📌 The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins)
It is a legislation recently approved in the U.S. Senate that seeks to regulate the stablecoin market, a type of cryptocurrency linked to a stable asset, such as the U.S. dollar.
🔹 Main objective:
Establish a clear legal framework for the issuance and regulation of stablecoins, ensuring transparency and security for investors.
🔹 Key points of the law:
✅ Reserve requirements: Stablecoin issuers must demonstrate that they have sufficient reserves to back their assets.
✅ Federal Reserve oversight: Authority is granted to the Fed to oversee the stablecoin market and ensure its stability.
✅ Market competition: More banks and companies are expected to issue their own stablecoins, reducing the dominance of USDT and USDC.
✅ Consumer protection: Standards are established to prevent fraud and ensure the convertibility of stablecoins to fiat money.
🔹 Expected impact:
📈 Greater confidence in the crypto market, which could attract more institutional investors.
🏦 Traditional banks could enter the sector, offering their own stablecoins.
🌍 Global use in emerging economies, facilitating cross-border payments and protection against inflation.
🔹 Current status:
The Senate approved the GENIUS Act with a vote of 68-30, marking a milestone in the regulation of digital assets in the U.S.
Now, the law must pass through the House of Representatives before being signed by the president.
