Introduction of GENIUS Act Brings Hope to Stablecoin Market
- The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act was introduced by US Senator Bill Hagerty.
- If enacted, stablecoins with market caps over $10 billion must comply with US Federal Reserve regulations.
- Stablecoins below the $10 billion threshold would be regulated by individual states.
- AI and crypto adviser David Sacks highlighted stablecoins’ potential to bolster US dollar dominance globally.
The GENIUS Act aims to create a regulatory framework for stablecoins, which could enhance the international use of the US dollar. Stablecoins above $10 billion in market cap would face federal regulation, while smaller ones would be state-regulated.
Source (2.6)https://www.newsbtc.com/news/best-upcoming-meme-coins-to-buy-as-us-announces-genius-stablecoin-bill/?rand=52377
