PANews Weekly Digest: US GENIUS stablecoin bill passed the Senate vote, but still needs the green light from the House of Representatives and the President

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The U.S. Senate has passed the GENIUS stablecoin bill, advancing the legislation that would permit banks to issue stablecoins pegged to the U.S. dollar.

The vote follows a nearly two-year legislative journey that began with bipartisan support. However, the bill has yet to receive the green light from the House of Representatives and President Trump.

As the Senate progresses to vote on the bill, attention is turning to the critical clauses that will decide the fate of stablecoins in the U.S.

The Trump family stablecoin has become a controversial issue.

With the Senate passing the bill, what are the hurdles for the GENIUS Act to become a formal law? What legislative procedures need to be completed? And what clauses are the focus of debate among lawmakers? PANews sorted out its core links.

After the U.S. Senate passed the bill to allow U.S. banks to issue stablecoins, Hong Kong's new stablecoin legislation has also passed.

According to a report by CC Chain, Hong Kong's Legislative Council passed the "Stablecoin and Other Virtual Assets Regulation Bill 2023" on Wednesday. The bill aims to regulate stablecoins and other virtual assets in Hong Kong, setting requirements for capital adequacy, liquidity risk management, and good governance practices for stablecoin issuers.

The bill also grants the Hong Kong Monetary Authority (HKMA) the power to intervene in case of extreme market turmoil or systemic risk.

Hong Kong regulators have conducted certain supervision and testing on the operation plans of the three issuers in the stablecoin sandbox.

Councillor Qiu Dagen expressed support for the establishment of stablecoins anchored to the Hong Kong dollar and the renminbi, strengthening Hong Kong as a digital bridge connecting the mainland and other countries, and advocating the government to issue licenses flexibly and speed up the approval process.

BTC enters a "step-by-step" upward trend, is $160,000 within reach?

Analyst Willy Woo predicts that BTC’s compound annual growth rate will stabilize at 8%.

According to Chainalysis data, BTC has risen by more than 100% since the beginning of 2023, and its price may continue to rise to new highs.

However, some analysts believe that BTC's upward trend is "step-by-step" and that it is unlikely to reach $160,000 this year.

The Pectra upgrade on August 7 brought new hope to the sluggish cryptocurrency market. After a long period of depression, the market hopes to prove that Ethereum is still a low-value asset through this rebound.

After the upgrade, seven core protocol-level changes will be implemented, which are expected to improve the efficiency and security of the Ethereum network.

According to the analysis, Pectra will not directly affect the price of ETH. However, the upgrade will bring new investment opportunities in the Ethereum ecosystem.

After a long period of depression, the market hopes to prove that Ethereum is still a low-value asset through this rebound, and the Pectra upgrade seems to provide evidence for this narrative.

According to data from Token Terminal, in the past seven days, seven core protocol-level changes will be implemented, which are expected to improve the efficiency and security of the Ethereum network. Among them, the introduction of EIP-7018 will allow users to easily create zero-code contracts.

After the upgrade, there will be no protocol-level changes in the next six to eight weeks, and the Pectra network upgrade will be fully completed.

According to the analysis, Pectra will not directly affect the price of ETH. However, the upgrade will bring new investment opportunities in the

According to the analysis, Pectra will not directly affect the price of ETH. However, the upgrade will bring new investment opportunities in the Ethereum ecosystem. For example, the introduction of EIP-4844 will reduce gas fees and attract more users to the ecosystem.

According to data from Messari, the total value locked (TVL) in Ethereum DeFi has decreased by more than 70% since its peak in early 2022.

According to the analysis, the decrease in TVL is due to the bear market and the lack of new and popular DeFi protocols.

Despite the challenges, Ethereum is still the largest blockchain network in terms of developers, users, and dapps.

According to the analysis, Pectra is a significant milestone in the evolution of Ethereum.

The upgrade will bring new opportunities for investors and entrepreneurs who are interested in the decentralized future.

According to the analysis, Pentra is a testament to the resilience and adaptability of the crypto industry.

The industry has faced many challenges in recent years, but it has continued to innovate and evolve