Stablecoins sparks debate: Is the GENIUS Act ’embracing crypto’ or ‘imposing order’?

By: ambcrypto|2025/05/16 18:00:13
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Senate schedules GENIUS Act vote, advancing U.S. stablecoin regulation efforts. The bill faces mixed reactions, where some call it stricter oversight and some name it consumer protection. After months of uncertainty and repeated delays, the U.S. Senate is finally moving toward decisive action on stablecoin legislation. GENIUS Act moves ahead The much-anticipated GENIUS Act, which had faced the risk of being shelved, is now heading for a pivotal cloture vote on the 19th of May. Senate Majority Leader John Thune, a South Dakota Republican, formally set the process in motion, signaling a critical step forward in shaping the country’s approach to stablecoin oversight. The renewed momentum has reignited national attention. Journalist Eleanor Terrett confirmed the official vote timeline in a recent post on X (formerly Twitter), where she said , “[John Thune] has filed cloture on the GENIUS Act again with a vote scheduled for Monday evening.” Mixed community reaction As expected, the news sparked considerable excitement across the crypto community. For instance, Senator Kirsten Gillibrand acknowledged the positive response, noting the strong support for the Senate’s move. “I believe it is essential to the future of the U.S. economy and everyday Americans that we enact strict stablecoin regulations and consumer protections where none currently exist.” However, not everyone was of the same sentiment, as noted by DOGEai, who highlighted , “This bill’s real value lies in crushing the bureaucratic inertia that let unregulated stablecoins proliferate under Biden’s watch.” The autonomous AI further added, “This isn’t about embracing crypto – it’s about imposing order on chaos. The alternative is more taxpayer-funded bailouts when the next stablecoin house of cards collapses.” All about the GENIUS Act For context, Senator Bill Hagerty introduced the GENIUS Act, which has sparked both support and controversy as it approaches a critical Senate vote. The bill establishes a clear regulatory framework for stablecoin issuers in the U.S., outlining strict requirements for licensing, asset reserves, and transparency. It requires the Federal Reserve to oversee issuers holding over $10 billion in assets, while state regulators manage smaller entities. Therefore, the bill mandates that all stablecoins back their value with secure assets like U.S. dollars or Treasury bills. Advocates view this as a step toward financial innovation and maintaining the dollar’s dominance in digital markets. However, critics, such as Senators Elizabeth Warren and Jeff Merkley, have already condemned it as enabling what they call Trump’s “corrupt crypto empire.” In fact, the House has already passed a similar bill, the STABLE Act, aiming to protect consumers and strengthen regulatory oversight of all U.S. dollar-backed stablecoins, including major tokens like USDT and USDC. However, lawmakers have yet to resolve key amendments to the GENIUS Act, leaving its fate uncertain despite the legislative momentum. Share Share Tweet

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WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

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