U.S. Senate Passes Stablecoin Bill, A Milestone for the Cryptocurrency Industry
The U.S. Senate passed the stablecoin regulatory bill GENIUS Act with a vote of 68-30, establishing regulatory safeguards for mainstream stablecoins like USDC.
This not only gives stablecoins a hard rule of "must reserve cash/government bonds & disclose reserves," but also allows USDC issuers like Circle to regain market confidence.
My Opinion: This marks the formal inclusion of the cryptocurrency industry into the realm of payment infrastructure, opening up the possibility for compliance → scaled applications.
But the double-edged sword of regulation: the more legitimate, the more restricted; projects seeking compliance must also bear costs.
Recommendation: Pay attention to the evolution of the final version of the GENIUS Act regarding the definitions of "protocol-level stablecoins" and "on-chain transparency."
If you are also a practitioner/creator in the industry, you can produce in-depth discussions around the boundary space of "compliance vs. rebellion!"