PANews reported on May 16 that according to The Block, the negotiations on the U.S. Senate's stablecoin bill "GENIUS Act" have made significant progress. People familiar with the matter revealed that the two sides have reached a consensus on 90% of the terms. The remaining differences are mainly focused on the ethics of special government employees (including Musk) and the standard requirements for listed companies to issue stablecoins. According to the latest draft, stablecoin issuers must maintain 100% of US dollars or other highly liquid assets as reserves, and projects with a market value of more than US$50 billion must undergo annual audits. The bill also contains relevant provisions for foreign issuers operating in the United States. Although the vote to end the debate procedure failed as planned on Thursday, the Democratic Party has sent positive signals. A source said: "We are willing to support the motion to end the debate, but we need the Republicans to guarantee that they will continue to negotiate the remaining 10% of the differences."
Last week, due to the collective opposition of the Democratic Party, the bill failed to enter the debate process. The main disputes involved anti-money laundering standards and foreign issuer supervision. Mark Hays, a policy analyst at the Financial Reform Organization, pointed out that although the current draft covers special government employees such as Musk, it does not address the issue of President Trump's connection with the stablecoin business of the decentralized financial platform World Liberty Financial. Analysts believe that the next week will be a critical window period. If the two sides can eliminate the remaining differences, the probability of the bill passing will increase significantly.
