⚡ #GENIUSActPass : THIS CHANGES EVERYTHING (BUT WITH CONTROVERSY)
After intense crypto lobbying ($119M in campaigns), the Senate passes the law that:
🔹 Accelerates global payments (transactions in seconds, not days).
🔹 Attracts Wall Street: JPMorgan and Walmart are already preparing stablecoins.
⚠️ Controversy: Allows President Trump to profit from his crypto businesses (World Liberty Financial).
💡 Conclusion: Regulatory clarity = more institutions entering the ecosystem.
✨ Key details included:
- Transparent reserves: Mandatory 1:1 backing with dollars or Treasury bonds.
- Limited tech giants: Meta/Amazon will not be able to issue tokens without partnering with regulated entities.
- #Trump : Reported $57M in token profits in 2024; The law doesn't prevent them from profiting.
- Projected growth: Treasury Secretary Scott Bessent sees a $3.7 billion market.
- Next steps: The House of Representatives must pass its version (the STABLE Act) by August.
