The GENIUS Act, was passed 68-30 on Tue 17Jun2025 by the US Senate; and will likely be passed by the House of Representative, controlled by the Republicans. The Act provides regulatory framework for the issuance of stablecoins, required to maintain a 1:1 peg against liquid assets like US Treasuries and dollars; and report monthly reserves composition.
Forgetting about the Trump family meme coins, opponents are concerned about the possible "carelessness" of private firms especially big tech, issuing their own stablecoins, that are not subject to the central bank's or other authorized FI to monitor its flows across borders. This was seen by the announcement by Trump's crypto business World Liberty Financial, releasing a statement that a Abu Dhabi investment firm will be using their stablecoins to invest in Binance.
This has upped the ante in the fight against money laundering; but is also a step towards liberty against government's digital control of the people's money. Every coin, or stablecoin for this matter, has 2 sides. How can we reach a stable balance, with liberty of usage, yet minimizing the criminal use of digital money? Share your thoughts! Follow me for more insightful news and discussions.
(news credit: Reuters)
