Several senior executives in the crypto industry have recently spoken out, expressing concerns about the proposed amendments to the 《GENIUS Act》. If this legislation truly restricts the yield mechanisms of stablecoins, the consequences could be more severe than anticipated.

Their core point is straightforward: such regulatory measures might actually weaken the United States' position in the global financial system. Why? Because the market will vote with its feet. When stablecoins in the U.S. lose their appeal, funds are likely to flow to other options—such as overseas digital currency products.

Even more concerning is that some industry insiders refer to this as a "national security trap." Simply put, excessive regulation could drive up demand for alternatives to the dollar, posing a long-term threat to the dollar's status as the global reserve currency. As the infrastructure backbone of the crypto market, the vitality of stablecoins directly impacts America's influence in the digital financial sector.

This discussion touches on a deep contradiction: the original intention of regulation is risk prevention, but the way it is implemented may instead stimulate the market to seek alternatives. As global competition in digital currencies intensifies, how to balance innovation and regulation has become a focus of increasing attention.