According to Cointelegraph, the US Senate Banking Committee voted to pass the GENIUS Act, a bill that regulates stablecoin issuers, to clear the way for stablecoins to adopt as a means of payment in the field of cryptocurrency trading. However, the bill may trigger potential privatization of the US dollar and may increase the risk of de-dollarization, because the bill allows stablecoin issuers to be exempted from the same federal consumer financial protection measures as credit cards and peer-to-peer payment platforms, and can also invest in money market funds, repurchase agreements and uninsured bank deposits. These assets have been bailed out in the past financial crises, which indirectly affect the US dollar. Data shows that the proportion of the US dollar in global foreign exchange reserves has dropped from more than 70% in the early 21st century to less than 60%.