#GENIUS稳定币法案 : A New Milestone in Cryptocurrency Regulation

As of June 19, 2025, at 7:05 AM CST, the #GENIUS Stablecoin Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) marks a significant advancement in the regulation of cryptocurrencies in the United States. The bill was introduced by Senator Bill Hagerty on February 4, 2025, and passed the Senate with a vote of 68-30, signifying the establishment of the first federal regulatory framework for stablecoins. The bill mandates that stablecoin issuers hold one-to-one assets with high-quality liquid reserves such as U.S. dollars or U.S. Treasury bonds and be subject to federal or state-level regulation to protect consumers and combat money laundering.

The bill reflects the Trump administration's support for crypto innovation, with White House crypto advisor David Sacks stating that it will create trillions of dollars in demand for U.S. Treasury bonds. However, controversy continues. Democrats like Elizabeth Warren criticize the bill for failing to effectively limit the crypto interests of the Trump family, such as the USD1 stablecoin from World Liberty Financial, which could exacerbate corruption risks. Additionally, the bill allows major tech companies to issue stablecoins, raising concerns about privacy and market concentration.

From a macro perspective, the #GENIUS Act aims to solidify the global dominance of the U.S. dollar, but its implementation effectiveness remains to be seen. If the stablecoin market within the U.S. grows to trillions of dollars, it could reshape the payment system. Investors need to be cautious of policy uncertainties and closely monitor the progress of the House STABLE Act and its final signing. Market volatility may increase, and it is advisable to operate cautiously and set stop-loss points to mitigate risks.