The US Senate said "yes" to the GENIUS law! On June 18, the first law in the country's history was adopted, which will finally clarify stablecoins 🧾📦
The law was created by Senators Bill Hagerty and Kirsten Gillibrand — a rare case where Democrats and Republicans found common ground in blockchain 😄 GENIUS requires all stablecoins to be fairly backed by the dollar (1:1), issuers to undergo audits, and not to forget about KYC/AML rules 🕵️♂️💸
📉 The market hasn't started dancing yet, but Senator Tim Scott has already called the law a historic step towards a civilized crypto economy.
📈 GENIUS could be the starting point for a serious DeFi boom: now cryptocurrency will have a clear set of rules, rather than being left to chance.
🚦Onward to transparent stablecoins, regulation, and possibly a peaceful sleep for investors! 😴💰
