US representative house says goodbye to Genius Act for stable coins-Trump signals support for new regulation

US representative house says goodbye to Genius Act for stable coins-Trump signals support for new regulation

The StableCoin Act Genius Act: An important step for the regulation of stable coins in the USA

In a significant development for the crypto market, the StableCoin Act Genius Act was adopted by the US House of Representatives in two votes on Wednesday and Thursday. This law aims to create a clear legal framework for stable coins that have become more important in recent years.

stable coins are digital currencies that are bound to stable assets, often the US dollar. They offer a way to avoid the volatility of traditional cryptocurrencies such as Bitcoin and Ethereum, which makes it attractive to dealers and investors. The Genius Act is intended to regulate the framework conditions for the emission and trade of stable coins in order to promote a safe and transparent environment.

President Donald Trump has expressed his interest in the regulation and would like to implement it in the near future. The adoption of the Genius Act could have far-reaching consequences for the crypto industry and help to strengthen trust in digital currencies.

In the coming weeks, further information about the exact provisions of the law and its potential effects on the market will be expected. The introduction of regulatory measures for stablecoins could not only promote the growth of this market, but also help to reduce the risk of fraud and financial crime.

Overall, the adoption of the Genius Act marks an important turning point in the regulation of cryptocurrencies and shows that the US government strives to actively regulate the digital financial market and promote new technologies.