#GENIUS稳定币法案 GENIUS Act (full name: "2025 U.S. Stablecoin Innovation and Establishment Act") is the first federal legislative framework in the U.S. targeting stablecoins, aiming to reshape the stablecoin market landscape and consolidate the dominance of the U.S. dollar through clear regulatory rules. The following are the key progress and content points of the Act:

1. Legislative Process

Preliminary Approval: On March 13, 2025, the Senate Banking Committee passed the Act with a vote of 18 in favor and 6 against.

Procedural Vote: On May 20, the Senate passed a motion to end debate (cloture) with a vote of 66:32, clearing legislative hurdles and moving to the full voting phase.

Next Steps: The Act needs to be passed by the House of Representatives and signed by the President to take effect. Given the lower threshold in the House and the supportive stance of the Trump administration, the probability of passage is high.

2. Core Content

Definitions and Reserve Requirements

Payment stablecoins are defined as digital assets pegged 1:1 to the U.S. dollar or high-quality liquid assets, with reserve assets limited to cash, short-term U.S. Treasury securities, central bank deposits, etc.

Algorithmic stablecoins without reserve support are prohibited, and issuers are required to publicly disclose reserve composition monthly and submit to audits.

Tiered Regulation

Federal Regulation: Issuers with a market capitalization exceeding $10 billion (such as USDT, USDC) will be regulated by the Federal Reserve or the Office of the Comptroller of the Currency (OCC).

State Regulation: Issuers with a market capitalization below $10 billion may opt for state regulation but must comply with federal standards.

Compliance and Protection

Issuers must comply with Anti-Money Laundering (AML) and Bank Secrecy Act laws, implementing customer identification and transaction monitoring.

In the event of issuer bankruptcy, stablecoin holders have priority repayment rights, and reserve assets are isolated from the issuer's assets.