#GENIUSAct

President Donald Trump recently signed the GENIUS Act. The full name of this act is "Guiding and Establishing National Innovation for U.S. Stablecoins Act". This is an important legislation to regulate stablecoins in the United States.

What is the GENIUS Act?

The main objective of the GENIUS Act is to create a clear and comprehensive regulatory framework for stablecoins. Stablecoins are a type of cryptocurrency whose value is tied to a stable asset, such as the U.S. dollar, to minimize price volatility. Some key points of this legislation are as follows:

* Regulatory Framework: It establishes a federal and state-level regulatory system for issuing stablecoins.

* Consumer Protection: It prioritizes the claims of stablecoin holders over other creditors, ensuring consumer protection. It also requires that stablecoins are backed by 100% liquid assets (such as U.S. dollars.