The US Congress passes the first comprehensive law on digital currencies under the name GENIUS

🔹 The purpose of the law:

Regulate the digital currency market and provide a clear legal framework for issuers of stablecoins.

🔹 The most important requirements of the GENIUS law:

1. 100% cash reserves for issuers.

2. Subjecting them to periodic audits and official registration with federal or governmental authorities.

3. Banning stablecoins that are not backed by assets (such as some algorithmic currencies).

4. Preventing any unlicensed entity from issuing stablecoins.