Stablecoin bill postponed again! Is Washington completely 'lying flat'?

U.S. lawmakers have once again postponed the GENIUS Act, a key regulatory framework that could establish clear rules for stablecoins, causing market panic over the 'indefinite delay' of crypto regulation. This move has made the already fragile policy time window even more urgent.

Bipartisan moderate proposals still face deadlock:

Although the bill is seen as a 'gateway' to bipartisan cooperation on crypto regulation, it still encounters resistance in the Senate. Lawyer John Deaton warns: if even this minimal threshold bill cannot pass, U.S. crypto regulation may come to a complete halt until after the midterm elections, or even longer.

Retail investors hurt, banks benefit?

Deaton bluntly states that this bill favors bank interests, providing almost no tangible benefits to ordinary users, especially the clause that prohibits stablecoin holders from earning interest, which has angered retail investors.

The new draft targets overseas and tech giants:

Extending jurisdiction to overseas stablecoin issuers;

Strengthening anti-money laundering obligations for wallets and validators;

Restricting tech giants from entering, unless they meet stringent conditions.

Washington's divisions deepen:

Some lawmakers hope to push legislation quickly, but figures like Elizabeth Warren are concerned that the new rules may inadvertently amplify the monopolistic risks of tech companies and squeeze out innovative startups.

The outcome remains unclear:

Against the backdrop of over 50 million Americans holding cryptocurrency, the regulatory vacuum brings not freedom, but risk. If even the most basic rules cannot be produced, the future of crypto in the U.S. may have to rely on the market to explore on its own.