🚂 The amended GENIUS stablecoin bill is set for a Senate vote tonight; if passed, it will become the first federal legislative framework for stablecoins in the U.S. (There is no doubt that this bill will pass.)


Let's take a look at the key points of the amended GENIUS bill:

1. The most severe move is extraterritorial jurisdiction:
This primarily targets entities like Tether, which will not differentiate based on registration locations; as long as they service U.S. users, they must obediently follow the Federal Reserve's commands, effectively cutting off the path for overseas stablecoins to "regulatory arbitrage."

2. Clearly prohibit non-financial publicly listed companies from issuing stablecoins:
This move directly cuts off options for tech giants like Meta and Twitter—going forward, they must either cozy up to banks for "co-branded" products or adopt the pre-BUSD issuance model by entrusting licensed institutions to issue. Want to print your own money? No way! 🤷

3. The bill mandates issuers to comply with the (Bank Secrecy Act), implement AML and KYC procedures, and submit compliance proofs annually:
This represents a significant transformation for DeFi ecosystem projects, as developers, node operators, and even self-custody wallet providers will be classified as "digital service providers," suddenly placing bank-level anti-money laundering responsibilities on protocol developers, making node operation a high-risk profession, and anonymous wallets may need to collectively adopt real-name facial recognition. 😂

4. Tiered Regulation:
Stablecoin giants with assets over 10 billion (referring to you $USDT,$USDC ) will be personally regulated by the Federal Reserve, while smaller institutions will be left to compete under state supervision.
However, all players must adhere to a 1:1 reserve requirement, with cash and Treasury bonds fully backed—forcing stablecoins to be tied to U.S. Treasuries, just as I mentioned in my previous article, "Every dollar stablecoin minted in the crypto market is essentially paying for U.S. debt." 🤡
At the same time, players will have to disclose their holdings and undergo audits every month, with CEOs and CFOs required to sign off, achieving a level of transparency comparable to publicly listed companies' financial reports. The costs of auditing and compliance will also become a significant barrier for smaller institutions.

5. Consumer Protection and Bankruptcy Isolation:
The priority repayment clause in bankruptcy is the most audacious: in the event of a default by the issuer, investors can bypass creditors and directly access their funds. If a user's money is stolen, the issuer must compensate them until they are left with nothing, providing a level of protection even stronger than traditional bank deposit insurance.
At the same time, FDIC insurance will no longer be misused; previously, project teams could boast that "we are as safe as a bank," but now, who would dare make that claim? 😂




✨ In summary:

Although Tether has been buying U.S. Treasuries to pay for protection, it will still be forced to choose: either behave in the U.S. and accept comprehensive regulation or abandon the market and rename itself "unstablecoin." In contrast, Circle is likely laughing quietly, as the bill positions them as an industry leader.

The ban on tech companies issuing coins and the strengthening of oversight over government officials is clearly aimed at Musk and his Twitter ambitions. Does Twitter want to create a payment system and issue a coin? First, submit a 500-page compliance report to the Federal Reserve.

Overall, the implementation of the bill essentially draws a "line of demarcation" in the crypto market, accelerating the compliance process.
Trump may shout "Make America the Crypto Capital," but in reality, he's eyeing the gullible individuals in the crypto market to help sustain U.S. debt, while the attempt to reshape dollar hegemony through the "Treasuries-Stablecoin-BTC" triple anchor is well known.


#稳定币立法 #RWA #Tether #Circle #山寨季何时到来？