{"id":130222,"date":"2025-05-29T13:21:31","date_gmt":"2025-05-29T13:21:31","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=130222"},"modified":"2025-05-29T13:21:31","modified_gmt":"2025-05-29T13:21:31","slug":"genius-act-may-cement-us-dollar-dominance-in-digital-economy","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=130222","title":{"rendered":"GENIUS Act may cement US dollar dominance in digital economy"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA key piece of US stablecoin legislation awaiting a full Senate vote may emerge as a net positive for the US dollar\u2019s dominance in the digital asset economy.<br \/>\nThe Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.<br \/>\nThe passing of the bill may solidify the US dollar\u2019s leading position in the Web3 economy, according to a May 29 report by Foresight Ventures.<br \/>\nBy requiring that stablecoins are backed 1:1 to the US dollar, the GENIUS Act reinforces the dollar\u2019s role as the \u201cworld\u2019s digital settlement currency,\u201d the report stated. It also allows fintech companies to develop \u201ccompliant, secure and user-centric financial solutions,\u201d said Zac Tsui, investment director at Foresight Ventures.<br \/>\nSource: Foresight VenturesRelated: German gov\u2019t missed out on $2.3B profit after selling Bitcoin at $57K<br \/>\nThe bill passed a Senate procedural vote on May 20 by a 66\u201332 margin. However, industry observers remain cautious ahead of the final floor vote, particularly after the bill failed to gain support from key Democrats earlier in May.<br \/>\nRelated: Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi<br \/>\nGenius Act may pave the way for global crypto regulations<br \/>\nSome industry watchers see the GENIUS Act as the first step for ushering in a unified set of crypto regulations worldwide, as other jurisdictions look to follow the regulatory moves of the world\u2019s largest economy.<br \/>\n\u201cWhen the US moves on stablecoin policy, the world watches,\u201d Andrei Grachev, managing partner at DWF Labs and Falcon Finance, told Cointelegraph during the Chain Reaction daily X spaces show on May 20.<br \/>\nStablecoins aren\u2019t a crypto experiment anymore. They\u2019re a better form of money. Faster, simpler, and more transparent than fiat,\u201d he explained.<br \/>\nGENIUS Act reserve requirements. Source: Foresight VenturesThe bill aims to set clear guidelines for stablecoin issuers, prohibiting stablecoin reserve assets from being misappropriated or re-hypothecated.<br \/>\nStablecoin issuers could also be prohibited from using the reserve for \u201canything other than redemption and certain safe investments,\u201d including low-risk instruments such as Treasury repos, to guard against \u201cshadow banking\u201d risks.<br \/>\nMagazine: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<a href=\"https:\/\/cointelegraph.com\/news\/genius-act-solidify-us-dollar-dominance-digital-economy?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA key piece of US stablecoin legislation awaiting a full Senate vote may emerge as a net positive for the US dollar\u2019s dominance in the digital asset economy.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130222"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130222"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130222\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130222"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}