The current U.S. stablecoin legislation is entering a critical window:

The deadlock over the CLARITY Act has been broken. In May 2026, bipartisan senators reached a compromise on stablecoin reward provisions: crypto exchanges can issue rewards to users based on real transactions and network usage (such as consumption and transfers), but passive holding yields are prohibited. This compromise clears a key obstacle that previously stalled the legislation, and the Senate Banking Committee is expected to hold a vote as early as the week of May 11, 2026. The prediction market Polymarket has increased the probability of the bill being enacted in 2026 to 55%. However, new ethical clause disputes still pose a certain threat to the bill's passage.

The implementation details of the GENIUS Act are accelerating. The bill was officially signed into law in July 2025. Since 2026, the Office of the Comptroller of the Currency (OCC), Financial Crimes Enforcement Network (FinCEN), and Office of Foreign Assets Control (OFAC) have gradually released supporting rules, covering licensing frameworks, investment rules, and anti-money laundering sanctions compliance requirements, building a federal-level regulatory system for payment-based stablecoins.

Global regulatory trends. Hong Kong’s Stablecoin Regulations came into effect in August 2025, and the first two stablecoin licenses were issued in April 2026; the regulatory transition period under the EU’s MiCA framework will also end in July 2026, as major economies accelerate the formation of their regulatory frameworks. #Gate广场五月交易分享