According to BlockBeats, on July 12, the U.S. Senate passed the Genius Act, which has drawn the attention of the banking and legal communities. The bill grants stablecoin holders priority claims on supporting assets in the event of bankruptcy, potentially putting traditional banks at risk.
Georgetown University Law Professor Adam Levitin warned that this arrangement could harm the interests of ordinary bank customers, especially in the event of bankruptcy of the stablecoin issuer or custodian bank. The bill requires stablecoins to be backed by highly liquid assets, and issuers must disclose reserves monthly and have the ability to freeze tokens.
The bill is awaiting consideration by the House of Representatives. Although it is designed to enhance user confidence, its design has sparked discussions about regulatory logic, financial stability, and the distribution of interests among banks. Industry insiders say it could become a turning point in the development of stablecoins.