BlockBeats reports that on May 10, the Senate failed to advance the newly revised GENIUS stablecoin bill into formal debate, with some senators claiming they had not seen the bill text before the vote. The latest version obtained by the media on Friday shows that the biggest revision is: as long as they serve U.S. users, foreign issuers like Tether will be subject to U.S. jurisdiction regardless of where they are registered. Additionally, the core changes in the new version (GENIUS bill) include:
· Jurisdictional restructuring: A new 'extraterritorial application' clause has been added, requiring offshore issuers to comply if they target U.S. users (this move will end the regulatory ambiguity surrounding Tether. Combined with the clause allowing for an expansion of reserve asset types, it further highlights the bill's bias towards this company, which claims to be 'the seventh largest holder of U.S. Treasury bonds').
· Expanded definition of service providers: Developers, validation nodes, self-custodied wallets, etc. are included in 'digital asset service providers', raising new controversies about whether DeFi protocols need to comply with (the Bank Secrecy Act) and anti-money laundering regulations, and stipulating that using unauthorized stablecoins (such as decentralized stablecoins) will incur liability.
· Safe harbor clause: Authorizes the Secretary of the Treasury to provide regulatory flexibility for small/experimental projects but allows for unilateral action in 'emergency situations' (criticized for excessive executive power).
Currently, the bill has only received support from the Republican Party, and if it cannot garner support from the Democratic Party, it may be difficult to pass. Industry insiders expect the Senate to possibly initiate a debate motion again before the end of the month.