White House, Genius Act and stablecoins
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As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.
Cryptocoin issuers are very similar to the banks of the 1830s, which also issued their own currencies and were regulated by the states. In a similar spirit, under the Genius Act, companies that issue less than $10 billion worth of coins would also be regulated by the states, while the Federal Reserve would regulate bigger issuers.
Congress defines the Genius Act, also known as the Guiding and Establishing National Innovation for US Stablecoins, as providing "regulation of payment stablecoins" making it "unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States."
Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.
The crypto industry has scored a historic win this week after the stablecoin bill was cleared by the U.S. House and set for President Donald Trump’s final approval into law. House lawmakers voted 308-122 to adopt the GENIUS Act.
The GENIUS Act is likely to be signed into law on Friday and is set to change how stablecoin issuers operate both in the US and overseas.
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GENIUS Act will be 'very helpful' in providing trust around stablecoin: MARA CEOMARA CEO Fred Thiel discusses the impact of the GENIUS Act on the company, the 'rapidly maturing' crypto industry and U.S. energy policy during and interview on 'Mornings with Maria.'
With Ethereum sitting at the center of the GENIUS Act tailwind, stablecoin dominance, and growing institutional allocations, a push to $4k before Q3 close is increasingly looking like a base case.