#GENIUSActPass
The GENIUS Act is a proposed bill that regulates one type of cryptocurrency called stablecoins, a $200 billion part of the multi-trillion-dollar cryptocurrency system. The bill’s name stands for Guiding and Establishing National Innovation for U.S. Stablecoins, and its goal is to create a regulatory framework for stablecoins that could allow them to be more widely used in everyday transactions.
But critics say that the bill as written does an end run around existing bankruptcy law, setting the stage for an eventual massive bailout of the cryptocurrency sector, the key proponents of the bill.$USDC
