๐จ๐ฅ GENIUS Act Shakes Up Stablecoin Game! ๐ฅ๐ฐ
Big Tech & Wall Street, you're on notice! ๐ต๐ฆ
๐ฃ๏ธ Circleโs CSO Dante Disparte reveals the newly passed GENIUS Act aims to stop tech giants & major banks from hijacking the U.S. stablecoin scene! ๐ชโ๏ธ
๐ Key Highlights:
๐ซ No Big Tech or Wall Street domination!
๐ฆ Banks & non-banks must form separate stablecoin firms
๐ Yield-bearing stablecoins banned โ but DeFi could win big!
๐ก๏ธ A strict โLibra Clauseโ protects against monopoly moves
๐๏ธ All non-banks must pass antitrust checks & get Treasury-led approval โ
๐งฑ Ringfenced structure = No leverage, no lending, no risk-taking
๐ฌ โThe real winners? ๐บ๐ธ U.S. consumers, markets, and the dollar,โ says Disparte
๐ค Passed with bipartisan support โ over 100 Dems backed it!
โ Provides legal clarity, legitimizes crypto, and gives the dollar a global edge ๐๐ต
๐ฎ Critics worry banning yield-bearing stablecoins could stunt innovation ๐ซ๐
๐ But the move may supercharge institutional DeFi interest โ especially on Ethereum ๐๐ฅ
