On May 20, 2025, the U.S. "GENIUS Stablecoin Act @replace=10001" was passed by the Senate with a vote of 66 to 32, ending the motion to terminate debate (cloture) and clearing a key hurdle for final legislation. The bill aims to establish a federal regulatory framework for stablecoins, with core provisions including: requiring issuers to maintain a 1:1 dollar or highly liquid asset reserve, implementing anti-money laundering compliance, prohibiting misleading advertising of FDIC insurance, and restricting non-fintech companies (such as Meta) from issuing stablecoins unless they meet strict risk control and privacy protection conditions. The bill adopts a dual-track regulatory model, where issuers with a market capitalization exceeding $10 billion must comply with federal oversight, while smaller institutions can choose state-level regulation. The current focus of controversy centers on potential conflicts of interest regarding the USD1 stablecoin associated with the Trump family, with Democratic lawmakers questioning the bill's regulatory loopholes. If passed, the bill will reshape the global cryptocurrency market landscape, promote industry consolidation, and reinforce the dominance of the dollar on-chain.