According to Wu, the U.S. Senate recently failed to advance the formal debate on the newly revised GENIUS Act (S. 1582), a stablecoin bill. The new clause expands the U.S. jurisdiction over foreign stablecoin issuers. Overseas issuers, including Tether, must comply with the provisions of the bill if they serve U.S. users.
The bill also expands the definition of digital asset service providers to include developers, validator nodes, and self-hosted wallet providers, and requires them to comply with bank secrecy laws and anti-money laundering regulations. The Senate is expected to debate and vote on the bill again at the end of this month.