Recently, the U.S. Senate passed the GENIUS Act with an overwhelming majority, marking the formal entry of stablecoin regulation into the legislative process in the United States. This is the first time Congress has established a clear framework for "stablecoins" within digital assets at the federal level, which has far-reaching implications for the industry. The passage of the bill not only responds to the long-standing market calls for the legal status and regulatory standards of crypto assets but also demonstrates the U.S. intention to strengthen fintech governance against the backdrop of global crypto policy evolution.
The GENIUS Act primarily focuses on the compliant issuance and regulatory coordination of stablecoins, with its core logic viewing stablecoins as a "payment tool" rather than securities or commodities. This reclassification helps stablecoins escape the regulatory challenges associated with securities, allowing them to integrate more smoothly into mainstream payment systems. Additionally, the bill establishes a licensing system that coexists with federal and state regulation, requiring stablecoin issuers to maintain 100% reserves in U.S. dollars or short-term government bonds, providing users with transparent and verifiable repayment capabilities. This not only helps restore public confidence in crypto finance but also imposes institutional constraints on the currently unregulated market ecosystem.
The market has reacted positively to this bill. Circle (the issuer of USDC) saw its stock price rise immediately, reflecting investor recognition of its "compliance dividend." Coinbase, as a significant supporter of USDC, also benefits greatly from its position in the compliant stablecoin infrastructure. Notably, some traditional financial giants, such as JPMorgan and Bank of America, have accelerated their deployment of blockchain payment tokens, indicating that traditional finance is beginning to reassess its technology and product layout in an environment where digital asset policies are becoming clearer. These reactions suggest that clear regulation can actually promote industry growth rather than stifle it.
However, the legislative process is not without challenges. First, the bill still needs to be voted on and passed by the House of Representatives, where there is controversy over whether to maintain the Senate version. Some lawmakers hope to merge this bill with broader digital asset market structure reform legislation, extending regulatory scope to other assets like Bitcoin and Ethereum. Secondly, the bill does not impose limits on the conflicts of interest for the president and his family in the digital asset space, raising questions about the motivations of Trump and his related businesses in pushing for the policy. Given the Trump family's indirect holdings in projects like World Liberty Financial, this controversy may become a focal point in subsequent political debates.
In addition to the internal dynamics of Congress, coordination among regulatory agencies will also be key to future implementation. Although the GENIUS Act emphasizes shared regulatory responsibilities between state and federal levels, how to avoid duplicate approvals and regulatory arbitrage in practice still needs to be clarified through subsequent guidelines and technical implementation mechanisms. Furthermore, the attitudes of key departments like the Federal Reserve and the Treasury regarding systemic risks associated with stablecoins will also influence the strength and pace of the bill's implementation.
This legislative action not only has profound significance for the domestic crypto industry in the U.S. but will also have a demonstrative effect on global policy directions. Although the EU's MiCA Act was passed first, it leans more towards protectionism and takes a conservative stance on tech companies' involvement in finance. Regions like the UK, Japan, and Singapore are also steadily building regulatory sandboxes but have yet to form a unified legislative framework. In this context, the U.S. push for stablecoin legislation undoubtedly enhances its voice in global digital financial governance and may help the U.S. dollar stablecoin gain more international market share.
In the future, if this bill is ultimately passed by Congress and signed by the president, U.S. stablecoin issuers will operate legally under clear rules for the first time, potentially opening a new cycle driven by compliance and creating space for imagination in areas such as on-chain payments, cross-border settlement, and fintech innovation. At the same time, this bill may serve as a template for subsequent regulatory legislation on a broader range of crypto assets, promoting the entire industry from a "regulatory gray area" towards institutionalized and standardized development.
However, it is important to be cautious that the bill only marks the beginning of compliance, not the end of the industry. How to ensure that regulation does not lead to excessive constraints? How to strike a balance between protecting consumers and incentivizing innovation? These remain challenges that legislators and market participants must face together.
Overall, the U.S. Senate's advancement of stablecoin regulatory legislation not only helps clarify policy gray areas and boost market confidence but also indicates that the institutional tone for the future development of digital finance is taking shape. Moving forward, the House's review, the formulation of regulatory details by agencies, and the industry's response will collectively determine whether this bill can truly transform from a "policy breakthrough" into "real dividends."
Related: The Wall Street Journal: Trump Administration Considers Issuing "De-Banking" Executive Order
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