Author: Weilin, PANews

On the morning of May 20th, Beijing time, the U.S. Senate passed the cloture of the GENIUS Act stablecoin bill with 66 votes in favor and 32 votes against.

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The U.S. Senate passed the cloture of the GENIUS Act stablecoin bill with 66 votes in favor and 32 votes against on Monday morning, May 20, setting the stage for the bill's final vote.

The U.S. Senate passed the cloture of the GENIUS Act stablecoin bill with 66 votes in favor and 32 votes against on Monday morning, May 20, setting the stage for the bill's final vote.

The move paves the way for the chamber to begin debating the legislation in earnest after several setbacks earlier this year.

The move paves the way for the chamber to begin debating the legislation in earnest after several setbacks earlier this year.

A cloture vote is needed to overcome a filibuster and proceed to a final vote on a bill. A minimum of 60 senators must vote in favor of cloture to proceed to a vote on a bill.

A cloture vote is needed to overcome a filibuster and proceed to a final vote on a bill. A minimum of 60 senators must vote in favor of cloture to proceed to a vote on a bill.

Previously, the focus of the debate among lawmakers was on several aspects. The first was the possibility of technology giants like Meta issuing their own stablecoins. The second was President Trump's business interests in the crypto industry. In addition, nine Democratic senators recently stated in a joint statement that the bill still has shortcomings in anti-money laundering, national security and accountability mechanisms.

Previously, the focus of the debate among lawmakers was on several aspects. The first was the possibility of technology giants like Meta issuing their own stablecoins. The second was President Trump's business interests in the crypto industry. In addition, nine Democratic senators recently stated in a joint statement that the bill still has shortcomings in anti-money laundering, national security and accountability mechanisms.

As of May 19, by comparing the new and old versions of the publicly reported US Stablecoin Act GENIUS Act (the latest version has not yet been officially released), it can be found that the new version has added more provisions on anti-money laundering, consumer protection and custody. The new draft bill introduces an agency called the "Stablecoin Certification Review Committee", which is responsible for evaluating whether the regulatory systems of various states meet federal standards, setting conditions for foreign stablecoin issuers operating in the United States.

As of May 19, by comparing the new and old versions of the publicly reported US Stablecoin Act GENIUS Act (the latest version has not yet been officially released), it can be found that the new version has added more provisions on anti-money laundering, consumer protection and custody. The new draft bill introduces an agency called the "Stablecoin Certification Review Committee", which is responsible for evaluating whether the regulatory systems of various states meet federal standards, setting conditions for foreign stablecoin issuers operating in the United States.

In addition, the bill will allow technology companies such as Meta to launch stablecoins and enter the stablecoin market only after implementing robust financial risk controls, strong consumer data privacy protections, and fair business practices.

In addition, the bill will allow technology companies such as Meta to launch stablecoins and enter the stablecoin market only after implementing robust financial risk controls, strong consumer data privacy protections, and fair business practices.

In addition to these amendments, the core contents of the bill include:

In addition to these amendments, the core contents of the bill include:

1. The bill defines payment stablecoins as digital assets used for payment or settlement. Such assets are anchored to a fixed currency value and fully backed by U.S. dollars or other approved high-quality liquid assets at a 1:1 ratio .

1. The bill defines payment stablecoins as digital assets used for payment or settlement. Such assets are anchored to a fixed currency value and fully backed by U.S. dollars or other approved high-quality liquid assets at a 1:1 ratio .

2. Licenses and Regulation: The bill establishes a clear application process for issuing licenses and provides guidance for institutions seeking to issue stablecoins. A "dual regulatory framework" is introduced, allowing issuers to choose to register at the state or federal level . Issuers with a market value of more than $10 billion will be subject to federal regulation. Issuers with a market value of less than $10 billion may choose to continue operating under a state regulatory framework, provided that their state regulatory standards are substantially consistent with federal requirements.

2. Licenses and Regulation: The bill establishes a clear application process for issuing licenses and provides guidance for institutions seeking to issue stablecoins. A "dual regulatory framework" is introduced, allowing issuers to choose to register at the state or federal level . Issuers with a market value of more than $10 billion will be subject to federal regulation. Issuers with a market value of less than $10 billion may choose to continue operating under a state regulatory framework, provided that their state regulatory standards are substantially consistent with federal requirements.

