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

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

2. **Market Restructuring**: Non-compliant projects (such as algorithmic stablecoins and those without reserve backing) will accelerate elimination; mainstream coins like USDT and USDC will consolidate their positions if they meet standards, while medium and small issuers will face increased survival pressure.

3. **Traditional Institutions Entering**: The act provides compliance pathways for banks and payment giants, potentially attracting traditional capital influx, promoting deep integration of stablecoins and traditional finance.

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

**Summary**: Long-term benefits for the regulated development of the industry, while short-term pains are inevitable, the dominant position of centralized stablecoins will be strengthened.