After weeks that seemed like a "stillbirth," the prominent stablecoin bill named the GENIUS Act has unexpectedly been revived with a new controversial draft. Crypto-friendly Democrats claim they have achieved several important concessions from the Republicans, opening up significant opportunities for the legalization of stablecoins in the U.S. – a turning point that could bring trillions of dollars into the cryptocurrency market.
🎯 Notable changes in the new draft of the GENIUS Act:
Big Tech faces light regulation:
Tech giants such as Apple, Meta, or Amazon will only be allowed to issue stablecoins if approved by an independent committee. However, they still retain the right to mine transaction data from stablecoins if users agree – a point that raises privacy concerns among many experts.
Does President Trump still have "immunity"?
Although the bill has new ethical provisions, Mr.#TRUMP and the vice president remain exempt from the regulation prohibiting the issuance of stablecoins. This is controversial as his family company – World Liberty Financial – recently signed a $2 billion stablecoin contract with the UAE.
Foreign stablecoin: Tether under scrutiny
The new version of the GENIUS Act enhances control over stablecoins not issued from the U.S., especially Tether – now headquartered in El Salvador. However, the final decision rests with the Secretary of the Treasury, who is appointed by the President, raising concerns about transparency and impartiality in oversight.
Concerns about the collapse of stablecoins remain unresolved
Despite additional provisions requiring research on the bankruptcy risks of stablecoins,#GENIUSAct no specific commitments have been made regarding investor protection if a stablecoin devalues or loses its peg. Stablecoins are not FDIC insured, which could trigger a crisis in the event of a "bank run."
🧠 Why is this bill important for crypto?
Stablecoins are the bridge between digital assets and the traditional financial system. If the GENIUS Act is passed:
Major U.S. banks will enter the market, bringing huge amounts of money into the crypto ecosystem.
A clear legal framework will enable fintech companies to develop new financial products based on stablecoins.
Users will have more options for cross-border payments, transferring money faster and cheaper.
🧨 Could this be a "call to action" for the next growth season of the crypto market?
The fact that a major bill like the GENIUS Act is getting closer to reality is a positive signal for the entire crypto market, especially given that the Trump administration is believed to have a more favorable stance towards digital assets. However, the loopholes in controlling Big Tech, the exemption for the President, and unclear legal issues could still become a potential powder keg in the future.
🔔 Risk warning: The cryptocurrency market always carries high volatility and legal risks. The information above is not investment advice. Please carefully consider and do your own research before making a decision.