How the GENIUS Act Might Flip the Script on TerraUSD and LUNA’s Legal Showdown
The crypto courtroom drama just got a plot twist—Washington's playing script doctor.
When algorithmic stablecoins implode, Congress reaches for the red pen. The newly proposed GENIUS Act could rewrite the rules of engagement for TerraUSD and LUNA's ongoing legal battles, potentially turning regulatory villains into misunderstood innovators overnight.
Legal teams are scrambling to adjust their arguments as this legislative wildcard enters play. Meanwhile, retail traders who got burned are left wondering—will this be justice or just another episode of 'Lawmakers Pretend They Understand Code'?
One thing's certain: in crypto's legal thunderdome, the house always wins—even when it's busy rewriting its own rulebook mid-game.
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In a recent hearing, Judge Paul Engelmayer mentioned the newly passed GENIUS Act could influence the case’s direction. The GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act, approved by the Senate on June 17, aims to regulate stablecoins used for payments.
Though the bill still awaits approval in the House of Representatives and the President’s signature, its passage might alter the legal framework surrounding the charges against Kwon, particularly concerning TerraUSD (UST) and the LUNA token.
