The interpretation by Wu Xiong has been completed, which saves me some trouble. But fundamentally, this version is still just a discussion; it is yet unknown whether it can ultimately be approved. However, even this currently compromised version is still not friendly enough for transaction-oriented compliant (attempting) stablecoins like USDC and USD1.

USDC can earn interest just by being directly held by Coinbase, which is one of Coinbase's main means of attracting deposits. The lending or staking interest earnings at Coinbase have very high thresholds; in some countries and regions, a professional investor certification is required. For example, the current $ETH profession cannot be enjoyed without completing the professional investor certification.

Moreover, the most troublesome aspect is that this bill essentially restricts U.S. exchanges, while there is no concern for exchanges of other overseas entities. Among compliant U.S. exchanges, Coinbase is the one most closely associated with stablecoins, which will also make it very difficult for the early wildly expanding USD1 to collaborate with Coinbase.

Therefore, if this bill truly passes in this manner, the revenue from stablecoins for compliant U.S. exchanges may significantly decline.

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