The GENIUS Act sweeps through the Senate, completely rewriting the rules for stablecoins!

The digitization of the dollar accelerates, and the U.S. Senate sparks a legislative storm on stablecoins!

On May 19, the U.S. Senate officially advanced the GENIUS Act with 66 votes in favor and 32 against. This so-called "historic" stablecoin legislation could completely change the rules of the crypto market and strengthen the dollar's position as the financial hegemon globally.

A new era of regulation for stablecoins

The full name of the proposal is the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins," which stipulates that all stablecoins must be fully backed by U.S. dollars or highly liquid assets, and mandates annual audits for projects with a market cap exceeding $50 billion. It also introduces new regulatory provisions for foreign issuers, closing loopholes.

The technological weapon of dollar hegemony

Senator Bill Hagerty, who pushed the legislation, stated that this law will bring the U.S. payment system into the 21st century and generate over $1 trillion in demand for U.S. Treasury bonds, clarifying who the main player is on the global digital finance stage. He bluntly said, "This is a key step to ensure the dollar continues to dominate the world."

Democrats soften their stance, bipartisan consensus emerges

The bill initially faced a cold response from Democrats, but this time, 16 Democratic lawmakers switched to support it, allowing it to surpass the 60-vote threshold and successfully initiate the final debate and amendment process, moving closer to legislative enactment.

The crypto industry cheers in unison

Acting CEO of the Crypto Innovation Committee Ji Kim stated that this vote is a milestone in combining legislative mechanisms with industry efforts and is the result of months of bipartisan negotiations. "This is not just a vote, but a vote of confidence in the roadmap for the future of digital dollars."

Once passed, market rules will be completely reshuffled

The advancement of the GENIUS Act is not just about regulation; it represents the explosion of the ambition for the digitization of the dollar. Stablecoins will move away from a phase of 'self-talk' to a regulated and audited path, signaling that the future market will tilt towards the strong.

This is not an ordinary bill, but a reconstruction of the global financial order!