$USDC The GENIUS law could help citizens of Latin American countries affected by inflation, although it would be tied to the dollar's own devaluation.

The United States Senate took a historic step by approving the National Innovation Guidance and Establishment Act for Stablecoins, known as GENIUS. This bipartisan initiative, driven by Senator Bill Hagerty, aims to strengthen the global hegemony of the dollar and modernize the payment system, which would have a global impact.

The GENIUS law, approved by the United States Senate, is now awaiting review by the House of Representatives, where efforts will be made to reconcile it with similar initiatives such as the STABLE bill.

The regulation proposes a rigorous regulatory framework for stablecoins linked to the dollar (USD), such as USDT and USDC. It includes requirements for 1:1 backing of assets, periodic audits, and oversight by authorized entities.

As reported by CriptoNoticias, the GENIUS law establishes a strict framework for the issuance of stablecoins in the United States, restricting this activity to regulated and financially sound institutions. It also contemplates severe penalties for those who issue such assets without authorization.