GENIUS sets new stablecoin rules but remains vague on foreign issuers
The GENIUS Act leaves a foreign stablecoin loophole that puts US issuers at a competitive disadvantage, says former CFTC Chair Timothy Massad.
The signing of the GENIUS Act into law established the first comprehensive regulatory framework for US-issued stablecoins. Supporters argue it will enhance trust, drive mainstream adoption and bolster the dollar’s status as the global reserve currency.
With stablecoins now gaining traction in global finance, the GENIUS Act could also prove a boon for the developing world, attract institutional interest and drive a resurgence in decentralized finance (DeFi).
However, concerns remain over unresolved issues, such as the regulation of foreign issuers, doubts about the ban on yield-bearing stablecoins and the potential dominance of corporate and traditional finance players.
Source: Cointelegraph →Related News
- 1 hour ago
ARK Invest scoops up Coinbase, BitMine shares amid stock dips
- 5 hours ago
Spot Bitcoin ETFs see second-largest outflow, Ether ETFs end 20-day streak
- 7 hours ago
Mill City Ventures to load up on more SUI with $500M deal as shares fall 11%
- 10 hours ago
DeFi Education Fund urges Senate to strengthen crypto dev protections in draft...
- 13 hours ago
Strategy expands STRC offering twice in two weeks