Odaily Planet Daily News - The U.S. Senate has passed the Genius Act, granting stablecoin holders a priority claim on their supporting assets in the event of the issuer's bankruptcy, which has drawn attention from the banking and legal sectors. Georgetown University law professor Adam Levitin pointed out that this mechanism could lead to 'subsidizing stablecoin issuance at the expense of bank deposits,' harming the interests of traditional bank customers, especially in the event of bankruptcy of the issuer or the custodial bank. The bill also stipulates that stablecoins must be backed by highly liquid assets (such as U.S. Treasury bonds), and issuers are required to disclose their reserve status monthly and have the ability to freeze tokens. If passed, entities like banks will be able to legally issue compliant stablecoins. Industry insiders believe that although the bill aims to enhance user confidence and strengthen the integration of stablecoins with traditional finance, the arrangement of 'bankruptcy priority' could disrupt the risk structure of the existing financial system, becoming an important turning point for the development and regulatory coordination of stablecoins. (DL News)