory on Thursday, as the House of Representatives passed a landmark bill with a vote of 308 in favor and 122 against, establishing regulatory rules for "stablecoins." This marks the gradual entry of digital assets into the mainstream financial system. The bill, known as the "Genius Act," had already been passed by the Senate back in June, and the White House indicated on Thursday that President Trump is expected to sign the bill on Friday, officially making it law. The bill has been a core goal of stablecoin issuers Circle (CRCL.US) and crypto exchange platform Coinbase (COIN.US) for many years. The passage of the bill is a concentrated representation of the political mobilization and donation support efforts of the crypto industry over the years. Crypto supporters widely believe that this bill and several other crypto-related bills under consideration in Congress will open up broader development opportunities for the industry, especially attracting more institutional investors. At the time of the bill's announcement, the price of Bitcoin had remained relatively stable in the past 24 hours, at around $119,400. However, most other mainstream cryptocurrencies saw increases, with Ethereum rising by 1.5%, Ripple surging by 9.4%, Dogecoin rising by 2%, and Solana remaining stable. Over the past 7 days, ETH and XRP have risen by 23% and 33%, respectively, while Bitcoin has also increased by 6.4%. Despite the imminent passage of the "Genius Act," the crypto industry still has many aspirations. Legislation on market structure for crypto exchanges, brokers, and tokens is a key focus for the industry's next stage of development. It is worth noting that on Thursday, the House of Representatives also passed a more comprehensive "Market Structure Act" with a vote of 294 in favor and 134 against, to establish complete regulatory rules for crypto markets. 78 Democratic lawmakers voted in favor, exceeding the number of Democrats who supported similar legislation last year (71), indicating an increasing level of support. However, unlike the stablecoin bill, the market structure bill has not yet been voted on in the Senate. Analysts point out that there is still some distance to go in forming a bipartisan alliance in the Senate that is strong enough to break through the lengthy debate process. TD Cowen analyst Jaret Seiberg wrote in a research report earlier this week, "The passage of this bill is symbolically very important, but the key is really in what language the Senate will ultimately pass it." He expects a more concrete draft of the bill to emerge by the end of this year or early next year. There are two main reasons for the slow progress in the Senate. Firstly, there is a consensus issue. While some senators have been pushing related legislation for years, the Senate as a whole lags far behind the House in building consensus. Former Senate Banking Committee Chairman and Democrat Sherrod Brown has long been cautious about crypto and has repeatedly blocked related bills. Secondly, there are substantive differences. Many Democratic senators, including Elizabeth Warren, are concerned that the bill will undermine existing investor protection mechanisms and hand enforcement responsibilities over to the understaffed and inexperienced Commodity Futures Trading Commission (CFTC). They believe that current securities regulations are sufficient to regulate the industry. Additionally, Trump's involvement in the crypto industry has cast a shadow over the legislation. The stablecoin bill was nearly shelved in the Senate because some Democratic lawmakers were concerned that the bill did not prohibit the President or other government officials from profiting from it. According to ethics disclosure documents, the Trump family holds shares in the crypto company World Liberty Financial, which has generated over $57 million in revenue through token sales and launched its own stablecoin this year. In the future, some Democratic lawmakers may push for restrictions in the new bill to prevent the President and his family from benefiting. New Senate Banking Committee Chairman, Republican Tim Scott, began hearings on related legislation last week, but it is expected to take several months to draft a bill that can garner support from at least 7 Democratic lawmakers and circumvent the obstruction process. In the meantime, the U.S. House of Representatives also passed another important bill, the "CBDC Anti-Surveillance State Act," which aims to prevent the Federal Reserve from issuing or testing central bank digital currencies without approval from Congress. The final vote was 219 in favor and 217 against. Central bank digital currencies, unlike decentralized cryptocurrencies like Bitcoin, are issued and managed directly by central banks, and possess programmability and high controllability. Some critics are concerned that this could become a means for the government to strengthen control over currency and citizen privacy. Furthermore, there are reports that Trump is preparing to open up the $90 trillion U.S. retirement market to investments in crypto, gold, and private equity, which could fundamentally change how Americans manage their savings. Three sources familiar with the President's plans revealed that Trump is expected to sign an executive order this week to allow alternative investments beyond traditional stocks and bonds in 401(k) plans. These investments will cover a wide range of asset classes, from digital assets to metals and funds focused on corporate acquisitions, private lending, and infrastructure transactions. The executive order will direct Washington regulatory agencies to investigate the remaining barriers needed for professional management funds that allow such alternative investments to be used by 401(k) savers.