Three major cryptocurrency bills passed! Listen to the research director's insights on the opportunities behind cryptocurrency and stablecoin legislation

On July 17, 2025, the U.S. House of Representatives unanimously passed three cryptocurrency-related bills: the "Guidance and Establishment of a U.S. Dollar Stablecoin National Innovation Act" (referred to as the "GENIUS Act"), the "2025 Digital Asset Market Clarity Act" (referred to as the "CLARITY Act"), and the "Anti-CBDC Surveillance State Act." The GENIUS Act has been signed into law by Trump, while the CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for review. The acceleration of these three bills marks a strategic shift in the U.S. approach to cryptocurrency from "regulatory ambiguity" to "framework construction." Following the passage of these landmark cryptocurrency bills in the U.S., investors expect hundreds of billions of dollars to flow in, with the total market capitalization of the cryptocurrency market surpassing $4 trillion for the first time on Friday. Additionally, on May 21 of this year, the Hong Kong Legislative Council passed the "Stablecoin Bill," establishing a licensing system for fiat-backed stablecoin issuers in Hong Kong and improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability and promote financial innovation. This marks a historic step for Hong Kong in the global virtual asset regulatory landscape. Meanwhile, internet giants like Ant Group and JD.com are actively applying for stablecoin licenses to compete in the digital currency market. To help everyone understand the opportunities and risks behind digital currencies and stablecoins, we will invite Cheng Tan, founder and research director of TanTu Macro (GMF Research) and former senior economist at the Central Foreign Exchange Business Center (Foreign Exchange Reserves) of the State Administration of Foreign Exchange, to participate in an Alpha online closed-door private meeting on the evening of July 22 (Tuesday) at 6 PM. He will share insights with members on the opportunities behind the upcoming U.S.-China stablecoin legislation. In this closed-door meeting, Cheng Tan will focus on analyzing the origins and developments of stablecoins, whether the Hong Kong dollar stablecoin can break through, and the opportunities and risks behind it. The meeting will also assess the impact of the passage of the U.S. Inflation Reduction Act on the U.S. economy, analyze the economic fundamentals and tariff impacts for the second half of the year in the U.S., and look ahead to global asset allocation in the second half of 2025, helping everyone understand the major trends in global assets and clarify their thoughts. Cheng Tan is the founder and research director of TanTu Macro (GMF Research), holds a Ph.D. in Finance from Peking University's Guanghua School of Management, and has served as a senior economist at the Central Foreign Exchange Business Center (Foreign Exchange Reserves) of the State Administration of Foreign Exchange and as vice president of the Asset Allocation Department. He has published multiple academic papers in journals such as "Management World," and his research reports have received directives from the Central Committee of the Communist Party of China and the State Council. GMF Research is an independent research institution focused on overseas macro and major asset research, providing one-stop investment research services for institutional and individual subscribers, currently serving nearly 2,000 individual users and covering dozens of leading asset management institutions and private equity funds in China. For detailed topics of this sharing session, please see the event poster below. Interested friends can click the image to join the Alpha closed-door private meeting membership Currently, joining the Alpha online closed-door private meeting annual membership allows participation in 10 exciting online closed-door sharing sessions, including this meeting. Interested friends can click the image below to join the Alpha online closed-door private meeting membership.