Regulatory Breakthrough for Crypto Industry

The US Senate has passed the GENIUS Act, marking a significant milestone in stablecoin regulation despite fierce opposition from institutional powerbrokers. The bill cleared the chamber with a 68-30 vote, overcoming 72 amendments proposed by Senator Elizabeth Warren and other critics.

Warren's Failed Amendments

Senator Warren's most controversial proposal would have required stablecoin issuers to monitor all downstream transactions indefinitely—a measure critics compared to holding cash manufacturers responsible for crimes committed with currency. 【Industry analysts】 noted this exceeded even traditional banking compliance standards, potentially creating impossible operational burdens.

——"Expecting stablecoin issuers to police every future transaction is like making the Treasury track every dollar bill used in illegal activities," remarked crypto attorney Zachary Kelman——

Strategic Compromises

The final bill incorporated a narrowed version of Warren's anti-corruption amendment, though excluded provisions targeting presidential family members. This followed revelations about a $2 billion stablecoin deal involving Trump-associated entities in Abu Dhabi.

Global Currency Competition

Supporters like Senator Kirsten Gillibrand emphasized the bill's role in maintaining dollar dominance as 【Tether's market cap】 approaches $100 billion. "This ensures the crypto ecosystem runs on dollar-pegged assets rather than alternatives like China's digital yuan," Gillibrand stated during floor debates.

Banking Industry Reactions

Major financial institutions had quietly opposed the legislation, with Bank of America announcing its own stablecoin project shortly before the vote. Critics suggest traditional banks benefit from regulatory complexity that disadvantages crypto-native competitors.

The bill's passage represents a watershed moment after years of regulatory uncertainty, with the Senate rejecting what many viewed as impossible compliance requirements reminiscent of the abandoned "DeFi Broker Rule." Final implementation now moves to House negotiations, where technical details will be finalized.