The U.S. Secretary of the Treasury emphasizes the importance of the GENIUS ACT to maintain leadership in the field of digital assets.

Mr. Scott Bessent states that stablecoins will promote the expansion of the global use of the U.S. dollar and increase demand for U.S. Government bonds.

MAIN CONTENT

  • The GENIUS ACT is a key factor that helps the United States maintain its leading position in digital assets.

  • Stablecoins contribute to increasing the use of the U.S. dollar globally.

  • The development of stablecoins stimulates demand for U.S. Government bonds.

What role does the GENIUS ACT play in the field of digital assets in the United States?

U.S. Treasury Secretary Scott Bessent confirms that the GENIUS ACT is a prerequisite for protecting the international leading rights of the United States in the field of digital assets.

Mr. Bessent emphasizes that the implementation of the GENIUS ACT helps standardize and coordinate regulations on cryptocurrencies while creating a favorable legal environment for sustainable development.

The GENIUS ACT is expected to promote innovation in digital assets, enhance global competition, and better protect users from associated risks.

How do stablecoins affect the position of the U.S. dollar in the international market?

Mr. Scott Bessent states that stablecoins are tools for expanding the use of the U.S. dollar globally, thereby strengthening the position of this currency in the international financial system.

Stablecoins facilitate fast and efficient cross-border transactions while still being tied to the stable value of the U.S. dollar.

In fact, the widespread use of stablecoins significantly increases U.S. dollar liquidity in digital currency and DeFi markets.

"The development of stablecoins helps boost the demand for the U.S. dollar and thereby increases the attractiveness of U.S. Government bonds in the international market."

Scott Bessent, U.S. Secretary of the Treasury, August 2023, CoinDesk

How does the GENIUS ACT affect the U.S. Government bond market?

Mr. Bessent believes that stablecoins help drive demand for U.S. Government bonds as the U.S. dollar is used more widely in cryptocurrency transactions.

As a result, the U.S. bond market can access larger amounts of capital from global investors through stablecoin-related products.

The increased demand for bonds helps the U.S. Government reduce borrowing costs and strengthen the nation's credit position.

Frequently Asked Questions

What is the GENIUS ACT and why is it important?

The GENIUS ACT is a law aimed at standardizing digital asset regulations, helping the United States maintain its leading position and ensuring a safe, transparent legal environment for users.

How do stablecoins affect the U.S. dollar?

Stablecoins expand the global use of the U.S. dollar, enabling fast and stable transactions, enhancing the position of this currency in the international financial market.

How does the GENIUS ACT help increase demand for U.S. Government bonds?

Thanks to stablecoins, the demand for U.S. dollar liquidity and related financial products increases, encouraging investors to buy U.S. government bonds, reducing borrowing costs.

What important insights does Mr. Scott Bessent have regarding digital assets?

He asserts that the GENIUS ACT is key to maintaining the United States' number one position in the field of digital assets and emphasizes the expanding role of stablecoins for the U.S. dollar.

What is the long-term impact of the GENIUS ACT on the cryptocurrency market?

The GENIUS ACT creates a sustainable legal environment, encourages innovation, and protects investors, helping the cryptocurrency market to develop more transparently and stably.

Source: https://tintucbitcoin.com/bo-truong-tai-chinh-thuc-day-genius-act/

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