In less than 24 hours, the Bitcoin $BTC cryptocurrency achieved record jumps, reaching $113,612 for the first time in history.
This follows days after the US Senate approved the #GENIUS law regulating stablecoins, which is the first crypto legislation in the United States.
♦️What is the GENIUS Law
The GENIUS law relates to the issuance and exchange of stablecoins, which are a form of cryptocurrency backed by another currency, such as the US dollar or a commodity like gold.
Stablecoins are designed to be less volatile than other forms of cryptocurrency, which can experience significant price fluctuations.
♦️The objective of the project
This provision aims to protect consumers who may be unable to withdraw their funds in the event of a rapid and widespread sale of cryptocurrencies.
As part of separate efforts to protect consumers, this measure requires issuers to give coin holders priority in repayment in the event of bankruptcy, and it mandates issuers to comply with certain anti-money laundering rules and anti-terrorism sanctions.
♦️Why is the law important?
This law establishes the rules governing the operation of stablecoins, a type of cryptocurrency linked to the value of another asset, often the US dollar.
The importance of the law lies in that it allows banking systems, banks, and companies to use a new financial system based on encryption.
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