GENIUS Act set US crypto rules and stablecoin framework
President Donald Trump sign di GENIUS Act into law on June 12, 2024, wey create di first big US crypto regulation framework for digital assets. Di GENIUS Act define how cryptocurrency suppose be classed, make stablecoin issuers hold 100% reserves for cash or liquid securities, require regular audits and enforce AML and KYC standards. E give SEC and CFTC joint power to enforce di law, make Treasury dey in charge for national security and sanctions, and set up Digital Asset Innovation Office to promote industry collaboration. After di signing, SEC’s Crypto Task Force invite public feedback to draft detailed rules under di GENIUS Act, wey cover stablecoin issuance standards, custody requirements, disclosure obligations, and market-structure rules for trading and clearing. By involving stakeholders early, di SEC want build clear and workable crypto regulations wey go support innovation, reduce legal wahala, and strengthen market stability.
Bullish
Di GENIUS Act and di SEC feedback process dem reduce confusion for law side and give clear instructions on how to issue stablecoin and manage digital asset. For short time, traders go fit see better market confidence and liquidity as regulatory wahala reduce. For long run, correct US crypto regulation framework go make institutions join in and create new things, e go support steady growth and more trading volume.