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Original | Odaily Daily (@OdailyChina) Author|Azuma(@azuma_eth) In the early morning of May 20, Beijing time, the much-watched stablecoin regulation bill (GENIUS Act) ushered in a key breakthrough in a vote in the U.S. Senate - the Senate voted 66 in favor and 32 against to pass the closing debate vote of the GENIUS Act. This means that the Senate has agreed to halt the debate on the bill, with a final vote coming in 30 hours at the latest. Is the final vote complete? It should be clearly emphasized that many media outlets and KOLs this morning have misreported the latest progress of the GENIUS Act, and in fact, the Senate voted to end the debate, and the bill itself has not yet passed the final vote. However, this can still be seen as a key breakthrough for the GENIUS Act in getting through Congress, as the end of debate voting is a key mechanism in the U.S. Congressional legislative process, specifically designed to break the impasse in which the dissenting minority wants to block the bill's vote through "endless debate." In the GENIUS Act case, Democratic senators, represented by Elizabeth Warren, have been the main force hindering the GENIUS Act process, and it was because of the collective opposition of Democratic senators that the GENIUS Act failed to advance further in the Senate vote on May 8 because it received only 49 votes (which did not meet the minimum requirement of 60 votes). However, in this morning's end-of-debate vote, 15 Democratic senators, including Adam Schiff, Mark Warner, and others, changed their vote from no to yes — meaning that in the upcoming final vote, this group of Democratic senators is likely to be a key force in the GENIUS Act running through the Senate. Odaily Note: NBC reported that the reason for the multiple Democratic Senate vote changes was that bipartisan representatives negotiated an agreement last week, and in exchange, the bill added some amendments, including changes to consumer protections and restrictions on the issuance of stablecoins by tech companies, and expanded ethical standards to special government employees — which will apply to Musk and David Sacks for the time being.  GENIUS Act Content On February 4, 2025, U.S. Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis jointly proposed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act). It aims to establish a legal framework for the legal use of stablecoin payments in the United States. The core provisions of the Act are as follows: Payment Stablecoin Definition: A digital asset pegged to a fixed monetary value, fully backed by U.S. dollars or other highly liquid assets at a 1:1 ratio, dedicated to payment and settlement scenarios. Dual-licensing regulation: Federally regulated, with issuers with a market capitalization of more than $10 billion subject to federal regulation; State-level regulation, with the option of state-level registration for small publishers (subject to federal equivalence). 100% Reserve Requirement: Reserve assets are limited to cash, short-term U.S. Treasury bonds, or central bank deposits, and must be segregated from working capital. A certificate of sufficiency of reserves is required to be submitted every month to ensure that users can redeem at face value. Mandatory Disclosure of Transparency: Regular disclosure of reserve composition and redemption policies, compliance audits conducted by a CPA firm. Anti-Money Laundering Compliance: Bringing issuers under the Bank Secrecy Act to meet financial institution-level AML obligations. Priority user protection: When an issuer goes bankrupt, stablecoin holders' claims take precedence over other claimants. Clear regulatory ownership: Clearly stipulate that payment stablecoins do not belong to the category of securities, commodities or investment companies, and draw a clear regulatory boundary. In short, as the first federal-level stablecoin bill, the GENIUS Act has been widely regarded by the industry as an important development for stablecoins to move out of the wild growth stage, officially enter the scope of compliance, and is expected to move towards the broader market such as payments. It is precisely because of the importance of the GENIUS Act that many parties in the industry have invested in lobbying efforts in order to get through the legislative process as soon as possible and successfully land. After the Senate, what is left? According to the U.S. legislative process, if the GENIUS Act can successfully run through the Senate, it will still be voted on by the House of Representatives, and then submitted to President Trump for signature before it finally becomes law. Barron's reported that the bill is expected to go more smoothly in the House of Representatives, which does not need an absolute majority to approve it. How has the market reacted? Perhaps due to the positive blessing of the GENIUS Act, which has already made a key breakthrough in the Senate, the crypto market, which suffered a large correction yesterday, has seen a strong rebound today - BTC is back above the $106,000 mark, and a new high seems to be just around the corner. Looking forward to the market changes after the implementation of the GENIUS Act, as the first step towards compliance and a broader market for stablecoins, the bill is undoubtedly a huge positive for the entire industry, and some of the projects whose business content is highly related to stablecoins have benefited greatly - for example, entering Aave (AAVE), Pendle (PENDLE), and Frax (FRAX) have all seen large increases that are better than the overall performance of the market; In addition, Ethereum (ETH), as the main front for the current compliant stablecoin issuance, may also be able to capture greater capital inflows. Within the stablecoin market, the GENIUS Act, which clearly requires federal and state dual licensing supervision, may also become an opportunity for a track-level reshuffle, and Circle (USDC), which has long followed the compliance route and is registered in the United States, and the Trump family project WLFI (USD 1) may receive stronger compliance endorsements, while Tether (USDT), the king of the current stablecoin track, may face greater regulatory challenges due to problems such as overseas registration and questionable transparency. In response, Tether has officially announced plans to launch a new stablecoin in the United States, and Tether has recently lobbied in Washington to try to promote more friendly policies. However, these are the final steps of the GENIUS Act, and for now, the top priority in front of the bill will be the final vote in the Senate that will take place in a maximum of 30 hours, when Odaily will follow up on the results of the vote.

NEWS: $AAVE surged 20.3% on the day as the US Senate passed the closure vote for the GENIUS stablecoin bill.

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