BlockBeats News, May 23rd, according to The Wall Street Journal, major commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are discussing the joint issuance of a stablecoin to respond to the growing competition in the cryptocurrency industry. The negotiating parties include Zelle payment system operator Early Warning Services and real-time payment network Clearing House.

BlockBeats News, May 23rd, according to Axios, despite the majority of US Senators voting in favor of the regulatory stablecoin bill "GENIUS" on May 20th, Democratic Party leaders are planning to propose an amendment to the bill to address former President Trump's ties to the cryptocurrency industry.Senate Minority Leader Chuck Schumer, Senators Elizabeth Warren, and Jeff Merkley will introduce an amendment to the "Guiding Establishments for the Nation of Inventors of the United States (GENIUS) Act" to prevent the US President from benefiting from stablecoins.

BlockBeats News, May 22nd, according to crypto journalist Eleanor Terrett's report, the stablecoin "GENIUS Bill" passed the debate motion with 69 votes in favor and 31 votes against, entering the amendment process.

BlockBeats News, May 21st - Hong Kong Legislative Councilor Wu Chi-wai tweeted that the Hong Kong Legislative Council has passed the third reading of the "Stablecoin Bill", and it is expected that by the end of this year, institutions can apply to the Hong Kong Monetary Authority to become compliant stablecoin issuers. Wu Chi-wai welcomed global companies to apply to Hong Kong and emphasized that the development of use cases and the release of stablecoin dividends will be the focus going forward.

This bill defines "payment stablecoin" and expressly excludes such stablecoins from classification as securities or commodities.

At that time, blockchain will become the sole standard, and every user of a stablecoin in the future must learn how to use a wallet.

Rumor has it that Frax Finance's founder, Sam Kazemian, was deeply involved in the discussion and drafting of the GENIUS Case.

During the GENIUS Act legislative process, lawmakers from both parties engaged in a key game of chess on the stablecoin issue, with debate focusing on the possibility of tech giants issuing stablecoins, the business relationship between President Trump and the crypto industry, and the shortcomings of the bill in terms of anti-money laundering, among other aspects.