3. Reserve requirements: Stablecoin issuers must maintain a 1:1 reserve ratio, with high-quality liquid assets such as cash, short-term U.S. Treasury bonds or central bank deposits as reserve assets . Reserve funds must be managed separately from operating funds and must be certified monthly.

3. Reserve requirements: Stablecoin issuers must maintain a 1:1 reserve ratio, with high-quality liquid assets such as cash, short-term U.S. Treasury bonds or central bank deposits as reserve assets . Reserve funds must be managed separately from operating funds and must be certified monthly.

4. Transparency: Issuers must publicly disclose their reserve assets and redemption policies.

4. Transparency: Issuers must publicly disclose their reserve assets and redemption policies.

5. Anti-Money Laundering (AML) Compliance: The bill classifies stablecoin issuers as financial institutions under the Bank Secrecy Act, and they are required to fulfill comprehensive anti-money laundering obligations, including consumer identification, due diligence, and suspicious activity reporting.

5. Anti-Money Laundering (AML) Compliance: The bill classifies stablecoin issuers as financial institutions under the Bank Secrecy Act, and they are required to fulfill comprehensive anti-money laundering obligations, including consumer identification, due diligence, and suspicious activity reporting.

6. Consumer protection: If the issuer goes bankrupt, stablecoin holders will be paid before other creditors .

6. Consumer protection: If the issuer goes bankrupt, stablecoin holders will be paid before other creditors .

7. Regulatory jurisdiction definition: The bill clearly states that payment stablecoins are not considered securities, commodities, or investment companies under current federal law.

7. Regulatory jurisdiction definition: The bill clearly states that payment stablecoins are not considered securities, commodities, or investment companies under current federal law.

On May 15, according to the second page of the GENIUS Act draft disclosed by crypto journalist Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleadingly claiming to be FDIC insured or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins unless they comply with regulatory requirements, thereby strengthening the separation between banks and businesses; the draft also strengthens law enforcement capabilities against violations and expands the scope of ethical supervision of special government employees (including Elon Musk).

On May 15, according to the second page of the GENIUS Act draft disclosed by crypto journalist Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleadingly claiming to be FDIC insured or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins unless they comply with regulatory requirements, thereby strengthening the separation between banks and businesses; the draft also strengthens law enforcement capabilities against violations and expands the scope of ethical supervision of special government employees (including Elon Musk).

During the bill revision process, lawmakers from both parties also had a heated debate on the Trump family's stablecoin project.

During the bill revision process, lawmakers from both parties also had a heated debate on the Trump family's stablecoin project.

Elizabeth Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, has publicly stated that President Trump and his associates have made hundreds of millions of dollars from his crypto business. Trump is also expected to earn hundreds of millions of dollars from his USD1 stablecoin every year. The latest draft of the GENIUS Act currently circulating online does not include any provisions to prevent Trump and his family from making a fortune through their allegedly corrupt cryptocurrency scheme. Instead, the bill will expand the stablecoin market, further boosting Trump's crypto gains.

Elizabeth Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, has publicly stated that President Trump and his associates have made hundreds of millions of dollars from his crypto business. Trump is also expected to earn hundreds of millions of dollars from his USD1 stablecoin every year. The latest draft of the GENIUS Act currently circulating online does not include any provisions to prevent Trump and his family from making a fortune through their allegedly corrupt cryptocurrency scheme. Instead, the bill will expand the stablecoin market, further boosting Trump's crypto gains.

Finally, during the process of advancement, according to a report by senators from both parties reached a consensus on this issue. Democratic Senator Kirsten Gillibrand said that the wording of the bill has been revised to delete clauses targeting Trump's cryptocurrency projects, such as Meme Coin . She emphasized that the revised bill

Finally, during the process of advancement, according to a report by senators from both parties reached a consensus on this issue. Democratic Senator Kirsten Gillibrand said that the wording of the bill has been revised to delete clauses targeting Trump's cryptocurrency projects, such as Meme Coin . She emphasized that the revised bill