a major victory for the crypto industry, US President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.
The Verge website, Saturday (19/7), reported that the GENIUS Act creates rules for entities that issue stablecoins, whose value is tied to assets such as the US dollar.
The rules govern who is allowed to issue stablecoins, how they must hold reserves, what happens in the event of bankruptcy, and obligations to prevent money laundering.
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