The U.S. Stablecoin Bill 《GENIUS Act》 will end discussion on 5/19 and enter the formal voting stage. Currently, both the Senate and House have their own versions, and the 《GENIUS Act》 will be promoted simultaneously with the passed 《STABLE Act》. Interestingly, even Tesla founder Elon Musk has been specifically named in the bill.
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Toggle《GENIUS Act》 Finally Enters the "Substantive Voting" Stage
According to the latest tweet by reporter Eleanor Terrett this morning on 5/16, Senate Majority Leader John Thune has officially proposed a motion to end debate on the stablecoin bill 《GENIUS Act》 on 5/19.
This represents that the bill is preparing to enter the formal voting procedure and indicates that both parties in Congress have reached a consensus on stablecoin regulation and are preparing to accelerate its implementation.
[The rest of the translation follows the same professional and accurate approach, maintaining the specified translations for crypto-related terms.]ToggleEvent Review: First Voting Failure on May 8
The controversy began on May 8, when the U.S. Senate first voted on the stablecoin bill 'GENIUS Act', which was collectively opposed by the Democratic Party, causing the bill to fail to advance.
The main reason for the Democrats' opposition was:
Concerns that meme coins and crypto projects related to Trump himself and his family businesses (such as TRUMP coin, World Liberty Financial) would benefit from the bill's passage.
They demanded that the Republican Party clearly include an exclusion clause in the bill to prevent specific individuals from profiting.
However, according to insider information, the Republican Party did not intend to compromise, and some legal experts even believe such a "targeted clause" might be unconstitutional.
On May 12, Bill Review Resumes, 60 Crypto Leaders Advance to Congress
The U.S. Senate restarted the review process for the 'GENIUS Act' on 5/12, preparing to open a new round of voting.
Subsequently, on 5/14, Coinbase CEO Brian Armstrong personally appeared in Congress and tweeted that up to 60 crypto leaders had gathered in Washington, D.C., to lobby senators to support the bill. He stated:
"We have emphasized the urgency of this matter, hoping to vote again as soon as tomorrow." Currently, both sides are still finalizing details.
Stablecoin and Market Structure Bills Tackle Together, Crypto Strives to Overturn
In addition to the 'GENIUS Act', the House is also reviewing another market structure draft aimed at clarifying the legal classification of crypto assets between securities and commodities.
Both bills are seen as important milestones for the crypto industry's move towards compliance, also representing a shift from "resisters" to "participants at the negotiating table".
The official voting time is not yet known, but various signs indicate that a new round of confrontation will unfold in the coming days.
Risk Warning
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