According to Cointelegraph, the U.S. Congress has passed the bipartisan GENIUS Act, establishing the first federal framework for payment stablecoins. This marks a milestone for consumer protection, national security, and U.S. competitiveness.
The United States has long been a leader in financial innovation globally, but in recent years it has been affected by regulatory pressures from Washington. The Biden administration's reliance on enforcement rather than a clear regulatory framework has led to increased uncertainty and legal costs in the industry.
Other countries, such as the United Kingdom and Japan, are taking advantage of America's absence to promote the development of digital assets. U.S. companies should drive prosperity domestically rather than turning to foreign markets like Singapore and Switzerland.
The U.S. Senate has released a discussion draft to help investors and the digital asset industry gain the certainty they need to ensure innovation occurs in the United States. This is an important step in consolidating the U.S.'s global leadership in financial innovation.