The US stablecoin bill "GENIUS Act" is moving toward a formal vote on 5/19, with even Musk being named for regulation.

The US stablecoin bill, the "GENIUS Act," will conclude discussions on 5/19 and move into the formal voting stage. Currently, both the House and Senate have their own versions, and the "GENIUS Act" will be promoted alongside the already passed "STABLE Act." Interestingly, even Tesla (Tesla) founder Elon Musk (Elon Musk) has been specifically named in the bill.

The "GENIUS Act" has finally entered the "substantive voting" stage.

According to foreign media reporter Eleanor Terrett's latest tweet on the morning of 5/16 (X), Senate Majority Leader John Thune has officially proposed to hold a cloture vote on the stablecoin bill "GENIUS Act" on 5/19 (Cloture Vote).

This represents that the bill is ready to enter the formal voting process, and also indicates that the two parties in Congress have reached a consensus on stablecoin regulation and are prepared to accelerate its implementation.

Key points of compromise for both parties: not only focusing on Crypto, but also on Musk and consumer protection.

In moving forward with the bill, the Senate is also currently reviewing a bipartisan amendment:

Regulation of technology companies: Especially current tech giants entering the fields of payments, stablecoins, or digital assets, such as Elon Musk's Twitter X, which has been actively advancing payment functions and may involve stablecoin or cryptocurrency trading in the future.

"Some lawmakers are concerned that these platforms may become unregulated money channels, and therefore require such companies to be included in financial regulation."

Consumer protection upgrade: Strengthening regulations regarding misleading use of Federal Deposit Insurance (FDIC), bankruptcy protection ambiguity, and other issues.

Regulatory transparency and strengthened accountability mechanisms: Prevent asset misappropriation or unregulated stablecoin operations.

The content of the aforementioned bill is expected to pump more support from Democratic and Republican lawmakers.

Key points of the bill: stablecoin issuers must be compliant, transparent, and asset-backed.

The "GENIUS Act" was proposed by Republican Senator Bill Hagerty, and the key points of the bill are as follows:

Stablecoins need to be pegged to the US dollar or government bonds as asset collateral.

Issuers with assets exceeding 10 billion USD are required to be regulated by the Federal Reserve (SEC), while smaller ones are regulated by the states.

Standardize the licensing qualifications, asset review and information disclosure obligations of issuers.

Emphasize financial inclusiveness and the solid international status of the US dollar.

The House version of the STABLE Act has passed

In addition to the Senate version, the House of Representatives has previously passed its own version of the STABLE Act. The bill also regulates all stablecoins pegged to the US dollar, including USDT and USDC, which are currently the most common on the market.

The main focus of the "STABLE Act" is:

Comprehensive disclosure of asset reserves to prevent false promises.

Strengthen regulation to ensure the safety of consumer funds.

Assist the United States in maintaining its global leading position in financial technology.

Supporters such as Republican Congressman Dan Meuser believe that this is an important step in helping the market lay a solid "foundation."

Key points for follow-up observation:

Will GENIUS Act pass Cloture Vote on 5/19?

If the versions of the Senate and the House of Representatives are different, how to coordinate and integrate them in the future?

After the new law comes into effect, will stablecoin issuers like Tether and Circle change their operational strategies?

Musk's social platform X If it develops payment and crypto business, will it be formally brought under the control of the financial supervisory authority?

(60 high-level coin circles rushed into Washington! GENIUS Act, CEO of Coinbase: Never give up )

This article on the US stablecoin bill GENIUS Act 5/19 moved forward to the official vote, and even Musk was named to manage first appeared in Chain News ABMedia.