The U.S. Congress has approved the first national cryptocurrency law in the history of the country. The document provides for the establishment of a regulatory regime for stablecoins.
This is reported by BBC.
The document titled Genius Act defines the legal framework for stablecoins—a type of cryptocurrency backed by stable assets, particularly U.S. dollars. The bill was supported by the majority of Republicans and about half of Democrats.
Donald Trump, who is currently receiving support from the cryptocurrency sector, is expected to sign the document by Friday. The president, who previously publicly criticized cryptocurrencies, now has business ties with companies in this sector. The provisions of the law require stablecoin issuers to back them with reliable assets in a one-to-one ratio. The law is also intended to prevent the U.S. from falling behind countries that are already implementing digital payment instruments.
However, some experts warn of risks. "This is a fundamental misunderstanding of the risks associated with these instruments," wrote a coalition of consumer and civil rights groups in a letter to Congress. They warn that consumers may mistakenly perceive stablecoins as safe financial instruments.
