"GENIUS Act" Passes Senate, Is the U.S. Moving Toward Becoming a Crypto Hub?

Odaily 精选Jun 18, 2025
#Macro $USDT
On June 17th Eastern Time, the U.S. Senate passed the cryptocurrency legislation "GENIUS Act" with 68 votes in favor and 30 against. The next step is to submit it to the House of Representatives for review. If passed smoothly, it will be signed into law by President Trump. The Act mandates stablecoins to be backed 1:1 with full asset support, requires high-frequency transparency disclosures, implements a dual-license regulatory system, incorporates anti-money laundering compliance, and clearly defines stablecoins as a payment medium. Existing stablecoins such as $USDT and USDC have an 18-month grace period to achieve compliance.

Tennessee Senator Bill Hagerty stated that the Act establishes the first growth-friendly regulatory framework for payment stablecoins and expects stablecoin issuers to become the largest holders of U.S. Treasury bonds globally by 2030. U.S. Treasury Secretary Scott Bessent supports the Act and anticipates the stablecoin market to grow to $3.70 trillion by the end of this decade.

Democratic Congresswoman Elizabeth Warren holds reservations about the Act, expressing concerns over risks posed by large tech companies issuing stablecoins. After amendments, the Act restricts large tech companies from issuing stablecoins, requires the establishment of regulated subsidiaries, and mandates compliance with data privacy standards.

The world's largest stablecoin issuer, Tether ($USDT), may be most affected by the Act due to not fully meeting the 1:1 asset backing and audit standards. Tether has relocated to El Salvador and plans to launch a settlement stablecoin branch compliant with the "GENIUS Act." The Act mainly impacts the U.S. market and promotes compliant stablecoins to become mainstream. Circle's stock has surged 600% after listing, regarded as the beginning of the stablecoin blue ocean.

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"GENIUS Act" Passes Senate, Is the U.S. Moving Toward Becoming a Crypto Hub?

Odaily 精选Jun 18, 2025
#Macro $USDT
On June 17th Eastern Time, the U.S. Senate passed the cryptocurrency legislation "GENIUS Act" with 68 votes in favor and 30 against. The next step is to submit it to the House of Representatives for review. If passed smoothly, it will be signed into law by President Trump. The Act mandates stablecoins to be backed 1:1 with full asset support, requires high-frequency transparency disclosures, implements a dual-license regulatory system, incorporates anti-money laundering compliance, and clearly defines stablecoins as a payment medium. Existing stablecoins such as USDT and USDC have an 18-month grace period to achieve compliance.

Tennessee Senator Bill Hagerty stated that the Act establishes the first growth-friendly regulatory framework for payment stablecoins and expects stablecoin issuers to become the largest holders of U.S. Treasury bonds globally by 2030. U.S. Treasury Secretary Scott Bessent supports the Act and anticipates the stablecoin market to grow to $3.70 trillion by the end of this decade.

Democratic Congresswoman Elizabeth Warren holds reservations about the Act, expressing concerns over risks posed by large tech companies issuing stablecoins. After amendments, the Act restricts large tech companies from issuing stablecoins, requires the establishment of regulated subsidiaries, and mandates compliance with data privacy standards.

The world's largest stablecoin issuer, Tether (USDT), may be most affected by the Act due to not fully meeting the 1:1 asset backing and audit standards. Tether has relocated to El Salvador and plans to launch a settlement stablecoin branch compliant with the "GENIUS Act." The Act mainly impacts the U.S. market and promotes compliant stablecoins to become mainstream. Circle's stock has surged 600% after listing, regarded as the beginning of the stablecoin blue ocean.

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