New version of The Genius Stablecoin Act: UNCHAINED intends to bring Tether under US jurisdiction, attracting attention from the crypto industry

Recently, the U.S. Congress is considering a striking draft of crypto legislation, The Genius Stablecoin Act: UNCHAINED. One of the core proposals has sparked heated discussions in the industry: to bring Tether, the world's largest stablecoin issuer, under the jurisdiction of the United States. The bill is seen as a systematic supplement to the current regulatory gap in stablecoins, which may have a profound impact on the global crypto financial ecosystem.Focus on Tether: From "Offshore King" to "Regulated Object"Tether (USDT) is currently one of the most widely used stablecoins in circulation. Its issuing company, Tether Limited, is headquartered in the British Virgin Islands and has been controversial for regulatory compliance issues for many years. Although the company promises that its tokens are backed by real US dollar assets, its reserve transparency, audit frequency and legal attribution have long been in a gray area.Key provisions in the new bill attempt to reverse this situation. Specifically, the bill intends to require all stablecoin issuers circulating in the United States to register in the United States, submit regular reserve audit reports, and accept joint supervision by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Although this clause does not name Tether, it clearly states that "all stablecoins issued overseas and widely circulated in the U.S. market will be regarded as assets under U.S. jurisdiction."Analysts pointed out that this statement is clearly aimed at Tether. If the bill is passed, Tether will have to accept full disclosure of its U.S. dollar reserves and bear legal obligations for its USDT circulation activities on U.S. exchanges.Tightening supervision: The United States intends to dominate the global stablecoin orderThe UNCHAINED bill is called "genius" for a reason. Its design attempts to strike a balance between "technological innovation" and "financial supervision." The bill not only involves the standardization of the U.S. dollar anchoring mechanism, the transparency requirements of stablecoins, and the anti-money laundering compliance framework, but also introduces a "registration exemption mechanism" to allow innovative projects to run in a regulated sandbox for a period of time.However, the most controversial is still the claim of extraterritorial supervision of overseas issuers. If Tether wants to operate legally in the US market, it may need to move part of its operating structure to the US, or establish an agency relationship with local regulators, thereby essentially "accepting US legal constraints."This will be an unprecedented compliance challenge for Tether, which has long been on the edge of regulation.Industry response: mixed reviews, focusing on the possibility of the bill's implementationThe market has different reactions to the UNCHAINED Act. Some US-based stablecoin issuers (such as Circle) expressed support, believing that this move will bring a fairer and more transparent competitive environment to the industry. Crypto liberals, on the other hand, are worried that the US's "extraterritorial regulatory intention" will inhibit global innovation and further push funds to jurisdictions with looser regulation.At the same time, there is also a view that even if the bill is passed, it will still be difficult to enforce. If Tether refuses to cooperate, the United States may need to rely on exchanges, banks and financial service providers to put pressure on it, but whether it can effectively block its market influence remains in doubt.Outlook: Stablecoin regulation enters the era of "hard control"The introduction of the UNCHAINED Act is a realistic response of the US government to the rapid development of cryptocurrencies. Especially in the context of stablecoins gradually penetrating core financial scenarios such as cross-border payments, DeFi, and transaction settlement, US regulators are obviously unwilling to hand over the lifeline of global currency stability to a company registered overseas and with opaque audits.If the bill is passed and takes effect, Tether will inevitably face strategic reshaping, and the entire stablecoin track will enter a new stage with higher thresholds and more standardized operations.It is foreseeable that UNCHAINED is not only a stablecoin regulatory bill, but also a strategic symbol of the United States' attempt to reshape the global crypto financial order. In this wave of compliance, whether Tether can maintain its dominant position will become a key node of industry attention.