The political game behind the passage of the GENIUS stablecoin bill—— Finally, the US Senate has passed the landmark cryptocurrency legislation, the GENIUS Act It took a long time to pass! The bill had already received bipartisan support from the Senate Banking Committee in March this year, seemingly a sure win; But in early May, it was suddenly rejected by the pro encryption Democratic Party due to dissatisfaction with the Republican Party's revised version; One of the key obstacles is the Trump family's involvement in the cryptocurrency industry, which has sparked concerns and backlash. Democrat Warner bluntly said, "If it weren't for the Trump family stirring up trouble, the Legislative Council would have been much easier one ️⃣ Legislatively recognizing the legality of stablecoins: This means that stablecoins anchored to the US dollar will have a clear legal status and move from the "gray zone" to the "compliant path". two ️⃣ Implementation of regulatory framework: In the future, there will be clear regulatory basis for the issuance, reserve disclosure, and audit standards of stablecoins, which is expected to enhance market trust. three ️⃣ Two party support, clear line: 18 Democrats cross party support, indicating a certain consensus on the construction of digital asset infrastructure. four ️⃣ Positive news for the stablecoin camp of the US dollar: Companies such as USDC and PYUSD may benefit the most and comply with the domestic compliance framework in the United States. I personally feel that this is not a consensus, but more like a political transaction. It is the shadow of the Trump family behind it and the result of billions of dollars in the cryptocurrency industry's gambling. Therefore, it is unknown whether there will be any variables in the later stage, Warren still opposes the bill, stating that it "lacks national security considerations and is a tool to accelerate corruption For the industry, this is a legislative breakthrough, but the real main battlefield is the subsequent market structure bill. If everything goes smoothly in the future, For DeFi and CEX, this is a substantial progress towards stablecoin compliance, which may drive more traditional funds into the market; For project parties and institutions, the US policy dividend period may be approaching, with compliance licenses and stablecoin issuance becoming the focus of layout.