The new version of the stablecoin GENIUS Act requires Tether to accept US jurisdiction regardless of its location.

BlockBeats News, May 10th. According to unchained, on Thursday the Senate failed to advance the new revised version of the stablecoin GENIUS Act into formal debate, with some senators stating they had not seen the bill text before the vote. The latest version obtained by the media on Friday shows that the major revision is: as long as they serve US users, regardless of where foreign issuers like Tether are registered, they will be under US jurisdiction. In addition, the key changes in the new version of the GENIUS Act include:

· Jurisdiction Restructuring: Added an "Extraterritorial Application" clause, requiring foreign issuers to be compliant if they target US users (this will end the regulatory ambiguity for Tether. Combined with the clause allowing for the expansion of reserve asset types, it further highlights the bias of the bill towards this company, which claims to be the "seventh largest holder of US debt").

· Service Provider Definition Expansion: Includes developers, validation nodes, self-hosted wallets, etc., in the "digital asset service provider," triggering a new debate in DeFi protocols on whether they need to comply with the Bank Secrecy Act and AML regulations, and stipulating liability for the use of unauthorized stablecoins (such as decentralized stablecoins).

· Safe Harbor Provision: Authorizes the Secretary of the Treasury to provide regulatory flexibility for small/experimental projects, but allows for unilateral action in "emergency situations" (criticized for granting excessive administrative power).

Currently, the bill has only received Republican support. It may be difficult to pass without Democratic support. Industry insiders expect that a motion for debate in the Senate may be initiated again by the end of the month.