US Senate says goodbye to Genius Act: First Federal Law draft for stable coins creates dollar-supported reserves and non-partisan supervision.

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Der GENIUS Act: Ein Meilenstein für Stablecoins in den USA Der US-Senat hat kürzlich den GENIUS Act verabschiedet, ein wegweisendes Gesetz, das als erster bundesstaatlicher Gesetzesentwurf für Stablecoins gilt. Mit dieser Gesetzgebung wird ein rechtlicher Rahmen geschaffen, der auf zwei wesentlichen Aspekten basiert: der Einrichtung dollar-gestützter Reserven und einer bipartisanen Aufsicht. Stablecoins stellen eine sichere …
The Genius Act: A milestone for stable coins in the USA The US Senate recently passed the Genius Act, a pioneering law that is considered the first state draft of the law for stable coins. This legislation creates a legal framework based on two essential aspects: the furnishings of dollar-based reserves and a bipartisan supervision. Stable coins provide a safe ... (Symbolbild/KNAT)

The Genius Act: A milestone for stable coins in the USA

The US Senate recently passed the Genius Act, a pioneering law that is the first state draft law for stable coins. This legislation creates a legal framework based on two essential aspects: the setup dollar-based reserves and a bipartisan supervision.

Stablecoins represent safe value storage, since they are usually linked to a stable currency like the US dollar. The adoption of the Genius Act is an important step towards regulating this rapidly growing market. By determining guidelines for the reserves, it is ensured that the stable coins issued are actually covered by a corresponding amount of dollars. This should strengthen the trust of consumers and reduce the risk of instability.

Another central point of the Genius Act is the bipartisan supervision. This means that representatives of various political directions work together to ensure compliance with the new regulations and to promote transparent and responsible use of stable coins. The introduction of such a supervision could help to reduce concerns about money laundering, fraud and market manipulation.

Overall, the Genius Act represents a significant progress in the regulation of the stablecoin market in the United States and could serve as a model for other countries that face similar challenges. With the establishment of clear guidelines and security mechanisms, the basis for responsible growth of these innovative financial instruments is laid.