Recently, the United States has been restless again. Those old men in the Senate are preparing to vote on a stablecoin bill called the 'GENIUS Act' – it sounds like it's written for geniuses, but the content is quite 'down to earth': from now on, anyone who wants to issue a stablecoin in the United States must back it with real cash, dollars, or short-term government bonds; they can't just boast and rely on hot air.
This matter is not an earthquake for the crypto world, but at least it’s a shake of magnitude 4 or above.
For example, the 'good student' $USDC, which has always obeyed the rules, has now directly become the 'officially recognized favorite child', with a bright future ahead; while $USDT is a bit like the 'problem child', the teacher keeps saying your parents haven't come to the meeting, and the homework is copied, and now it’s probably going to be called in the parents. It's opaque, has an overseas background, and mysterious operations... all have been put under scrutiny. If it's restricted from entering the United States, the crypto world is likely to get chaotic for a while.
Imagine, a bunch of people originally using $USDT as cash, and then the US exchanges say 'we won’t accept it anymore', that would be the crypto version of 'Alipay suddenly shutting down Yu'ebao'.
Of course, this matter is still being debated. The Republicans say 'this bill must pass', while several Democrats say 'no, this is not enough regulation for overseas coin issuance and is prone to money laundering', and some members have called out to investigate whether Trump and a certain crypto company have had any 'romantic interactions', it’s practically legislating while eating melon seeds.
However, no matter how they argue, if it really passes, then this will be the first federal-level stablecoin regulatory bill in the United States, and the crypto world will no longer be a bunch of Western cowboys; they will all have to go to kindergarten in uniforms.
So what should we do?
✅
1. Don’t exchange all $USDT, but it’s advisable to slowly exchange some for $USDC. $USDT is still safe in the short term, but there is a lot of uncertainty. You can keep some for liquidity, and for the portion held long-term or for trading exchanges, it’s more stable to exchange for $USDC.
✅
2. Pay more attention to US-based platforms and projects. Platforms like Coinbase, Circle, and chains like Base with 'solid backgrounds' may benefit from policy dividends in the future.
✅
3. Don’t be greedy for high-yield wild coins and wild projects. Those 'high returns + no background' may be directly swept out the door in the future. Be cautious.
✅
4. Before and after the bill is implemented, there may be opportunities for swings. Fund switching and market sentiment fluctuations provide operational space, stay alert, opportunities move in the turmoil.
This matter is not an earthquake for the crypto world, but at least it’s a shake of magnitude 4 or above.
For example, the 'good student' $USDC, which has always obeyed the rules, has now directly become the 'officially recognized favorite child', with a bright future ahead; while $USDT is a bit like the 'problem child', the teacher keeps saying your parents haven't come to the meeting, and the homework is copied, and now it’s probably going to be called in the parents. It's opaque, has an overseas background, and mysterious operations... all have been put under scrutiny. If it's restricted from entering the United States, the crypto world is likely to get chaotic for a while.
Imagine, a bunch of people originally using $USDT as cash, and then the US exchanges say 'we won’t accept it anymore', that would be the crypto version of 'Alipay suddenly shutting down Yu'ebao'.
Of course, this matter is still being debated. The Republicans say 'this bill must pass', while several Democrats say 'no, this is not enough regulation for overseas coin issuance and is prone to money laundering', and some members have called out to investigate whether Trump and a certain crypto company have had any 'romantic interactions', it’s practically legislating while eating melon seeds.
However, no matter how they argue, if it really passes, then this will be the first federal-level stablecoin regulatory bill in the United States, and the crypto world will no longer be a bunch of Western cowboys; they will all have to go to kindergarten in uniforms.
So what should we do?
✅
1. Don’t exchange all $USDT, but it’s advisable to slowly exchange some for $USDC. $USDT is still safe in the short term, but there is a lot of uncertainty. You can keep some for liquidity, and for the portion held long-term or for trading exchanges, it’s more stable to exchange for $USDC.
✅
2. Pay more attention to US-based platforms and projects. Platforms like Coinbase, Circle, and chains like Base with 'solid backgrounds' may benefit from policy dividends in the future.
✅
3. Don’t be greedy for high-yield wild coins and wild projects. Those 'high returns + no background' may be directly swept out the door in the future. Be cautious.
✅
4. Before and after the bill is implemented, there may be opportunities for swings. Fund switching and market sentiment fluctuations provide operational space, stay alert, opportunities move in the turmoil.
