When I woke up and saw the Senate vote to pass the GENIUS Act, it was quite a milestone. Two years ago, when I was told that the United States could pass a positive bill related to cryptocurrency, I would have thought it was just a pipe dream. Some people say that we cryptocurrency practitioners are like rats in the sewer 🐭， More and more bricks can be snapped back, and the improvement of social status for practitioners is visible to the naked eye. However, this bill establishes licensing and strict 100% reserve rules for all stablecoin issuers, and imposes strict requirements on transparency and auditing, especially for large institutions. This has given regulatory green light to institutional investors, but compliance burdens may push small projects out of the market. Algorithmic stablecoins are basically enough, perhaps this is also a microcosm of the future cryptocurrency industry. The originally decentralized regulation of cool things played by small groups of geeks has begun to be seen and regulated by the mainstream. After all, the cost of compliance is that it cannot be so risky and flexible, and it must bow down to the interests behind the rule makers. I hope to keep a small space for innovators and geeks to play in less compliant areas. The wave of algorithmic stablecoins in Ampl back then was actually quite fun and creative.