Internet reports that the Genius Act passed by the U.S. Senate is attracting attention from banks and the legal community. The bill gives stablecoin holders preferential claims over their backing assets in the event of bankruptcy, potentially exposing traditional banks and other customers to risk. Adam Levitin, a law professor at Georgetown University, warned that the arrangement essentially "subsidizes stablecoin issuance at the expense of bank deposits" and could harm the interests of ordinary bank customers, especially if the stablecoin issuer or its custodian bank goes bankrupt. The current version of the bill stipulates that stablecoins must be backed by highly liquid assets (such as U.S. Treasury bonds), issuers must disclose reserves on a monthly basis, and have the ability to freeze tokens. If approved, banks and other entities will be able to issue compliant stablecoins. The bill is currently awaiting review by the U.S. House of Representatives. Although it aims to enhance user confidence and strengthen the connection between stablecoins and the real financial system, the design of its bankruptcy processing priorities has also triggered discussions on regulatory logic, financial stability and potential distribution of benefits between banks. Some industry insiders said that the bill may become a turning point in the development of stablecoins, while also exacerbating concerns about the impact of the traditional financial system.