#GENIUSActPass Under this new law, only licensed banks or fintechs will be allowed to issue payment stablecoins. And they’ll need to hold 100% reserves in cash or short-term Treasuries.

They’ll also need to publish monthly audits, follow AML/KYC rules, and give users priority in bankruptcy.

This gives a huge edge to #USDC, #Circle, and any U.S.-based player willing to play by the rules