#USStablecoinBill #USStablecoinBill

The US Stablecoin Bill, known as the GENIUS Act, is the first comprehensive federal attempt in the United States to regulate stablecoins. Here are the key points:

Key points of the law:

Definition of stablecoins: They are defined as digital currencies intended for payments, and must be backed 1:1 by US dollars or highly liquid assets.

Licensing of issuers: Only entities approved by federal or state regulatory authorities can issue these currencies; otherwise, it is considered a crime.

Oversight: Federal and local banking authorities will oversee issuers based on their type.

Consumer protection: Promoting currencies as government-backed or FDIC insured is prohibited if they are not.

Regulatory loophole: Foreign currencies like Tether will be exempt from the law.