A landmark bill known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is taking center stage in the stablecoin industry. The Senate’s aim to solidify its legal framework for stablecoin collateralization and Anti-Money Laundering compliance could propel the sector toward greater mainstream acceptance. Industry experts, however, hold varying perspectives on this impact. Andrei Grachev, managing partner at DWF Labs and Falcon Finance, believes that the bill legitimizes stablecoins as financial instruments. He sees the legislation paving the way for a more efficient, global digital financial system. However, Vugar Usi Zade, COO of Bitget exchange, cautions that it fails to address the dominance of offshore stablecoin issuers like Tether and may create regulatory disadvantages for US-based companies. The bill faces scrutiny from various groups including banks who express concern over stablecoin yield payments potentially disrupting their traditional business model.