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Genius Act

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GENIUS Act accelerates federal stablecoin rules to shore up the dollar
policy7 days ago

GENIUS Act accelerates federal stablecoin rules to shore up the dollar

The U.S. Treasury is moving quickly to implement the GENIUS Act’s nationwide framework for payment stablecoins, inviting public input on proposed rules as regulators turn the law into a functioning regulatory system. Treasury officials say clearer standards will boost regulatory certainty for stablecoin issuers and financial institutions while helping maintain the U.S. dollar’s status as the world’s reserve currency and keeping America at the forefront of crypto adoption.

via Yahoo Finance Singapore|
#genius-act#policy#regulation
US Regulators Propose Stablecoin Rules That Target Issuers, Not Every User
business2 months ago

US Regulators Propose Stablecoin Rules That Target Issuers, Not Every User

Federal regulators released a 60-day comment proposal that would require stablecoin issuers to perform bank-style customer identification for direct customers under CIP, while allowing ordinary users to move stablecoins on secondary markets without issuer data collection. Tied to the GENIUS Act, the plan aims to fit stablecoins into banking regulations without mandating universal end-user IDs, noting that tracking every holder would be nearly impossible and suggesting future whitelisting as a possibility. The proposal is non-final and could face pushback from traditional banks, but issuers would still retain powers to freeze or blacklist tokens.

via Gizmodo|
#aml#business#cip
Treasury Proposes GENIUS Act Rules to Tighten Stablecoin AML and Sanctions
business4 months ago

Treasury Proposes GENIUS Act Rules to Tighten Stablecoin AML and Sanctions

The U.S. Treasury’s FinCEN and OFAC issued a joint proposed rule to implement GENIUS Act provisions, proposing that permitted payment stablecoin issuers be treated as financial institutions under the Bank Secrecy Act and must adopt effective AML and sanctions‑compliance programs; the rule aims to curb illicit finance while enabling innovation in the payment stablecoin space and invites public comments ahead of publication in the Federal Register.

via U.S. Department of the Treasury (.gov)|
#aml#business#fincen
Stablecoin Yield Ban Would Offer Little Shield to Bank Lending, White House Says
economy4 months ago

Stablecoin Yield Ban Would Offer Little Shield to Bank Lending, White House Says

A White House analysis finds that prohibiting yields on stablecoins would have only a modest impact on bank lending. Baseline results show removing stablecoin yield increases lending by about $2.1 billion with a net welfare cost of $800 million (0.02% lending rise; 6.6 to 1 cost-benefit). Large banks would supply about 76% of the new lending, with community banks around 24% (~$500 million, 0.026%). Even under extreme, implausible assumptions, aggregate lending rises to at most $531 billion (4.4%), only if the stablecoin market expands sixfold and the Fed rethinks its monetary framework; community banks could still gain up to $129 billion (6.7%). The report concludes the yield ban would do little to protect bank lending while sacrificing potential consumer benefits from competitive yields.

via The White House (.gov)|
#bank-lending#clarity-act#economy
Prosecutors warn GENIUS Act could enable stablecoin fraud profits
business6 months ago

Prosecutors warn GENIUS Act could enable stablecoin fraud profits

New York prosecutors say the GENIUS Act, the bipartisan stablecoin bill, falls short on forcing issuers to return stolen funds and could let stablecoin firms like Tether and Circle profit from fraud; they cite the ability to freeze funds and earn interest on reserves, claiming about $1 billion in 2024 profits for each firm and millions currently held frozen, while critics warn it lacks consumer protections.

via CNN|
#business#circle#genius-act
U.S. Treasury Explores Regulations and Innovation in Digital Finance
government1 year ago

U.S. Treasury Explores Regulations and Innovation in Digital Finance

The U.S. Department of the Treasury has issued a request for public comments on the implementation of the GENIUS Act, which aims to establish a comprehensive regulatory framework for stablecoin issuers and promote U.S. leadership in digital assets, focusing on innovative tools for detecting illicit activity involving digital assets.

via U.S. Department of the Treasury (.gov)|
#digital-assets#genius-act#government
Experts Weigh in on Stablecoins' Future Amid Regulatory Hurdles
business1 year ago

Experts Weigh in on Stablecoins' Future Amid Regulatory Hurdles

The U.S. has enacted the GENIUS Act, establishing federal rules for stablecoins, prompting major financial firms like Bank of America and Fiserv to consider issuing their own tokens. While this legal framework aims to facilitate the use of stablecoins for payments and cross-border transactions, experts highlight significant strategic, technical, and regulatory hurdles, including compliance costs, blockchain choices, and the timing of regulatory implementation.

via Reuters|
#banking#blockchain#business
Crypto Week Ends on a High Note with Major Developments and Market Surges
business1 year ago

Crypto Week Ends on a High Note with Major Developments and Market Surges

Crypto Week concluded with significant regulatory progress, notably the passage of the GENIUS Act, which provides legal clarity for digital assets and stabilizes the foundation for future innovation in crypto and DeFi. Experts see this as a starting point for broader adoption and integration, emphasizing the need for scalable infrastructure, user-friendly systems, and credible markets to realize crypto's full potential.

via Cointelegraph|
#business#crypto-week#defi