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The long-anticipated GENIUS Act has finally passed the U.S. House of Representatives in a resounding 308-122 vote, sending shockwaves throughout the cryptocurrency sector and potentially reshaping the regulatory landscape for stablecoins. The bill, which requires full reserve backing by liquid U.S. dollar assets, mandatory monthly disclosures of reserve composition, and licensing and supervision of stablecoin issuers under a federal regulatory framework, has sparked a mix reaction among industry experts.
While critics argue that the proposal does not go far enough to address the lack of transparency in some stablecoin projects, supporters hail it as a landmark step towards establishing the United States as the global crypto leader. The passing of this bill marks a significant shift in tone from the previous administration’s more cautious stance toward the industry and could potentially unlock new opportunities for stablecoins.
Industry leaders have come out strongly in support of the measure, praising its ability to provide much-needed clarity and security for investors. Jeremy Allaire, CEO of Circle, issued a statement hailing the move as a crucial step forward in promoting the growth of the sector while ensuring consumer protection.
As expected, the bill now heads to President Trump’s desk, where it is anticipated to be signed into law. The passage of this bill marks a significant turning point in U.S. crypto news and development, with potential far-reaching implications for the global cryptocurrency market.
Source: www.cryptoninjas.net
