Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ The GENIUS Act, sponsored by Senator Bill Hagerty, has successfully passed the Senate Banking Committee with bipartisan support, moving it one step closer to becoming law. The bill outlines a regulatory framework for stablecoins, including rules for their asset and reserve custodians, and introduces transparency and disclosure requirements for issuers. It establishes state-level oversight for stablecoin issuers with assets under US$10B and federal oversight for larger issuers.
2/ Brazil is proposing a blockchain-based payment system within the BRICS bloc to enhance cross-border transactions and reduce costs, with no intention to challenge the US$’s dominance. The proposal, set for discussion at the upcoming BRICS summit in July, aims to streamline trade among member nations like China, Russia, India, and South Africa. Brazil intends to present the system in a way that minimizes potential economic retaliation, amid concerns over U.S. responses.
3/ Solana’s SIMD-228 proposal, aimed at reducing token inflation by implementing a dynamic emissions model based on staking participation, failed to secure the required 66.67% "yes" vote, with 61.4% voting in favor. Despite a record voter turnout, with 74% of staked SOL participating, the proposal was rejected, maintaining the current fixed inflation schedule. The proposed model aimed to lower Solana's inflation rate to below 1% annually based on the current staking rate. In contrast, the existing fixed inflation schedule is set at 4.6% annually, decreasing by 15% per year until it stabilizes at 1.5%.
Check out our latest publication from this week 🔎: The Future of Bitcoin 4: DeFi
