The U.S. Senate's rejection of the GENIUS Act has sparked significant discussions in the financial sector about the future of financial innovation in the United States. U.S. Treasury Secretary Scott Benset stated on May 9, 2025, that this rejection represents a 'missed generational opportunity' to solidify the dollar's dominance. Due to states regulating their own affairs, the development of stablecoins faces unpredictability, highlighting the risks of financial innovation. Benset emphasized that without a unified regulatory framework, the U.S. could lose its advantage in the global financial arena. The lack of formal federal legislation could pose potential barriers to stablecoin innovation within the U.S. This fragmentation may prompt innovators to explore regions with more proactive regulation, thereby affecting the U.S.'s position in the emerging digital asset market. Reactions from financial experts to this news have been mixed, with some believing that the decision 'hinders' the U.S.'s leadership in blockchain technology. CoinMarketCap data shows that Tether USDt (USDT) currently has a market capitalization of $149.71 billion, dominating 4.63% of the market. Its price has stabilized at $1.00, with a decline of only 0.03% over the past 24 hours. The trading volume over the past day reached $113.33 billion, a significant increase of 68.80%, indicating sustained interest in the stablecoin market.