news 
Ripple CEO Hails GENIUS Act as Historic Milestone for US Fintech
In a significant move, the U.S. Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, paving the way for regulatory clarity in the stablecoin and cross-border payments sector. In response to this milestone development, Ripple CEO Brad Garlinghouse has hailed the GENIUS Act as a historic moment for US Fintech.
The GENIUS Act provides crucial standards for stablecoin issuers like Ripple, which has been working towards achieving a higher level of regulatory compliance in recent years. The new act sets firm requirements, including 1:1 reserve backing with U.S. dollars or Treasury bills, monthly transparency reports and annual audits, and restricts the issuance of dollar-backed stablecoins to only regulated financial institutions.
The passage of this legislation is seen as a significant step towards establishing clear guidelines for the sector, allowing Ripple to capitalize on its strong position within the fintech industry. The company’s stablecoin, RLUSD, which was launched in 2024, already meets all GENIUS Act requirements.
Furthermore, Ripple has secured over 50 money licenses and collaborates with institutions like BNY Mellon, thereby placing it at a strategic advantage amidst the new regulatory landscape. It is also exploring the possibility of obtaining a national bank charter and securing a Fed master account to further deepen its integration into the financial system.
The CEO’s comments have sparked optimism among analysts, who predict that XRP could potentially rise to $4-$7 by year’s end if the act passes and XRP ETFs become available on the market.
Source: www.crypto-news-flash.com
