The United States has passed significant cryptocurrency legislation, marking a critical development for the industry. The bill establishes a regulatory framework for stablecoins, which are cryptocurrencies backed by reliable assets like the dollar. Known as the Genius Act, it is supported by Trump, who has shifted his stance on cryptocurrency after previously labeling it a scam. Advocates believe this legislation will provide necessary clarity and encourage the use of digital currencies, while critics warn it may increase financial system risks with inadequate consumer protections.
Supporters of the legislation say it is aimed at providing clear rules for a growing industry, ensuring the US keeps pace with advances in payment systems.
The provisions include requiring stablecoins to be backed one-for-one with US dollars, or other low-risk assets, as their use has grown rapidly in recent years.
Collection
[
|
...
]