CoinWorld news, if this Congress is remembered for anything, it may be for its poorly named legislation. First there was the 'One Big Beautiful Bill,' but that's not the case. Now we have the 'Genius Act,' but that's not it either. The 'Guiding and Establishing National Innovation for US Stablecoins Act' was passed by Congress this week, which will regulate stablecoins and effectively transform them from securities to means of payment. While some regulation is necessary, as some retailers are considering issuing their own stablecoins, it's hard to say that mainstreaming cryptocurrency is a genius move.
