Senator William ("Bill") Hagerty (Republican), who had a pre-politics career at the Boston Consulting Group, is pushing for the GENIUS Act to be passed.
The GENIUS Act stands for Guiding and Establishing National Innovation for US Stablecoins and per Hagerty "creates a strong, forward-looking regulatory framework to modernize our payment systems and affirms the dominance of the US dollar".
The UK has been proactive in creating conditions for stablecoin development in the UK but has come under criticism for overly constraining market development.
As a sidebar, stablecoins are digital assets which can be used to make payments. These so-called "coins" can be created technology companies rather than traditional banks and are backed by equivalent currency in a 1:1 ratio. They are thus less volatile than traditional cryptocurrencies.
No comments:
Post a Comment