Senator Bill Hagerty announced Genius Act in the US that will guide the stablecoin arrangements. This law requires that Stablecoin exporters to receive licenses, support their reserves with certain assets and submit a monthly report. The law can lead to significant changes in the crypto currency market.
Arrangements are coming at federal and state level
Senator Bill Hagerty’s Genius Act aims to connect the activities of stablecoin exporters to clear rules. The federal reserve will supervise companies with more than $ 10 billion. Smaller companies will be subject to state arrangements.
This regulation can facilitate the integration of stablecoins into the financial system. However, as it brings strict controls for big players, some companies may have to develop new strategies. Small -scale exporters may face additional costs to comply with state laws.
In the law of stablecoin Transparency and security are in the foreground
The new law requires that stablecoin exporters support their reserves with US dollar, treasury bonds and specified assets. In addition, they will be required to submit reports from independent audits every month. Serious penalties will be imposed on companies that provide incorrect or incomplete information.
These rules aim to increase investor safety. It can make the stablecoin ecosystem more robust by preventing dishonesty in the market. However, reporting obligations can be challenging, especially for small -scale exporters.
The Future of Stablecoins: Strict arrangements or innovative opportunities?
GENIUS ACT wants to encourage innovation while accepting the need for regulation for stablecoins. Non -bank exporters will be audited by the currency supervisory office of the Treasury Ministry. Thus, it is aimed to maintain innovations in the sector while achieving financial stability. Some names in the crypto world think that these regulations will accelerate the spread of stablecoins further. However, some entrepreneurs are worried that strict rules can undermine innovation. If this regulation is enacted in the USA, other countries can take similar steps.
The impact of these new regulations in the Stablecoin market is eagerly awaited. The law can create difficulties for small initiatives while gaining confidence in the sector. So, how will the stablecoin ecosystem adapt to these new rules? With all new developments, it seems to show time.
