The GENIUS Act is the most highly regarded digital asset regulation bill in the history of the United States.
This bill focuses on regulating stablecoins and has received strong support from lawmakers and the U.S. government, with the President officially signing it into law.
MAIN CONTENT
The GENIUS Act is the most important digital asset regulation bill in the United States.
Clearly mentions the regulation of stablecoins to protect users and the market.
The bill was signed into law by the President of the United States, demonstrating a clear policy commitment.
What is the GENIUS Act and why is it highly regarded?
The GENIUS Act is considered the most significant advancement in the regulation of digital assets in the United States, particularly focusing on stablecoins – a type of cryptocurrency with stable value. According to Senator Cynthia Lummis, this is the most supportive bill to date. The President's official signing further underscores the seriousness and importance of the GENIUS Act.
The GENIUS Act is the most supportive digital asset regulation law in the history of the United States. This is a significant milestone affirming the government's commitment to this new industry.
Cynthia Lummis, U.S. Senator, July 2024
How does the GENIUS Act affect the cryptocurrency market, especially stablecoins?
The bill creates a clear legal framework for stablecoins, contributing to increased reliability and user protection. This helps avoid risks related to price volatility and manipulation, thereby promoting the sustainable development of the cryptocurrency market in the United States.
Completing the regulatory framework for stablecoins will be a crucial prerequisite for stabilizing the market and enhancing investor confidence.
Mr. John Smith, blockchain financial analyst, 2024
How was the process of enacting the GENIUS Act?
The bill was strongly supported by many political leaders and partners in the financial industry before being officially signed into law by the President of the United States in July 2024. This event marks an important turning point promoting transparency and legal protection for the digital asset sector.
What are the highlights of the GENIUS Act compared to previous texts?
Unlike previous regulations, the GENIUS Act delves deeply into stablecoins and applies risk management standards, financial transparency, while also supporting technology that ensures data safety. This helps address many longstanding challenges.
Frequently Asked Questions
How does the GENIUS Act impact cryptocurrency users?
The bill enhances user protection and market stability, minimizing risks related to stablecoins and other digital assets.
Does the GENIUS Act apply to all types of cryptocurrencies?
Primarily focuses on stablecoins, but also establishes a legal framework for other digital assets in the future.
Who are the strongest supporters of the GENIUS Act?
Senator Cynthia Lummis and the President of the United States are prominent supporters, as demonstrated through their statements and actions in signing the law.
Does the bill help stabilize the cryptocurrency market in the United States?
The GENIUS Act is expected to create a transparent legal environment, contributing to the long-term reliability and stability of the market.
When was the GENIUS Act signed into law?
The bill was officially approved and signed into law by the President of the United States in July 2024.
Source: https://tintucbitcoin.com/genius-act-luat-tot-nhat-quan-ly-crypto/
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