The GENIUS Act has been passed — but experts say stablecoins have the potential to damage the global economy.#GENIUSActPass
Stablecoins are back in the spotlight after the Senate finally passed the GENIUS Act — a key milestone in creating clear rules of the road for crypto firms to follow.
The bill would require issuers to fully back their stablecoins with U.S. dollars, and licensing would depend on the total market capitalization of their digital assets.
There are also safeguards for consumers, who would be paid first in the event of a bankruptcy, with tightened rules to prevent money laundering and terror financing.
Donald Trump wasted little time in showing his enthusiasm for the new legislation, writing on Truth Social: “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”#SwingTradingStrategy
But hurdles remain for the GENIUS Act. It’s still got to be passed by the House of Representatives — and a long summer recess is looming.#StablecoinRevolution
Bitpace CEO Anil Oncu told Cryptonews that this bill could drive stablecoin growth and have a significant positive impact on financial inclusion, adding:#Write2Earn
“With stablecoin supply now at $239 billion, up from under $10 billion five years ago, regulation is essential. Many US institutions remain cautious due to unclear rules, however, a unified framework removes that barrier and will unlock pent-up institutional demand.”#BitcoinDunyamiz
