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Senate Pushes GENIUS Act Forward—Stablecoins Face Regulatory Hammer
Senate Pushes GENIUS Act Forward—Stablecoins Face Regulatory Hammer
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Washington draws battle lines as lawmakers take aim at the crypto wild west. The so-called GENIUS Act—because nothing says ’financial innovation’ like a 500-page compliance rulebook—clears its first hurdle in Congress.
Stablecoin issuers, brace for impact: The bill mandates 1:1 reserves, third-party audits, and—naturally—a shiny new oversight committee (because we definitely needed another one).
Traders shrug while Tether’s lawyers dust off their ’we told you so’ memos. Meanwhile, the SEC quietly files this under ’I told you stablecoins were securities.’
Final thought: If history’s any guide, this will either strangle innovation or create a bureaucratic loophole so large you could drive a BRRR-loaded stablecoin printer through it.
In a notable twist weeks after the Democrats blocked it, the U.S.Senate advanced the highly anticipated GENIUS Act, a Read More
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