#USStablecoinBill

Regulations on issuing organizations: Only licensed organizations — such as banks, credit companies, or non-bank entities that meet financial and governance requirements — are allowed to issue stablecoins in the United States.

• Reserve requirements: Stablecoins must be 100% backed by USD or highly liquid assets such as short-term treasury bonds.

• User protection: Stablecoin holders will be prioritized in the event of the issuing organization's bankruptcy.

• Application processing time: Federal regulators have up to 120 days to approve or deny applications for stablecoin issuance.

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⚠️ Controversy and Opposition

Although initially receiving bipartisan support, the bill is now facing opposition from a group of 9 Democratic Senators. They are concerned that the bill is not strong enough in preventing money laundering, protecting consumers, and regulating foreign stablecoin issuing organizations like Tether.

Additionally, the connection between former President Donald Trump and the stablecoin company World Liberty Financial — where his family holds a 60% stake and is undertaking a $2 billion project with Binance — has raised concerns about conflicts of interest and ethics in policy-making.

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🧭 Current Situation

The GENIUS bill has been approved by the Senate Banking Committee and is awaiting full discussion in the Senate. However, the withdrawal of Democratic Senators may prevent the bill from obtaining the necessary votes for passage. The Trump administration is still pushing for the signing of this bill before the summer recess.