U.S. Approves the Genius Act: What the New Regulation for Cryptocurrency Use Entails
The United States recently approved the Genius Act (Genius Act: 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 provides clear and consistent rules regarding who can issue these coins, with what backing, under what conditions, and under what type of oversight, and many analysts are already talking about 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”.