New information on cryptocurrency regulation in the United States
The GENIUS Act is expected to have a significant impact on the cryptocurrency market
On June 18, according to official sources, the U.S. Senate passed the stablecoin regulation bill, named the GENIUS Act, with 68 votes in favor and 30 against. This bill has been sent to the House of Representatives for further review. The new regulation aims to establish a federal legal framework for stablecoins, requiring cryptocurrency reserves to correspond 1:1 with the issued value. The goal of the bill is to better protect consumers while combating money laundering through the enforcement of stricter testing and monitoring mechanisms.
Highlights of the bill and reactions from political factions
The bill does not restrict entities issuing stablecoins, including powerful figures in the government. However, a major controversy is whether this bill could allow the president and his family to profit from the issuance of stablecoins. The reaction from Democrats is critical, arguing that this creates a clear conflict of interest, especially when the Trump family's Liberty finance project has brought in over $57 million from token sales in the past year.
The potential and challenges of the new regulation for the cryptocurrency industry
The issuance of clear regulations will help stabilize the cryptocurrency market, reduce the risk of fraud and money laundering. At the same time, it creates a new advancement in integrating stablecoin tokens into the national financial system. However, there are still many challenges as lawmakers consider the legal and ethical aspects related to the personal interests of powerful individuals. The global cryptocurrency market is closely monitoring these developments to develop appropriate strategies.
Source: https://tintucbitcoin.com/chinh-phu-my-chap-thuan-luat-genius-cho-stablecoin/
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