US EditionGenius Act: This New US Cryptocurrency Law Could Pave the Way for the Next Global Financial Crisis
UNITED STATES, JUL 8 – The US House aims to pass three bills to regulate stablecoins, clarify crypto oversight, and block central bank digital currencies amid bipartisan debate and industry support.
- On June 17, the US Senate approved the GENIUS Act, creating a nationwide regulatory structure for stablecoins.
- The bill arose in response to past stablecoin crashes like Terra's 2022 collapse and aims to provide legal clarity amid industry uncertainty.
- The GENIUS Act mandates full backing of stablecoins by liquid assets, requires monthly reserve reports, enforces anti-money laundering, and grants states supervisory roles.
- The bill passed the Senate 68-30 with bipartisan support but faces anticipated resistance from some Democrats and debates on possible financial risks if mismanaged.
- The GENIUS Act now awaits a critical House vote during the upcoming Crypto Week, with its outcome poised to influence US crypto regulation and market stability.
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Genius Act: this new US cryptocurrency law could pave the way for the next global financial crisis
Aijiro/AhutterstockOn June 17, the US senate passed the GENIUS Act, which was seen as a big win for the cryptocurrency sector. The bill aims to regulate a type of cryptocurrency known as “stablecoins”, but a closer look at the law reveals that it could, quite easily, lead to the next global economic crash. To understand the GENIUS Act, we can look back to the early days of cryptocurrencies. They were created as decentralised currencies whose sup…
Genius Act: This new US cryptocurrency law could pave the way for the next global financial crisis
On June 17, the US Senate passed the GENIUS Act, which was seen as a big win for the cryptocurrency sector. The bill aims to regulate a type of cryptocurrency known as "stablecoins," but a closer look at the law reveals that ...
The GENIUS law, currently in the United States Congress, has the backing of Republicans and Democrats, was passed in the Senate with a strong vote of 68 to 30, has the support of President Donald Trump and will be debated from July 14, during which it has been called by the House of Representatives as the “Cryptus Week.” The law is much more than a regulation of stablecoins (virtual currencies indexed to assets of stable value).
Cryptocurrency Legislation Gains Momentum in Hill Negotiations
Crypto is taking over Capitol Hill. President Donald Trump has repeatedly underlined a friendly regulatory regime for cryptocurrency as a legislative priority, and his administration’s preferred deadline for Congress to act is fast approaching. Early on in Trump’s second term, the administration set the August recess as a deadline for Congress to standardize regulations for stablecoins, a growing cryptocurrency market. Sen. Tim Scott, R-S.C., wh…
House Republicans plan ‘Crypto Week’ votes on industry-backed bills - The Boston Globe
The measures are part of a push to boost and legitimize the US cryptocurrency industry by giving it a regulatory framework that’s lighter than what traditional financial assets and institutions face.
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