📢#GENIUSActPass "GENIUS LAW" APPROVED. WHAT WOULD THIS MEAN⁉️

◾The GENIUS Law (National Guidance and Establishment of Innovation for Stablecoins Act) is legislation recently approved in the United States Senate aimed at regulating stablecoins, which are cryptocurrencies backed by stable assets like the US dollar.

📌Below, I detail its key points:

▪️- *Objective*: The law aims to strengthen the global hegemony of the US dollar and modernize the payment system in the country.

▪️- *Requirements*: Stablecoins must be 100% backed by US dollars or equivalent liquid assets, and their issuers will be subject to regular audits and oversight by authorized entities.

▪️- *Impact*: This law is expected to drive the adoption of stablecoins in the international financial system, increasing the demand for US Treasury bonds and consolidating the dollar's status as the world's reserve currency.

▪️- *Benefits*: The law could generate greater liquidity for bitcoin and other cryptocurrencies, and promote institutional and corporate investment in stablecoins.

▪️- *Implications for Latin America*: The law could have positive impacts on the region, especially in countries with high cryptocurrency adoption, by providing greater legitimacy and trust to stablecoins and facilitating cross-border transactions.

◾The GENIUS Law still needs to be approved by the House of Representatives before being sent to the president for signature or veto. If approved, it could set an important precedent for the regulation of cryptocurrencies in the United States and globally.