Big news! Just yesterday (June 2), FOX's star financial reporter Eleanor Terrett dropped a bombshell - the U.S. Senate may vote on the (GENIUS Act) this week! (Note: This is the first time in history that stablecoins will have national-level legislation!)
It is said that bipartisan lawmakers are now locked in a room negotiating amendments, and the latest polls show the public is urging swift action. After the Senate resumes today, they are supposed to vote on a defense official nomination, but in reality, everyone is focused on this act. Republican leaders have directly stated: The Senate must pass it this week!
What is this (GENIUS Act) all about?
The name sounds flattering, but the full title is quite long: (Guiding and Establishing National Innovation for Dollar Stablecoins) (The English acronym GENIUS is also impressive). After reviewing dozens of pages of proposals, I've highlighted six major core strategies for you:
1. Money box sealed shut!
Must use 100% cash, demand deposits, and short-term government bonds for reserves. Who dares to misappropriate or re-pledge? Directly send you silver handcuffs! (USDT, USDC are trembling)
2. Ledger exposed to the bone!
Monthly reserve reports + third-party audits will turn black boxes into transparent glass boxes! No more guessing if Tether's money is frozen (talking about you!).
3. Giants are put under tight regulations!
Which stablecoin family has a market cap over 10 billion? Immediately subject to bank-style regulation! If Zuckerberg's Libra had survived to today, it would also have to obey...
4. Custody goes to the national team!
Reserves must exist in regulated financial institutions, effectively giving money double insurance (goodbye to shady custodians!).
5. Identity gets a major overhaul!
The most explosive part: clearly defined as a payment tool! The Securities and Exchange Commission and the Commodity Futures Trading Commission are all sidelined, with the banking system personally overseeing it! (Blockchain enthusiasts are ecstatic)
6. A time-limited "amnesty" order!
Existing stablecoins must be compliant within 18 months, and those "old-timers" like USDT either comply or get out!
Why is this considered a nuclear-level operation?
▶ Users rejoice: Runaway risks drop to zero! No more waking up in the middle of the night to check wallets due to FUD.
▶ Outsiders pouring in: Traditional brokerages may directly open gateways for stablecoins, turning stock trading aunties' money into USDC in seconds to flood into exchanges.
▶ CBDC surprise attack failed: Central bank digital currency wants to seize the cake? No chance! Blockchain payment standards are officially crowned 👑.
▶ Industry reshuffling: Giants like Goldman Sachs and Morgan are about to enter the arena, and USDT's good days are numbered...
Even more astonishing is the ripple effect:
When millions of newcomers use stablecoins to claim red envelopes for watching short videos (imagine a certain platform issuing USDC red envelopes), they look down and see: "Huh, how come there’s Bitcoin in this wallet?" - Stablecoins are the Trojan horse opening the mass market!
Lastly, let's say something heart-wrenching:
This act superficially regulates stablecoins, but in reality, it revitalizes the mess of U.S. Treasuries. Stablecoins currently hold 160 billion in U.S. Treasuries, and it will only increase. Do you think the U.S. will let go after tasting the sweetness? (Those who understand, understand.)
So, if someone mocks cryptocurrencies for having no practical value in the future, please throw out this line:
"We have redefined payment, while you are still writing PPTs."
The act is still in the process, but the wheels of history have already started to rumble. I suggest everyone buckle up; when this wave of compliance tsunami rolls in... you know what I mean.
