On June 17, 2025, the U.S. Senate passed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" (GENIUS Act) with a vote of 68 in favor and 30 against, marking the first time the U.S. has established a regulatory framework for the Crypto Assets sector at the federal level. The bill requires that all stablecoins must be fully backed by U.S. dollars or high Liquidity assets (such as short-term government bonds) to ensure a 1:1 reserve ratio, and mandates that issuers with a market capitalization exceeding $50 billion are subject to annual independent audits and monthly disclosures of reserve asset details. Additionally, the bill grants the U.S. Department of the Treasury the authority to intercept suspicious transactions to strengthen AML and financial risk management.

US Treasury Secretary Scott Bessent pointed out that the passage of this bill will drive the stablecoin market size from the current $250 billion to $3.7 trillion by 2030, while consolidating the dollar's dominance and easing the demand pressure on the US Treasury market through the expansion of the digital dollar's use in global payments and decentralized finance (DeFi). The bill has currently been submitted for review by the Republican-led House of Representatives, and if passed smoothly, it will be sent to President Trump for signing into effect. What are everyone's thoughts on this? #GateLive#