Crypto Gets a Big Boost: What You Need to Know About the New GENIUS Act

In a landmark decision, the President has signed the GENIUS Act into law, marking a significant milestone for the crypto industry, particularly for stablecoins.

What's the Big Deal?

• Stablecoins are cryptocurrencies pegged to real assets like the U.S. dollar, reducing volatility.
• The GENIUS Act establishes regulations and protections, making it easier for banks and financial institutions to issue their own stablecoins.

The Road to Approval

• The bill faced opposition from a group of conservatives, who initially blocked its progress.
• After negotiations, they agreed to move forward, with the President humorously noting that he secured their support by giving them attention.

Part of a Broader Crypto Push

Alongside the GENIUS Act, two other crypto-related laws were approved:

1. Regulation of other digital currencies
2. Prevention of the Federal Reserve from issuing a direct-to-consumer digital currency

Supporters vs. Critics

• Supporters argue that stablecoins can speed up and reduce the cost of transactions, enabling near-instant settlements.
• The President hailed the act as a major step forward, comparing its potential impact to the birth of the Internet.
• Critics, however, raise concerns about the President's family investments in crypto, questioning potential conflicts of interest. The White House denies any conflict, stating the President's assets are managed by his children.

Other Major Developments This Week

• The House approved cuts to foreign aid and public broadcasting funding, a long-standing Republican goal. The President celebrated the move on his social media platform.
• The President ordered the release of grand jury material related to the Jeffrey Epstein case, following pressure to disclose more information about the convicted sex offender who died in federal custody in 2019.