The "GENIUS" Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) regulates stablecoins in the United States, defines who is authorized to issue these currencies, and requires them to be backed by stable assets such as the U.S. dollar. The law also includes transparency in reserve disclosures and grants federal regulatory bodies oversight powers. Nevertheless, some currencies like Tether face potential regulatory challenges.
Advice for traders:
* Keep track of legislative updates related to stablecoins.
* Assess the impact of the law on currencies like Tether.
* Be prepared to adjust trading strategies according to changes in the regulatory environment.