On March 15, Cointelegraph reported that the U.S. Senate Banking Committee voted to pass the GENIUS Act, a bill regulating stablecoin issuers, clearing the way for the adoption of stablecoin as a payment method outside the field of cryptocurrency transactions. However, the bill may trigger potential privatization of the U.S. dollar and may also increase the risk of de-dollarization, because the bill allows stablecoin issuers to be exempt from the same federal consumer financial protection measures as credit cards and peer-to-peer payment platforms. It can also invest in money market funds, repo agreements and uninsured bank deposits, which have been rescued in past financial crises and indirectly affected the US dollar. Data show that the US dollar's share of global foreign exchange reserves has dropped from more than 70% in the early 2000s to less than 60%.