The U.S. stablecoin bill takes a key step in the Senate, still needing approval from the House and the President.

Recently, the U.S. Senate voted 66 in favor and 32 against to pass a motion to end debate on the GENIUS Act stablecoin bill. This marks an important step in the legislative process for the bill, clearing the way for its eventual passage.

Since the GENIUS Act was introduced in February of this year, it has undergone multiple revisions. The latest version adds more provisions regarding anti-money laundering, consumer protection, and custody. The bill also restricts the conditions under which tech giants can issue stablecoins, requiring them to implement stringent financial risk controls and consumer data privacy protection measures.

The core content of the bill includes:

1. Clearly define payment stablecoins as digital assets used for payment or settlement, which must be fully supported by reserves of USD or other high-quality liquid assets at a 1:1 ratio.

2. Establish a dual regulatory framework that allows issuers to register at the state or federal level. Issuers with a market capitalization exceeding $10 billion will be subject to federal regulation.

3. Require the stablecoin issuers to maintain a 1:1 reserve ratio, with reserve assets including cash, short-term U.S. Treasury bonds, or high-quality liquid assets such as central bank deposits.

4. The issuer must publicly disclose the reserved assets and redemption policies, and fulfill anti-money laundering obligations.

5. Clearly state that the payment of stablecoins does not constitute securities, commodities, or investment companies.

The bill also introduces the "Stablecoin Certification Review Committee," responsible for assessing whether the regulatory frameworks of various states comply with federal standards. Additionally, the bill sets conditions for foreign stablecoin issuers operating in the United States.

During the process, lawmakers from both parties had a heated debate over the Trump family's stablecoin project. Ultimately, the wording of the bill was modified to remove provisions targeting Trump's cryptocurrency project and instead focused on regulating the entire stablecoin sector.

Although the GENIUS Act has passed the Senate's motion to terminate debate, it still needs to go through full debate and amendments in the Senate before entering the House of Representatives. Since the House is currently controlled by the Republicans, the passage of the bill at this stage is expected to be relatively easy. Finally, the bill also needs the President's signature to officially become law.

If the GENIUS Act is ultimately passed, it will have a profound impact on the stablecoin market. It could drive industry consolidation, enhance consumer trust, increase market transparency, and attract institutional investors. However, the bill currently does not explicitly restrict the president and their relatives from participating in crypto projects, and this issue may become a focal point of future debates.

Some analyses suggest that if the United States fails to establish a unified federal regulatory framework in a timely manner, stablecoins may develop amidst fragmented state regulations, which would be detrimental to the U.S. maintaining its global leadership position and could push digital asset innovation overseas. Therefore, the advancement of the GENIUS Act is of great significance for the U.S. to maintain its influence in the global financial innovation sector.