15 Democratic lawmakers switch sides to support, U.S. stablecoin legislation successfully advances
Silicon Valley legendary investor, referred to as the "Crypto Tsar" by insiders, David Sacks passionately posted on platform X: "Tonight belongs to blockchain history!" The bill he supports, the "GENIUS Stablecoin Act," dramatically overcame procedural hurdles in the Senate, with 15 Democratic lawmakers suddenly switching sides, including key swing votes Cortez Masto and tech policy pioneer Adam Smith, allowing this critical legislation, which had been shelved for three years, to finally reach the full Senate voting stage.
Republican lawmaker Hagerty, backed by think tanks from both Wall Street and Silicon Valley, launched an 83-day lobbying blitz on Capitol Hill. They cleverly tied the stablecoin framework to artificial intelligence regulation, playing the politically correct card of a "digital dollar defense," successfully prompting moderate Democrats to switch sides. It’s worth noting that just three months ago, the chair of the Senate Banking Committee had vowed to fully block cryptocurrency legislation.
Deep dive into the bill's nuances:
1️⃣ Innovates a "dual-track" regulation: bank-backed stablecoins and algorithmic stablecoins operate on separate tracks, with USDC issuer Circle likely to obtain the first national license.
2️⃣ New weapon for dollar hegemony: mandates that all compliant stablecoins are 100% backed by dollar assets, targeting Tether's offshore market share.
3️⃣ Lays the groundwork for DeFi: reserves a "regulatory sandbox" for decentralized stablecoins, with venture capital firms like a16z already secretly laying out related technical standards.
Interestingly, this legislative shift coincides with traditional asset management giants like BlackRock and Fidelity significantly increasing their holdings in Bitcoin spot ETFs. Goldman Sachs analysts revealed that if the bill ultimately passes, it could unleash $200 billion of institutional capital into the market, truly realizing the "Wall Streetification" transformation of cryptocurrencies.
