BlockBeats News: On May 10th, according to unchained, the Senate failed to push the newly revised stablecoin GENIUS bill into formal debate on Thursday, with some lawmakers claiming they had not seen the bill text before the vote. The latest version obtained by the media on Friday shows that the biggest revision is that as long as it serves US users, foreign publishers such as Tether will be subject to US jurisdiction regardless of where they are registered. In addition, the core changes of the new GENIUS Act include:
·Jurisdiction restructuring: Added a "extraterritorial application" clause, requiring foreign issuers to comply if targeting US users (this will end the regulatory ambiguity of Tether). In combination with the provisions allowing the expansion of reserve asset types, it highlights the tilt of the bill to this enterprise known as the "seventh largest holder of US treasury bond bonds").
·Service provider definition extension: Including developers, verification nodes, self hosted wallets, etc. as "digital asset service providers" has sparked a new controversy over whether DeFi protocols need to comply with the Bank Secrecy Act and anti money laundering regulations, and stipulates that the use of unauthorized stablecoins (such as decentralized stablecoins) will be held responsible.
·Safe Harbor Clause: Authorizes the Minister of Finance to provide regulatory flexibility for small/experimental projects, but allows unilateral action in "emergency situations" (criticized for excessive administrative power).
At present, the bill only receives support from the Republican Party, and if it cannot win support from the Democratic Party, it may be difficult to pass. Industry insiders predict that the Senate may launch another debate motion before the end of the month.
