The US Congress has wrapped up its Crypto Week by passing the GENIUS Act, a major stablecoin bill that received bipartisan support. The GENIUS Act is set to head to President Donald Trump for signing, establishing a regulatory framework for stablecoin issuance that includes strict reserve requirements. Additional bills, such as the CLARITY Act, which reassigns regulatory oversight from the SEC to the CFTC, and the Anti-CBDC Surveillance State Act aimed at banning Federal Reserve digital currency issuance, are moving to the Senate. While the GENIUS Act will enforce new standards on stablecoin issuers after final regulations are published, some industry advocates feel the legislation lacks provisions for interest on stablecoin reserves. Despite some reservations among crypto skeptics, the crypto industry is optimistic about these developments, highlighting the potential for the US to regain leadership in digital assets and influence regulations globally.

Source đź”—