#StablecoinLaw
The United States has recently enacted its first major crypto legislation, specifically targeting stablecoins . This legislation, known as the GENIUS Act, passed the House of Representatives and was signed into law .
Here's a breakdown of what the GENIUS Act entails:
1. Regulation of Stablecoins:
- The new law introduces more formal regulations around stablecoins, which are often seen as a safer type of cryptocurrency .
- It mandates that stablecoins be backed by liquid assets such as U.S. dollars and short-term Treasury bills .
2. Issuer Requirements:
- The GENIUS Act prohibits the
