KEYTAKEAWAYS
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Vance calls Bitcoin essential to the U.S. economy and supports pro-crypto federal legislation.
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The GENIUS Act creates a stablecoin framework balancing regulation, transparency, and innovation.
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Traditional institutions and RWA tokenization may surge if the bill passes both chambers.
CONTENT
Welcome to CoinRank Daily Data Report. In this column series, CoinRank will provide important daily cryptocurrency data news, allowing readers to quickly understand the latest developments in the cryptocurrency market.
On May 28, 2025, U.S. Vice President J.D. Vance delivered a bold speech at Bitcoin 2025 in Las Vegas. He declared Bitcoin a vital part of the U.S. economy and urged Congress to pass the GENIUS Act to regulate stablecoins. This marked the first time a sitting senior U.S. official made such clear statements at the world’s largest crypto event, drawing massive market attention.
POLICY SHIFT: FROM SUPPRESSION TO SUPPORT
Vance criticized past Democratic policies for ‘killing innovation.’ He announced that the Trump administration had ended the anti-crypto ‘Operation Chokepoint 2.0’ and dismissed officials hostile to crypto, including former SEC Chair Gary Gensler. He argued that stablecoins won’t harm the dollar but could enhance its global dominance. He noted that 50 million Americans already own Bitcoin, and that number may soon reach 100 million. Clearly, this speech aimed to win industry support ahead of election season.
THE CORE CONTENT OF THE GENIUS ACT
Senator Bill Hagerty introduced the GENIUS Act to create a federal framework for payment-based stablecoins. Key points include:
- Only federally or state-regulated entities can issue stablecoins. Non-banks must set up separate subsidiaries.
- Stablecoins must hold 1:1 reserves in cash or short-term U.S. Treasuries.
- Large issuers (over $10B market cap) will report to the Fed. Smaller players can choose state-level oversight.
- Issuers must disclose reserves and submit to FDIC audits for transparency and AML compliance.
So far, the Senate has advanced the bill with bipartisan support, but challenges remain in the House.
MARKET IMPACT AND POTENTIAL CHALLENGES
If passed, the law may reshape the crypto landscape in several ways:
- Traditional institutions like JPMorgan and Fidelity are expected to launch compliant stablecoins. Goldman Sachs is expanding custody services.
- The Trump team floated the idea of a Bitcoin national reserve, treating it like gold.
- RWA tokenization could surge—real estate and U.S. bonds might move on-chain faster.
Still, the bill faces hurdles. Some Democrats want anti-corruption clauses to limit firms tied to the Trump family. Senator Elizabeth Warren warned the bill might allow political misuse of crypto.
FUTURE OUTLOOK: A NEW STARTING POINT FOR GLOBAL REGULATORY COMPETITION
Globally, the GENIUS Act signals America’s push to lead stablecoin regulation. Compared to Hong Kong’s Stablecoin Ordinance, the U.S. model focuses on balancing innovation with oversight. It allows non-banks to participate and leaves room for algorithmic stablecoins.
In his closing, Vance told the crowd, ‘The future of crypto is in your hands—not in those of bureaucrats.’ His message encouraged the industry but also hinted at deeper political power struggles.
As the U.S. navigates between dollar dominance and digital innovation, the GENIUS Act could become the foundation of a new era in crypto regulation.
