US Senate passes GENIUS Act: Challenges and prospects for the stable cryptocurrency market
An outline of the GENIUS Act and its impact on the cryptocurrency market
The US Senate has officially approved the GENIUS Act, a law regulating stablecoins. This law aims to create a clear legal framework, ensuring transparency and safety for investors in the cryptocurrency sector. However, many experts believe that, alongside this, regulators may have overlooked risks related to the stability of the bond market and other traditional financial markets. The stablecoin market remains a hot topic of debate, especially in the context of strong volatility of major digital currencies like USDT and USDC.
Key points of the GENIUS Act and market reactions
The GENIUS Act aims to provide clear regulations on activities related to stablecoins, protecting user rights and minimizing risks related to liquidity and volatility. However, analysts warn that if controls are not tight, over-reliance on banking intermediaries and other financial institutions could create widespread instability. The cryptocurrency market is still quite unstable, and centralized control could increase fraud or price manipulation.
The long-term impact of the GENIUS Act on the cryptocurrency ecosystem
Although the GENIUS Act brings a step forward in establishing a clear legal framework, the question remains whether it is enough to maintain a balance between technological development and risk control. Investors and businesses in the cryptocurrency sector need to closely monitor legal adjustments while adapting to new regulations to maximize benefits. More importantly, policymakers need to pay more attention to regulating related traditional financial markets, especially during periods of volatility in stablecoins globally.
Conclusion: Initially positive, but there are many challenges
The Senate's decision to expedite the legal process for stablecoins is a significant step, opening up opportunities for more sustainable and transparent development in the cryptocurrency industry. However, investors and businesses need to be cautious of potential risks from insufficient controls, especially in traditional financial markets. Understanding cryptocurrency market terms such as 'staking', 'liquidity pools', and 'smart contracts' will help users better predict trends and devise appropriate strategies in this new phase.
Source: https://tintucbitcoin.com/thuong-vien-duyet-du-luat-stablecoin-genius-lo-ngai-rui-ro/
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