⚖️ What is the GENIUS Act Project ‼️
⚫️A bill that was supposed to establish general rules for the issuance and trading of stablecoins such as $USDC $USDT.
⚫️It includes regulation of reserve assets, transparency, and monitoring of issuers.
⚫️It is a priority for President Donald Trump's administration as part of his plan to "revitalize the digital financial system."
❗ Why was it suspended?
⚫️Democrats accused the project of lacking adequate consumer protection.
⚫️But the most important reason: Concerns about conflicts of interest with President Trump himself, especially after:
⬅️His public participation in promoting a new stablecoin called $USD1.
⬅️Reports of a massive $2 billion deal involving @binance and companies linked to his family.
(Transferred)
