US lawmakers continue to discuss Senate stablecoin bill, negotiations are '90% complete'

According to The Block, significant progress has been made in negotiations for the US Senate stablecoin bill, the GENIUS Act, with insiders revealing that both sides have reached a consensus on 90% of the terms. At present, the remaining disagreements mainly focus on the ethical standards for government special employees (including Musk) and the standard requirements for listed companies to issue stablecoins. According to the latest draft, stablecoin issuers are required to maintain 100% of their US dollars or other highly liquid assets as reserves, and projects with a market value exceeding 50 billion US dollars must undergo annual audits. The bill also includes relevant provisions for foreign issuers operating in the United States. Despite not being able to proceed with the planned vote to close the debate on Thursday, the Democratic Party has sent a positive signal. A source said, "We are willing to support the motion to end the debate, but we need the Republican Party's assurance to continue negotiating the remaining 10% of the differences Last week, due to collective opposition from the Democratic Party, the bill failed to enter the debate process, with the main controversies involving anti money laundering standards and foreign issuer regulation. Mark Hays, a policy analyst at the Financial Reform Organization, pointed out that although the current draft covers special government employees such as Musk, it does not address the issue of President Trump's stablecoin business association with decentralized financial platform World Liberty Financial. Analysis suggests that the next week will be a critical window period, and if both sides can resolve their remaining differences, the probability of the bill passing will significantly increase.