A few years ago, the cryptocurrency industry was still mired in fraud scandals, but regulatory policies in the United States have reached an important turning point.

On March 13 local time, the U.S. Senate Banking Committee passed the stablecoin regulatory bill with a vote of 18 to 6, marking the first step for this bill to become law and an important step for cryptocurrency to integrate into the mainstream financial market in the United States.

The official name of the bill is the "Guidance and Establishment of the American Stablecoin Innovation Act" (hereinafter referred to as the 'GENIUS Act'), which will regulate U.S. stablecoin issuers at the federal level. The term "stablecoin" in the bill refers to a type of cryptocurrency that is pegged to stable assets (such as the U.S. dollar, gold, etc.), aimed at reducing price volatility and providing a stable store of value and medium of exchange. The most well-known stablecoins are USDT and USDC, both of which are pegged to the dollar at a 1:1 ratio, together accounting for about 90% of the global stablecoin market value.

The current members of the U.S. Senate Banking Committee include 13 Republicans and 10 Democrats. In addition to all Republican members, five Democratic members also voted in favor of the bill, reflecting a certain degree of consensus between the two parties on cryptocurrency legislation.