##CryptoNews🔒📰🚫 $BTC $ETH
🚨 The Congress passes the first comprehensive law on cryptocurrencies.. and “Ripple” records a historic peak! 🇺🇸💰
The American Congress passes the first comprehensive law on cryptocurrencies under the name GENIUS
🔹 The aim of the law:
To regulate the cryptocurrency market and provide a clear legal framework for issuers of stablecoins.
🔹 The main requirements of the GENIUS law:
1. 100% cash reserves for issuers.
2. Subject to periodic audits and official registration with federal or governmental agencies.
3. Prohibition of stablecoins not backed by assets (such as some algorithmic currencies).
4. Prohibition of any unlicensed entity from issuing stablecoins.
🔹 Ripple (XRP):
Recorded a historic peak immediately after the vote, amid investor optimism.