数字美元战略

U.S. GENIUS Stablecoin Bill Achieves Key Breakthrough in Senate, Bipartisan Consensus Drives Regulatory Framework Implementation

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 advancement for this critical legislation. Notably, over 15 Democratic lawmakers reversed their positions to vote in favor, despite Minority Leader Chuck Schumer maintaining his opposition. The passage of this "motion to end debate" clears the way for the bill to enter the stage of full debate, where lawmakers will discuss specific provisions and propose amendments.

This bill, introduced by Senator Bill Hagerty in February, aims to establish a comprehensive regulatory framework for the $248 billion stablecoin market. Key provisions include: requiring stablecoins to be backed by 100% reserve assets, conducting regular safety 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 expects that the passage of the bill will stimulate demand for over a trillion dollars in government bonds and drive innovation in digital assets.

Senator Cynthia Lummis, who is pushing for this bill, stated: "Digital assets represent the future, and we are one step closer to ensuring America's leadership." Although Democrats had previously paused support due to concerns over anti-money laundering and controversies surrounding Trump's cryptocurrency holdings, bipartisan consensus has been reestablished following revisions to the provisions. The legislative process is currently accelerating, and Lummis has called for the completion of the legislative process before May 26 (Memorial Day in the U.S.).

Currently, the stablecoin market is dominated by Tether (USDT), which holds a 61% market share with a circulation of $151 billion; Circle's USDC ranks second with a market size of $60 billion. This legislative breakthrough coincides with the House's passage of the "STABLE Act" in early April, signaling that the U.S. cryptocurrency regulatory framework is becoming increasingly robust. As the bill enters its final sprint phase, the global digital asset market may usher in a new compliance benchmark.

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

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