#GENIUS稳定币法案 《GENIUS Stablecoin Bill》If passed, it will have a significant impact on the cryptocurrency market:

1. **Strong Regulation Implementation**: It clarifies that stablecoin issuers must operate with a license, reserve assets are subject to strict audits, enhancing market transparency and trust, but compliance costs will rise significantly.

2. **Market Landscape Restructuring**: Non-compliant projects (such as algorithmic stablecoins and those without reserve backers) will accelerate their exit, while mainstream coins like USDT and USDC will consolidate their positions if they meet the standards, increasing survival pressure on small and medium issuers.

3. **Traditional Institutions Entering the Market**: The bill provides a compliance pathway for banks and payment giants, potentially attracting traditional capital influx and promoting deep integration of stablecoins with traditional finance.

4. **Short-term Volatility Risks**: The transition period may lead to tightening liquidity for stablecoins, and some funds may shift towards non-stable assets like Bitcoin and Ethereum for hedging.

**Summary**: In the long term, it is beneficial for the regulated development of the industry, but short-term pains are inevitable, and the dominant position of centralized stablecoins will be reinforced.