The U.S. stablecoin bill "GENIUS Act" has been voted through! Legislation to be completed by 5/26, Democratic Party member Warren remains silent.

The United States Senate finally passed the initial vote on 5/20 with a vote of 66 to 32, officially advancing the stablecoin regulation bill “GENIUS Act” into the Senate debate process, with legislation expected to be completed as early as 5/26, before Memorial Day in the United States.

Why is the 《GENIUS Act》 important? Strict scrutiny of stablecoin project issuance.

If the GENIUS Act is passed, it will mainly affect:

Tether (USDT) and Circle (USDC) will face stricter regulations in their business operations in the United States.

For stablecoin issuers who have not yet obtained state or federal issuance licenses, it is almost impossible to issue coins.

Why was there a bottleneck before? The Trump family is suspected of profiting from this, sparking controversy.

The “GENIUS Act” was nearly stillborn on 5/8, as several Democratic Party members were concerned that the Trump family’s crypto project would profit from the bill. Additionally, the anti-money laundering clause (AML) was not strict enough, which led to it being temporarily blocked.

Later, after the legislative team quickly amended the law to strengthen AML provisions and address concerns about interests, several originally opposing Democratic Party members finally agreed, and it was ultimately passed in a vote.

Understand the key points of the “GENIUS Act” at a glance.

The following are the key points of the “GENIUS Act”:

Stablecoins must be backed by 100% asset reserves.

Publishers need to obtain state or federal licenses.

Regular security audits and reports

Algorithm stablecoins will be restricted or prohibited.

Issuers with assets exceeding 10 billion USD need to be regulated by the SEC (, while smaller ones are regulated by the states.

Democratic Party member Warren still opposes and persuades colleagues, but unfortunately did not succeed.

Democratic Senator Elizabeth Warren also actively persuaded her colleagues and reiterated her opposition to Trump using the law for personal gain before the vote.

However, according to the Senate voting scene provided by the cryptocurrency advocacy organization Stand With Crypto, it can be seen that after the voting results were clearly revealed, Warren fell silent.

The netizen also took a screenshot and commented: “It seems she has a thousand words to say, but can’t say them out loud.” Unfortunately, Warren ultimately couldn’t turn the tide.

This article reports that the U.S. stablecoin bill, the “GENIUS Act,” has been passed! Legislation to be completed by 5/26, with Democrat Warren remaining silent. First appeared in Chain News ABMedia.