Stablecoins' genius bill to pass US Senate this week

The majority leader of the US Senate, Republican John Thune, announced on the 9th that he plans to vote to pass the "Guide and Establish a National Innovation Act for Stablecoins in the United States" (referred to as the "Genius Act") within this week. According to the website of Politico, Thune said on the same day that Senate Republicans are trying to reach a consensus on how to revise the bill, with the goal of getting it passed this week. Thun requested to end the debate on the bill on the same day, and the subsequent procedural vote could be held as early as the 11th. According to the Associated Press, as many as 16 Senate Democrats are willing to support the Genius Act so far. Even if the bill needs to be revised, it is still expected to successfully pass through the Senate this month. The Senate has a total of 100 seats, with Republicans currently holding 53 seats. The Genius Act will establish a regulatory framework for stablecoins anchored to the US dollar, widely seen as beneficial in strengthening consumer protection and enhancing the legitimacy of the cryptocurrency industry. Stablecoins belong to cryptocurrencies and are virtual assets designed to maintain a relatively stable value with certain assets (usually currencies). (Xinhua News Agency)