GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption 🧠
The United States Senate is set to discuss the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act, which could significantly impact stablecoin adoption among institutions.
After overcoming resistance from key Democrats, the act passed a procedural Senate vote, moving closer to a full debate.
The bill aims to establish clear guidelines for stablecoin collateralization and enforce Anti-Money Laundering laws.
Industry experts believe that such regulatory clarity legitimizes stablecoins, fostering institutional confidence.
While the GENIUS Act is viewed as a crucial step toward a unified digital financial system, some critics argue it doesn't fully address offshore stablecoin issuers like Tether.
Source: cointelegraph.com ↗
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