Warum das Stablecoin -Genius -Act passieren könnte, ist möglicherweise nicht so schlau

Last week the crypto lobby celebrated a huge victory in Washington when the Senate voted through the GENIUS Act, a bill designed to facilitate the growth of the digital currency, and to give it, and other crypto assets, the stamp of legitimacy. The GENIUS Act treats stablecoins as a means of payment rather than as securities, and it creates a set of rules for their issuer to follow, under the oversight of state and federal regulators. It may bring crypto into the mainstream financial system.Defenders of the GENIUS Act say that it will protect holders of stablecoins by requiring their issuers to adhere to a set of codified rules. Critics of the bill say that its protections don’t go nearly far enough. In his weekly column on economics and politics, John Cassidy explains what the passage of the bill means for businesses, banks, and consumers—and for the Trump family, who stand to benefit greatly from the expansion of stablecoin use: [https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart](https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart)

Wrote about this very topic when it passed through the senate the first time. It is such a shame that people don’t see the detriment that this government is actually bringing to the industry. The president is centralization encarnate.

[https://hickeymasterworks.com/genius-act-or-act-of-genius/](https://hickeymasterworks.com/genius-act-or-act-of-genius/) < In case anyone is actually interested.

Somehow the New Yorker is claiming its both too much regulation but also that the biggest drawback is that it’s not enough regulation? The purpose of the bill is to allow businesses to operate in the space without the fear of the SEC coming in and prosecuting them for something that up until that point the industry thought was legal. The more legislation like this we get, the more businesses can offer crypto-related services without fear of legal trouble, and the more adoption we’ll get.

Would I like this to be balanced with more consumer protections? Sure. But it’s better than not having anything at all.