Odaily News On Thursday, the Senate failed to push the newly revised stablecoin GENIUS Act into a formal debate process, and some members said they had not seen the text of the bill before voting. The latest version obtained by the media on Friday showed that the biggest revision is that as long as it serves American users, foreign issuers such as Tether will be subject to US jurisdiction regardless of where they are registered. In addition, the core changes of the new version of the GENIUS Act include:
1. Jurisdiction reconstruction: A new "extraterritorial application" clause is added, requiring overseas issuers to comply with regulations if they target U.S. users (this move will end Tether's regulatory ambiguity. Combined with the clause allowing the expansion of reserve asset types, the bill further highlights the bill's inclination towards this company, which claims to be the "seventh largest holder of U.S. Treasury bonds").
2. Expansion of the definition of service providers: Including developers, verification nodes, self-hosted wallets, etc. into "digital asset service providers" has triggered new disputes over whether DeFi protocols need to comply with the Bank Secrecy Act and anti-money laundering regulations, and stipulates that the use of unauthorized stablecoins (such as decentralized stablecoins) is subject to liability.
3. Safe Harbor Provision: Authorizes the Secretary of the Treasury to provide regulatory flexibility for small/experimental projects, but allows unilateral action in "emergency situations" (criticized as excessive executive power).
Currently, the bill only has the support of the Republicans. If it fails to win the support of the Democrats, it may be difficult to pass. Industry insiders expect that the Senate may initiate another debate motion before the end of the month.