On June 17, 2023, the U.S. Senate passed the "GENIUS Act" with a high vote of 68:30, which for the first time imposes a "federal tight leash" on stablecoins! This means that "crypto cash" like USDT and USDC, which are pegged to the dollar, will finally say goodbye to reckless growth, as they must be 100% backed by dollars or U.S. Treasury securities, and they will also have to publish their financial statements monthly.

🚨 Who wins and who loses?

• Winners: Wall Street giants are smiling—JPMorgan quickly launched the "JPMD" token, and Circle's stock surged by 5%. The Trump administration is also thrilled, as U.S. Treasury bonds may welcome trillion-dollar new buyers.

• Losers: Algorithmic stablecoins are directly banned, and unconventional issuers are completely finished.