On July 12 (UTC+8), DL News reported that the "Genius Act" passed by the U.S. Senate is attracting attention from the financial and legal sectors. The bill grants stablecoin holders priority claim to their supporting assets in the event of bankruptcy, which is considered to potentially have an adverse impact on traditional bank customers. Georgetown University law professor Adam Levitin pointed out that such arrangements are essentially "subsidizing stablecoin issuance at the expense of bank deposits," especially when stablecoin issuers or their custodian banks go bankrupt, which may erode the rights of ordinary depositors. The current draft bill requires stablecoins to be backed by highly liquid assets (such as U.S. Treasury bonds), issuers to disclose reserves monthly, and to have the ability to freeze tokens. If passed, banks and other institutions will be able to issue compliant stablecoins. Although the bill is intended to increase user confidence and strengthen the connection between stablecoins and the real-world financial system, its bankruptcy priority arrangement has also sparked discussions on regulatory logic and financial stability. Some analysts believe that the bill may become a key node in the development of stablecoins, while exacerbating the structural impact on the traditional financial system. (Source: Bitpush) [MetaEra]