๐บ๐ธ Summary of the GENIUS (Stablecoin) Bill recently passed by the U.S. Senate:
โข Full name: Generational Economic National Infrastructure for United States (GENIUS) Act
โข Main objective: To establish a comprehensive legal framework for stablecoins that promotes financial innovation, protects consumers, and strengthens the U.S. dollarโs dominance in the digital asset space.
Key Highlights:
โข Stablecoin Issuance License: Only institutions licensed by the U.S. Treasury or the Federal Reserve will be allowed to issue USD-backed stablecoins.
โข Full Reserve Requirement: All stablecoins must be fully backed (1:1) by cash or highly liquid short-term assets.
โข Regular Audits and Oversight: Issuers must submit transparent monthly reports and will be subject to federal supervision.
โข Ban on Algorithmic Stablecoins: The bill prohibits the issuance of stablecoins without clearly backed reserves.
โข Bank Integration Support: Traditional banks will be allowed to issue stablecoins or collaborate with licensed fintech firms.
Current Status:
โข Passed by the Senate, now moving to the House of Representatives and receiving support from President Trump.
โโโโโโโโ
โ Follow My Channel to stay updated with the hottest market moves daily โ FOLLOW ME NOW!
๐ News โ Analysis โ Investment opportunities โ all in one place.
โ ๏ธ Information is for reference only. Always do your own research before investing.
โโโโโโโโโโโโโโโโ