The new regulations for Genius stablecoins (the first federal-level stablecoin law in the United States) mainly have these points:
Core Content
Money and People Management:
In the future, to be called a "stablecoin," it must meet two conditions: 1. it can be used as electronic cash; 2. for every dollar issued, one dollar of real assets (such as US dollars or safe assets like government bonds) must be stored. To issue stablecoins, one must first obtain an "ID card," and the government will guide you step by step on how to apply for a license.
Decentralized Management:
A "dual-track system" has been established: small companies are managed by local authorities (with an annual issuance limit of no more than 100 billion), while large companies are directly managed by central authorities. All companies must maintain sufficient reserves, which can only be kept in bank accounts or invested in government bonds and other secure places.
Transparency Requirements:
Companies must publicly disclose their ledgers for reserve status. All issuing companies automatically become "quasi-banks" and must cooperate in anti-money laundering checks (for example, they must register user identities and report suspicious transactions).
Survival Clause:
In the event of a company bankruptcy, token holders have priority over creditors in recovering their funds.
Changes Brought About
Industry Earthquake:
A major reshuffle may occur; small companies could be overwhelmed by high compliance costs, while large companies like Circle may seize the opportunity to expand their territories. Companies operating across states may struggle with differing regulations from 50 states simultaneously.
International Covert War:
While the US is still in a stalemate, competitors like the EU and Singapore have already started to secretly capture the market. Now, everyone globally is vying to be the "gatekeeper" of crypto finance; whoever sets the rules first can reap the benefits.
Political Intrigues:
Democratic Party lawmakers previously stalled the bill, fearing that Trump’s family might engage in interest transfer (after all, the former president has been very active in the crypto space recently).
Trump's New Business:
The Trump family has been very active in the crypto space lately: not only launching celebrity tokens but also planning to open mining farms and issue their own stablecoin USD1, which has been viewed skeptically as an attempt to profit from the presidential election hype.
In short, this bill is meant to establish rules for the stablecoin market, which may lead to a more regulated industry but could also trigger a new round of power reshuffling. However, the political machinations and the plans of capital tycoons are the real drama behind the scenes.
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