Odaily News According to Coingape, U.S. Senate Majority Leader John Thune has formally submitted a motion to end the debate on the GENIUS Act, which is scheduled to be voted on on May 19. This stablecoin regulatory bill requires that issuers with assets exceeding $10 billion be regulated by the Federal Reserve, and small institutions be regulated at the state level; all stablecoins must be fully backed by assets such as U.S. dollars or treasury bonds. The latest bipartisan amendment proposes to add three clauses: 1) stricter rules for technology companies involved in financial assets; 2) strengthening consumer protection mechanisms; 3) strengthening supervision of government officials (including Musk and others). The House of Representatives has previously passed a similar "STABLE Act", requiring issuers of stablecoins such as USDT to operate in a completely transparent manner.
If the bill is passed, it will become the first federal legislative framework for stablecoins in the United States. Senate sources revealed that the amendments include explicitly prohibiting the abuse of FDIC insurance and strengthening bankruptcy protection clauses in order to gain cross-party support. The results of this vote will directly affect the direction of US regulation in the field of digital assets.