BREAKING NEWS!
US Senate Passes #GENIUSActPass!
- Key Provisions:
- 1:1 backing for stablecoins with US dollars or Treasury bills!
- Annual audits and monthly disclosures for transparency!
- Regulatory framework for stablecoin issuers!
- Ban on interest-yielding stablecoins!
What's Next?
- The bill moves to the House of Representatives for reconciliation with the STABLE Act!
Potential Impact:
- Increased demand for US Treasuries and lower government borrowing costs!
- Stablecoin market size could reach $3.7 trillion by 2028!
Mixed Reactions:
- Supporters see it as a step towards making the US the "crypto capital of the world"!
- Critics raise concerns over conflicts of interest and consumer protection!
Stay tuned for updates!