Financial Earthquake! The U.S. Senate Strongly Pushes for Stablecoin Regulatory Bill, Wall Street Celebrates While Crypto Circle is Anxious!
Thunder Strikes on Capitol Hill! The Senate has just passed a procedural motion for the amendment to the "GENIUS Stablecoin Act," officially turning on the green light for its final vote. The full name of this bill is the "Generating Energy and Neural Intelligence for United States Stablecoins Act," a significant financial regulatory policy long in the making in Washington.
The core of the bill directly targets the lifeblood of stablecoins: it will mandate that all stablecoin issuing institutions must maintain a 100% reserve of cash and high-quality liquid assets, and must guarantee that stablecoins can always be exchanged for U.S. dollars at a 1:1 ratio. This means that any "stablecoin" supported by algorithms or partial reserves will completely lose its space for survival.
What is more noteworthy for the industry is that the bill proposes to impose "transitional restrictions" on existing stablecoin issuers while opening a "regulatory-friendly channel" for banking institutions—allowing them to launch their own "bank crypto tokens." This is a key provision strongly advocated by the Federal Reserve, signaling that Wall Street giants may dominate the future U.S. dollar stablecoin market!
Upon hearing the news, Wall Street immediately entered celebration mode. Top investment banks like JPMorgan and Goldman Sachs expressed their excitement over the bill. Meanwhile, existing stablecoin issuing giants such as Circle, Tether, and the crypto industry they support are feeling tense—the entry of banking giants will inevitably swallow their market share! A well-known crypto exchange CEO privately stated that the entry of traditional financial giants will bring a "tsunami-level impact" to the industry landscape.
This regulatory and innovation tug-of-war has entered the countdown! If the U.S. passes this bill, it will not only affect the trillion-dollar stablecoin market but will also determine the future dominant position of the U.S. dollar in the digital world. The boundary between the crypto world and Wall Street may truly be rewritten as a result!
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