My people! Attention, attention! 📢 Hold on to your seats because this June 30, at 9 in the morning, the United States Senate has a crucial appointment that could shake the entire stablecoin universe. It's about the vote on the famous "GIG Act", and this, my friends, is no small matter. 🌍
Imagine that this law, which is now formally called the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), seeks to bring order to the jungle of stablecoins, those cryptos that are supposed to maintain their value fixed like the dollar. 💸 If this thing passes, the game could change radically for everyone involved in this matter, from the big players who issue stablecoins to DeFi (decentralized finance) protocols.
Here the situation is divided, like the tray of a sancocho: on one side, we have Senator Bill Hagerty, who is all about good vibes, saying we need these rules to keep up in the global race of financial innovation. He believes that if we don't get our act together, other countries will take the lead. He wants the United States at the forefront, as always! 🇺🇸✨
But on the other side, with a furrowed brow, is Senator Elizabeth Warren. This lady is not afraid of anything! She's fuming because, according to her, the "GIG Act" is a looming danger to the country's financial system, national security, and even democracy. Just as you hear it! 😱 She says that the law would allow stablecoin issuers to invest in very risky things and get involved in businesses that have nothing to do with stability, like derivatives or private credits. Moreover, she believes it would tie the regulators' hands to keep an eye on these moves!
The rumor is that if this law passes, we could see a commotion in the financial market! Stablecoins, which are like everyday bread in the crypto world, could see their liquidity and how they move in the market affected by the new restrictions. In fact, history has taught us that every time the Senate legislates on crypto, volatility rises like foam. Remember what happened with the Infrastructure Law of 2021! 🎢
Currently, stablecoins like USDC are pegged to their dollar, with a market moving trillions. But with this vote on the horizon, no one knows what might happen! It's like being on a tightrope, waiting to see if the acrobat lands safely or if things go upside down.
In summary, the regulation of stablecoins is a hot topic, and what the Senate decides this June 30 could redefine not only the future of this type of cryptocurrency but also how money moves in the digital economy. So, let's stay alert and wait for the outcome of this legislative drama!$BTC $ETH $SOL
