#GENIUSAct "New Law Could Change Money Forever – Stablecoins Are About to Go Mainstream!"$BTC
The GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, sets up a framework to regulate and protect consumers when it comes to stablecoins. It also defines what qualifies as a stablecoin, giving the category a clear legal status and setting boundaries for which digital currencies can use that label.
Now that the law is in place, banks, credit unions, and even nonbank entities are allowed to issue their own stablecoins and enter the market.
Supporters argue that stablecoins offer more stability than other digital currencies and can speed up financial transactions while reducing costs. Before the Senate voted on the bill in June, Senator Bill Hagerty of Tennessee, who introduced the legislation, noted that stablecoins could let consumers and businesses complete payments almost instantly, instead of waiting days or weeks.
Former President Trump praised the act, saying it delivers a straightforward regulatory approach that could unlock major innovation in dollar-backed stablecoins. He called it one of the most important developments in financial technology since the rise of the internet.
