The U.S. GENIUS stablecoin bill achieves a key breakthrough in the Senate, with bipartisan Consensus driving the regulatory framework into action.

On May 20, the U.S. Senate passed the procedural motion for the "GENIUS stablecoin bill" with a vote of 66 to 32, marking a significant progress for this key piece of legislation. Notably, over 15 Democratic lawmakers reversed their positions to vote in favor, despite the opposition of Minority Leader Chuck Schumer. The passage of this "motion to terminate debate" clears the way for the bill to enter the full debate stage, where lawmakers will discuss specific provisions and propose amendments.
The bill proposed by Senator Bill Hagerty in February aims to establish a comprehensive regulatory framework for the stablecoin market, which is valued at $248 billion. Key provisions include requiring stablecoins to be 100% backed by reserve assets, conducting regular security audits, limiting issuers to licensed institutions, and strictly restricting algorithmic stablecoins. Hagerty emphasized that this bill would not only modernize the U.S. payment system but also solidify the dominance of the dollar. He anticipates that the passage of the bill will stimulate demand for over a trillion dollars in government bonds and promote innovation in digital assets.
Senator Cynthia Lummis, who is promoting this bill, stated: "Digital assets represent the future, and now we are one step closer to ensuring America's leadership." Although the Democrats had previously paused their support due to concerns over anti-money laundering and controversies surrounding Trump's cryptocurrency holdings, a bipartisan consensus has been rebuilt after the revision of the terms. The legislative process is currently accelerating, and Lummis has also called for efforts to complete the legislative procedure before May 26 (Memorial Day in the United States).
The current stablecoin market is dominated by Tether (USDT), which holds a 61% share with a circulation of $151 billion; Circle's USDC ranks second with a scale of $60 billion. This legislative breakthrough coincides with the House of Representatives passing the "STABLE Act" in early April, signaling that the U.S. cryptocurrency regulatory framework is accelerating its improvement. As the bill enters its final sprint stage, the global digital asset market may welcome a new compliance benchmark.

As the GENIUS Act enters the full debate stage, what impact will this have on the stablecoin and cryptocurrency market? Leave your comments in the discussion!

#美国加密货币监管 # stablecoin legislation #GENIUS法案 # digital dollar strategy