On October 4, 2023, the U.S. Senate passed the "GENIUS Act" by a vote of 68 to 30, completely ending the era of the "wild growth" of stablecoins. The core of the bill is two main points: 1:1 dollar reserves + federal licensing, which directly forced Tether to move its headquarters to El Salvador overnight, while USDC happily reaped compliance dividends. This regulatory earthquake is not about "industry norms," but rather the beginning of the U.S. using dollar hegemony to harvest the on-chain world.