The United States recently approved the Genius Act (acronym: Guiding and Establishing National Innovation for U.S. Stablecoins) which establishes a federal framework to regulate stablecoins, that is, digital assets whose value is tied to fiat currencies like the dollar.
Among other issues, it has been explained that the regulation will provide clear and consistent rules about who can issue these coins, with what backing, under what conditions, and under what type of supervision. Many analysts are already discussing a strong impact on the crypto world following this approval.
Indeed, Ethereum, the cryptocurrency of the moment, has already increased by more than 57% so far this month and has proven to be the most favored by the “Genius Act”.