🇺🇸 The Political Maneuvering Behind the Passage of the "GENIUS Stablecoin Act" —

Finally, the U.S. Senate has passed the landmark cryptocurrency legislation, the "GENIUS Act."

The passage took a long time!

The bill originally received bipartisan support from the Senate Banking Committee in March this year, seemingly on track for success; however, it was suddenly vetoed by pro-crypto Democrats in early May due to dissatisfaction with the revised version by Republicans.

One of the key obstacles was the involvement of the Trump family in the crypto industry, raising concerns and backlash.

Democrat Warner bluntly stated, "If it weren't for the Trump family meddling, the legislation would have been much easier."

1️⃣ Legislative Recognition of Stablecoin Legitimacy:

This means that stablecoins pegged to the U.S. dollar will have a clear legal status, moving from the "gray area" to the "compliance path."

2️⃣ Implementation of a Regulatory Framework:

In the future, there will be clear regulatory bases for stablecoin issuance, reserve disclosures, and auditing standards, which is expected to enhance market trust.

3️⃣ Bipartisan Support, Clear Direction:

The support of 18 Democrats across party lines indicates a certain consensus on the construction of digital asset infrastructure.

4️⃣ Positive Outlook for the U.S. Dollar Stablecoin Camp:

Stablecoins like USDC and PYUSD may benefit the most, aligning with U.S. domestic compliance frameworks.

Personally, I feel this is not a consensus but more like a political deal, with the shadow of the Trump family behind it, and the result of hundreds of millions of dollars in lobbying from the crypto industry. Therefore, whether there will be changes in the future remains uncertain.

Warren still opposes it, stating that the bill "lacks national security considerations and is a tool for accelerating corruption."

For the industry, this is a legislative "breakthrough," but the real battleground lies in the subsequent market structure legislation.

If everything goes smoothly afterward,

For DeFi and CEX, this represents substantial progress in the compliance of stablecoins, potentially driving more traditional capital into the market;

For project teams and institutions, the U.S. policy dividend period may be approaching, with compliance licenses and stablecoin issuance becoming key focuses.

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